While the International Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have been striving to bring IFRS and US GAAP (US Generally Accepted Accounting Principles) together to form a single set of standards, there are still significant differences which could impact on your business depending on its nature and complexity.

Areas you will need to consider include:

  • Financial statements presentation
  • Inventory valuations
  • Assets classifications and impairment considerations
  • Financial instruments, derivatives and hedging
  • Capitalisation of software development costs
  • Employee benefits
  • Revenue recognition
  • Income taxes and uncertain tax position
  • Leases  - finance and operating
  • Foreign currency matters, including consolidation and statement of cashflow matters
  • Provisions & contingencies
  • Business Combinations
  • Share-based payments
  • Common control / reorganisation accounting and restructuring charges

How BDO Can Help You

Our local team has considerable experience and industry insight to add real value to clients on US GAAP reporting, accounting and auditing both locally and around the globe, and we are another to a number of structures that report under US GAAP.