IFRS for SMEs — U.S. GAAP Comparison Wiki

IFRS for SMEs — U.S. GAAP Comparison Wiki.

Welcome to the AICPA’s IFRS for SMEs — U.S. GAAP
Comparison Wiki

The purpose of this Wiki is to provide a detailed and comprehensive comparison of the International Accounting Standards Board’s International Financial Reporting Standard for Small- and Medium-Sized Entities (“IFRS for SMEs”) with corresponding requirements of United States generally accepted accounting principles (“U.S. GAAP”). But this is more than just a comparison resource, it is a Wiki. That means it is a collaborative, ongoing work in progress for anyone to contribute and use.

This Wiki is intended to be a rich resource. The AICPA Accounting Standards team decided to introduce the comparison resource during its development stage to help you learn and to learn ourselves about the similarities and differences between IFRS for SMEs and U.S. GAAP. Anyone preparing financial statements under IFRS for SMEs in the United States and anyone interested in the differences between the two sets of accounting standards will find this comparison resource valuable.

The comparison resource will cover all sections of IFRS for SMEs. As the AICPA completes sections, it will add the information to the Wiki. The AICPA Accounting standards team welcomes anyone with an interest in and knowledge of IFRS for SMEs and U.S. GAAP to read the Wiki and contribute.

As more fully explained below, contributions to the Wiki will be monitored and reviewed by AICPA technical staff. It is expected that after all sections of the comparison resource are introduced and exposed for review and editing, the resource will be maintained and updated annually by the AICPA.

Contributing to IFRS for SMEs — U.S. GAAP Comparison Wiki

Anyone can contribute to the AICPA’s IFRS for SMEs - U.S. GAAP Comparison Wiki by clicking on the Edit this Chapter button. By contributing to this Wiki you can improve this resource for the whole CPA profession. Specifically, contributing means improving what we have presented in the U.S. GAAP column of the Wiki. As you can see in the Wiki, each section is a three-column table. The first column specifies the IFRS for SMEs paragraph number. The second column presents what the IFRS for SMEs requirement is and the third column presents the AICPA staff’s views on how corresponding requirements in U.S. GAAP compare. It is the guidance in that third column which we hope readers of this Wiki will contribute to and improve upon.

As you read the Wiki and use it as a resource, you may conclude, based on your knowledge, that the information presented in the U.S. GAAP column needs improvement. Perhaps clarification is needed, maybe additional guidance would be helpful, possibly the information is incorrect and needs fixing. Whatever the improvement, we would appreciate your knowledge-sharing and welcome your contribution. Before you contribute, you will want to read the Tutorial and Registering sections below.

Tutorial — Making Edits

Users are limited to making edits to the content contained in the U.S. GAAP column. If you believe a change or addition needs to be made to the existing content, click on the Edit this Chapter button. You must be registered to make edits. See the Registering section below. The Editor is a simple, self-explanatory word processor. Place your cursor in the U.S. GAAP box and make your changes. Various formatting buttons reside at the top of the Editor if you need them. When you are done typing in your edits, click on the Save & Close button after entering the word you see in the image at the bottom of the Editor.