Ifrs and Gaap Comparison

Comparison between U.S. GAAP and International Financial Reporting Standards

EDITION 1.5 — August 31, 2010

© 2010 Grant Thornton LLP

All rights reserved U.S. member firm of Grant Thornton International Ltd

Comparison between U.S. GAAP and International Financial Reporting Standards

2

Contents

1. Introduction .................................................................................................................................................. 6 International standards and the IASB ............................................................................................................ 6 Financial accounting and reporting in the United States ................................................................................ 6 IFRS and U.S. GAAP comparison ................................................................................................................. 7 Overall financial statement presentation ................................................................................................. 10 General ........................................................................................................................................................ 10 Statement of financial position/balance sheet .............................................................................................. 12 Statement of comprehensive income/income statement ............................................................................. 16 Statement of changes in equity .................................................................................................................... 19 Statement of cash flows ............................................................................................................................... 19 Non-current assets held for sale and discontinued operations .................................................................... 22 Accounting policies – general...