The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting

The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting is the most comprehensive handbook covering transition issues…an absolute ‘must have’ companion in order to deal with the complex transitional issues faced by companies over to IFRS. It should be on the desks of all accountants preparing for IFRS.

Steve Collings FMAAT, FCCA, Audit and Technical Partner at Leavitt Walmsley Associates Ltd, and author of The Interpretation and Application of International Standards on Auditing

In The Handbook to IFRS and to IFRS U.S. GAAP Dual Reporting, Francesco Bellandi adopts a practical, operational approach to show how systems, processes, and procedures can be put in place to report a complete set of general purpose primary financial statements under IFRS and U.S. GAAP.

The first part of the book addresses the requirements for adopting IFRS for the first time, and provides corporate examples and illustrations. Enforcement decisions by regulators are examined, along with considerations arising from US. GAAP and the SEC guidance that has been developed in the context of the use of IFRSs by foreign private issuers.

The second part compares the two bodies of standards against each other, at an item-by-item level, in order to identify solutions under one set of standards to issues arising under the other. The author provides ready-made dual reporting tools to aid financial statement preparers in designing the structure of the financial statements under IFRSs, U.S. GAAP, and SEC rules and regulations, as well as to reconcile respective captions and the line items. Potential problem areas are highlighted through an examination of the subtleties and interpretations relating to the IASB-IFRSs, certain jurisdictional versions of IFRSs, and implications in SEC filings.

Each chapter contains commentary sections, which highlight the similarities differences, and grey areas between IFRS, U.S. GAAP, the SEC rules and regulations, and other accounting jurisdictions. Planning point sections throughout the book prove recommendations and purpose multiple resolutions to issue that practitioners, including corporate staff, may face.