Ireland/U.s. While the Icaew Website Research Paper

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" IFRS has an entirely different approach, focusing on objectives, and also encourages the use of "illustrative examples relating to specific events and transactions." The GAAP system is therefore significantly more robust.

There are also differences between the systems with respect to the valuation of inventories, where GAAP permits LIFO and IFRS does not. IFRS also insists that "all inventories having a similar nature" are valued using the same formula, something that GAAP does not require. With goodwill, there are some significant differences, for example in the methodology of testing goodwill impairment, which is key to valuing goodwill on the balance sheet. The SEC document outlines in detail the differences between the systems in valuing all manner of balance sheet items.

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There are differences in the definition of key terms, and there are differences in the methodologies allowed in the valuation process.

It should be noted that there is an ongoing convergence process between the U.S. GAAP and IFRS with respect to many of these issues. The FASB periodically issues memoranda regarding the progress of the convergence project. For example, convergence on the valuation of financial instruments does not yet have a timetable for completion, nor for intangible assets, but on other valuation projects the convergence process has reached conclusion (FASB, 2008).

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