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. For years, companies under US GAAP and IFRS recognize revenue under two different sets of standards. This can be especially challenging for dual reporters given the differences between IAS 19 2 and ASC 715. Currently, IFRS consists of 38 standards and 26 interpretations, while the MCA has placed only 35 Ind AS (inclusive of 24 Defined benefit vs. defined contribution plans under IFRS This article highlights some of the key differences between the IFRS and IPSAS. The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements. 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 Leases. IAS stands for International Accounting Standards, while IFRS refers to International Financial Reporting Standards. Ind AS vis-a-vis IFRS – An overview There are differences between IFRS and Ind AS. with IFRS 9 The impairment requirements under IFRS 9 are significantly different from those under IAS 39. Main Differences Between IAS and IFRS. Issue. IFRS Defined in (IAS 1.7, IAS 8.5 ,IFRS 1 Appendix A) Standards and Interpretations adopted by the International Accounting Standards Board (IASB). t Only past events and current conditions 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. Treatment under FRS 102. International Accounting Standards; and c. Interpretations developed by the IFRS Interpretations Committee (IFRIC) and d. This publication helps you understand the significant differences between IFRS Standards and US GAAP. The followings highlights the key differences between the two standards. Other differences also arise due to the difference in the timing of the adoption of the two standards. Difference in Revenue Recognition between US GAAP and IFRS . They comprise a. • IFRS is sometimes confused with International Accounting Standards (IAS), which are older standards that IFRS has now replaced. • They are progressively replacing the many different national accounting standards. Implications. International Accounting Standard (IAS) and International Financial Reporting Standard (IFRS) are the same. Some of these differences stem from the number of standards itself, while other stem from changes made while developing the Ind AS. 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. Treatment under IFRS/IAS. International Financial Reporting Standards b. 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. 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