Listing of Major Difference http://www.trinity.edu/rjensen/caseans/canada.htm. Differences Between IAS 39 Versus FAS 133. Reference Source. SOME KEY DIFFERENCES BETWEEN IFRSs AND US GAAP AS OF AUGUST 2005 http://www.iasplus.com/usa/ifrsus.htm. IFRS Versus FASB Standards.
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Listing of Major Difference
SOME KEY DIFFERENCES BETWEEN IFRSs AND US GAAP AS OF AUGUST 2005
Since US GAAP is much more detailed, specific, and bright lined, there are many contractual clauses that are covered in US GAAP that are not addressed in writing in IFRS.
International auditors sometimes, but not always, look to US GAAP when IFRS is silent about a particular issue.
IAS 1 Reporting "comprehensive income"
IAS 1 Extraordinary items
IAS 2 Method for determining inventory cost
IAS 32 Classification of convertible debt instruments by the issuer
IAS 39 Use of "basis adjustment"
IAS 39 Hedging gain or loss on net investment in a foreign entity
IAS 39 Macro hedging
IAS 39 Use of "partial-term hedges" (hedge of a fair value exposure for only a part of the term of a hedged item)
IAS 39 Hedging foreign currency risk in a held-to-maturity investment
IAS 39 Hedging foreign currency risk in a firm commitment to acquire a business in a business combination
IAS 39 Assuming perfect effectiveness of a hedge if critical terms match
IAS 39 Option to designate any financial asset or financial liability to be measured at fair value through profit or loss ('fair value option')
IAS 39 Option to designate loans and receivables as available for sale to be measured at fair value through equity ('available-for-sale option')
IAS 39 Investments in unlisted equity instruments
IAS 39 Measurement of derivatives
IAS 39 Multiple embedded derivatives in a single hybrid instrument
IAS 39 Reclassification of financial instruments into or out of the trading category
IAS 39 Effect of selling investments classified as held-to-maturity
IAS 39 Subsequent reversal of an impairment loss
IAS 39 Derecognition of financial assets
IAS 39 Use of "Qualifying SPEs"
IAS 39 Offsetting amounts due from and owed to two different parties