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F ile: Topic 3: IF RS and Priv ate Enterprise GAAP C omparison
Mo dule 1: No n- F ina nc ia l a nd... T opic 3: IFRS and Private E nterprise GAAP C omparison
T he dif f erenc es bet ween IF RS and privat e ent erprise st andards are summarized in
Illust rat ion 13- 15, on pages 874–875. IF RS and Ac c ount ing St andards f or Privat e Ent erprise (PE
GAAP/ASPE) are relat ively similar wit h respec t t o c urrent liabilit ies and c ont ingenc ies. However,
t here are some c lassif ic at ion dif f erenc es; f or example, under GAAP liabilit ies payable wit hin t he
c oming year are c lassif ied as long- t erm liabilit ies if ref inanc ing is c omplet ed bef ore t he dat e of
issuanc e of t he f inanc ial st at ement s. Under IF RS, ref inanc ing must be c omplet ed bef ore t he
balanc e sheet dat e. Classif ic at ion of liabilit ies t o be ref inanc ed, wit h respec t t o c urrent
liabilit ies, whic h are c ommonly present ed as t he f irst c lassif ic at ion in t he liabilit y sec t ion of t he
balanc e sheet ; alt hough, under IF RS, a c ommon present at ion is t o present c urrent asset and
liabilit ies at t he bot t om of t he st at e...
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- Spring '13