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Currently, IFRS consists of 38 standards and 26 interpretations, while the MCA has placed only 35 Ind AS (inclusive of 24 3 Here we provide an overview of defined benefit plan accounting under IFRS Standards, and summarize what we consider to be the top 10 differences between IAS 19 and US GAAP. Treatment under IFRS/IAS. • IFRS is sometimes confused with International Accounting Standards (IAS), which are older standards that IFRS has now replaced. This can be especially challenging for dual reporters given the differences between IAS 19 2 and ASC 715. Below is a brief summary of the differences between IFRS 16 and UK GAAP and also some other important differences between other IFRS/IAS and the equivalent UK GAAP. International Financial Reporting Standards b. • They are progressively replacing the many different national accounting standards. Ind AS vis-a-vis IFRS – An overview There are differences between IFRS and Ind AS. IFRS Defined in (IAS 1.7, IAS 8.5 ,IFRS 1 Appendix A) Standards and Interpretations adopted by the International Accounting Standards Board (IASB). The IAS came into existence between 1973 and 2001 while on the other hand, the IFRS … This publication helps you understand the significant differences between IFRS Standards and US GAAP. IAS stands for International Accounting Standards, while IFRS refers to International Financial Reporting Standards. The full form of IAS is International Accounting Standards, while on the other hand, the full form of IFRS is the International Financial Reporting Standards. with IFRS 9 The impairment requirements under IFRS 9 are significantly different from those under IAS 39. Treatment under FRS 102. For years, companies under US GAAP and IFRS recognize revenue under two different sets of standards. The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements. Although it does not discuss every possible difference, this publication provides a summary of those differences that we have encountered most frequently, resulting from either a difference in emphasis, specific application guidance or practice. Implications. Issue. Difference in Revenue Recognition between US GAAP and IFRS . IAS 39 Incurred Loss Model t Delays the recognition of credit losses until there is objective evidence of impairment. Other differences also arise due to the difference in the timing of the adoption of the two standards. Defined benefit vs. defined contribution plans under IFRS To illustrate, IPSAS have yet to introduce the equivalent standards to the new IFRS 10, 11 and 12 and to the revised IAS 19, Employee Benefits. International Accounting Standards; and c. Interpretations developed by the IFRS Interpretations Committee (IFRIC) and d. t Only past events and current conditions Main Differences Between IAS and IFRS. This article highlights some of the key differences between the IFRS and IPSAS. Some of these differences stem from the number of standards itself, while other stem from changes made while developing the Ind AS. Leases. International Accounting Standard (IAS) and International Financial Reporting Standard (IFRS) are the same. IPSASB Meeting (June 2018) Agenda Item 13.3.2 Prepared by: João Fonseca (May 2018) Page 1 of 16 IPSAS–IFRS Alignment Dashboard Table 1 – IPSAS and Equivalent IFRS—Summary* IPSAS IFRS Status IPSAS IFRS Status IPSAS IFRS Status 1, Presentation of Financial Statements IAS 1 17, Property, Plant, and Equipment IAS 16 30, Financial Instruments: Disclosures IFRS 7 While US GAAP revenue recognition guidance is highly detailed and industry-specific, IFRS 18 Revenue lays out broad principles, without guidance for specific industries. The followings highlights the key differences between the two standards. They comprise a. 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