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26357 bd IFRS US GAAP 26357 IFRS US GAAP bd IFRSs and US GAAP A pocket comparison An IAS Plus guide July 2008 18/9/08 Page a Contacts Global IFRS leadership team IFRS global office Ken Wild kwild deloitte.
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Deloitte IFRS and US refer to the financial reporting standards used by Deloitte, a multinational professional services network. IFRS stands for International Financial Reporting Standards, which are used by companies globally for preparing and presenting their financial statements. US generally refers to Generally Accepted Accounting Principles (GAAP), which are followed by companies in the United States.
Companies that are either based in countries that have adopted IFRS or have securities listed on exchanges that require IFRS reporting are required to file financial statements in accordance with Deloitte IFRS. Similarly, companies operating in the United States or listed on US stock exchanges are required to file financial statements in accordance with US GAAP.
To fill out Deloitte IFRS and US financial statements, companies need to follow the relevant accounting standards, guidelines, and reporting requirements. This typically involves preparing financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in equity. Companies may also need to provide additional disclosures and explanations as per the specific requirements of Deloitte IFRS and US GAAP.
The purpose of Deloitte IFRS and US GAAP is to provide a framework and set of accounting standards that companies can use to prepare and present their financial statements in a consistent and transparent manner. These standards aim to enhance comparability, reliability, and relevance of financial information, thereby facilitating better decision-making by investors, lenders, and other stakeholders.
The specific information that must be reported on Deloitte IFRS and US financial statements includes the company's assets, liabilities, equity, revenues, expenses, cash flows, and changes in equity. Additionally, companies may need to disclose information related to significant accounting policies, contingent liabilities, related party transactions, and other material financial information.
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