What are the types of differences that exist between US GAAP and IFRS. In addition to just identifying the U.S. IFRS/ GAAP differences though, please show the status of convergence with respect to those differences.
The kinds of differences that exist between IFRS and U.S. GAAP can be classified as:
• Definition differences
• Measurement differences
• Recognition differences
• Differences in allowed alternatives
• Presentation differences
• Differences in (lack of) guidance
• Disclosure differences