IFRS and US GAAP, with Website A Comprehensive Comparison

Steven E. Shamrock, CPA, MBA, CMA, is Corporate Controller of AkzoNobel Inc., the US parent company of AkzoNobel NV, a global Fortune 500 company and major producer of specialty chemicals. He was formerly with BP America Inc., where he managed the preparation of consolidated external financial statements that were converted from IFRS to US GAAP. He has specialized in IFRS in the facets of conversion, application, and policy and serves on the IFRS AICPA SAG. He is also a frequent speaker on IFRS at AICPA conferences.

Introduction ix

1 Standard Setting 1

2 The Framework 5

3 Property, Plant, and Equipment 13

4 Inventory 19

5 Provisions and Contingencies 25

6 Intangible Assets 35

7 Share-Based Compensation 39

8 Financial Instruments 45

9 Leases 59

10 Revenue 69

11 Income Taxes 111

12 Investments in Subsidiaries 129

13 Postretirement Benefits 171

14 Impairments 189

Index 203

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