Question:
[Based on Appendix 5] What is the primary difference between interim reports under IFRS and U.S.
GAAP?
Answer:
U.S. GAAP views interim reports as an integral part of the annual report, so amounts that affect multiple
interim periods are accrued or deferred and then charged to each of the periods they affect. IFRS takes
much more of a discrete-period approach than does U.S. GAAP, such that costs for repairs, property
taxes, advertising, etc., that do not meet the definition of an asset at the end of an interim period are
expensed entirely in the period in which they occur.
[Based on Appendix 5] What is the primary difference between interim reports under IFRS and U.S.
GAAP?
Answer:
U.S. GAAP views interim reports as an integral part of the annual report, so amounts that affect multiple
interim periods are accrued or deferred and then charged to each of the periods they affect. IFRS takes
much more of a discrete-period approach than does U.S. GAAP, such that costs for repairs, property
taxes, advertising, etc., that do not meet the definition of an asset at the end of an interim period are
expensed entirely in the period in which they occur.
