GAAP vs. IFRS Differences

CFA Level II
#1

Curious if anyone has a table/summary of the differences between US GAAP and IFRS that they would be kind to share?

I did one for Level 1 but time has evaded me this time around.

#2

You may find it at each of Big 4 portal and anywhere…just Google it.

#3

Heres an example from PWC but it’s too deep and mostly out of CFA scope.

https://www.pwc.com/us/en/issues/ifrs-reporting/publications/assets/ifrs-and-us-gaap-similarities-and-differences-2014.pdf

I can compile one in due course and put it up for further comments

#4

Just download and highlight those within scope of CFAI curriculum. Once when you become an analyst, maybe you would need the rest.

#5

I was hoping for something a little more condensed than 224 pages.

#6

Yeah, its best to browse through the curriculum and tally the findings in a three column table

#7

Someone should earn royalties for writing standards, and because there are several thousands pages of that mattery (USGAAP even more). 224 pages is just novella…

#8

Schweser’s Secret Sauce has a nice summary of the differnces.

#9

With the imminent convergence of US GAAP and IFRS, does that mean CFAI curriculum will shrink by, half?

#10

Haha, if only! They will find ways to keep us all busy no doubt

#11

I have a copy and don’t seem to see it. Can you point me to a page?

#12

brk, sorry it seems i imagined a consoldiated table.

  • Investments table p. 49
  • Pensions table p. 55
  • nothing for fixed assets, but impairment diffs are on first paragraph of 57
  • Inventory valuaiton diffs first two paragraphs on 46

A nice consolidated table would be a good idea to include in next year’s version. If I create one myself (not sure if I will) I’d be glad to share.