Accounting framework

SUBJECT	IFRS	US GAAP
Accounting framework
Historical cost	Uses historical cost, but intangible assets, property plant and equipment (PPE) and investment property may be revalued. Derivatives, biological assets and most securities must be revalued.	No revaluations, except some securities and derivatives at fair value.
Fair presentation override	In extremely rare cases, entities should override the standards where essential to give a fair presentation.	Conceptually similar to IFRS, but not used in practice.
First-time adoption of accounting frameworks	Requires full retrospective application of all IFRS effective at the reporting date for an entity's first IFRS financial statements with some exemptions and limited mandatory exemptions.	First-time adoption of US GAAP requires retrospective application. In addition, particular standards specify treatment for first-time adoption of those standards.
Components of financial statements	Two years' balance sheets, income statements, cash flow statements, changes in equity and accounting policies and notes.	Similar to IFRS, except three years required for public companies for all statements except balance sheet.