US GAAP FACT-SHEET. GAAP NO. DESCRIPTION KEY ELEMENTS EQUIVALENT/SIMILAR IFRS Generally Accepted Accounting - GAAP Codification

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1 US GAAP FACT-SHEET GAAP NO. DESCRIPTION KEY ELEMENTS EQUIVALENT/SIMILAR IFRS ASC 105 Generally Accepted Accounting - GAAP Codification - The Conceptual Principles - The Standards Setting Process - CONs : Qualitative characteristics of F/S, recognition and measurement, objectives of financial reporting, Framework ASC 205 Presentation of financial statements elements of financial statements - Overall concepts - Discontinued operations - Liquidation basis of accounting - Going concern ASC 210 Balance Sheet - Presentation of the balance sheet - Offsetting ASC 215 Statement of Shareholder Equity - Bit of a non-event: in the main refers to ASC 505 on Equity ASC 220 Comprehensive Income - Reporting, presentation and disclosure of comprehensive income - IAS 1, Presentation of Financial - IAS 1, Presentation of Financial - IAS 1, Presentation of Financial - IAS 1, Presentation of Financial ASC 225 Income Statement - General guidance on the income statement - IAS 1, Presentation of Financial

2 - Extraordinary items - Business Interruption Insurance ASC 230 Statement of Cash Flows - Overall standards for reporting cash flows in general purpose financial statements ASC 235 Notes to Financial - General guidance on the content and usefulness of accounting policies - Examples of commonly-found disclosures ASC 250 Accounting Changes and Error - Guidance on accounting for changes Corrections in accounting and error corrections - Guidance on prospective and retrospective application ASC 255 Changing prices - Reporting the effects of changing prices and inflation ASC 260 Earnings per Share - Calculation, presentation and disclosure for EPS - IAS 7, Statement of Cash Flows - IAS 1, Presentation of Financial - IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors - IAS 29, Financial Reporting in Hyperinflationary Economies - IAS 33, Earnings per Share ASC 270 Interim Reporting - Accounting and disclosure for reporting periods of less than one - IAS 34, Interim Financial Reporting

3 year - Minimum disclosures for interim reporting for publicly traded companies ASC 272 Limited liability entities - Guidance for limited liability bodies using GAAP ASC 274 Personal financial statements - The preparation and presentation of financial statements for individuals and family groups ASC 275 Risks and uncertainties - Guidance on the disclosure of risks and uncertainties in an entity s business operations ASC 280 Segment Reporting - Operating segments in complete sets of financial statements - Condensed financial statements for interim reports ASC 310 Receivables - General guidance on receivables - Acquisition, Development and Construction Arrangements - Non-refundable fees and other costs - Loans and debt securities acquired with deteriorated credit quality - Troubled debt restructuring by creditors - IFRIC 10, Interim financial reporting and impairment - IFRS 7, Financial Instruments: Disclosures - IFRS 8, Operating ASC 320 Investment Debt and Equity - Guidance for passive investments in - IFRS 9, Financial

4 ASC 323 Securities Investments Equity Method and Joint Ventures all debt securities - Equity securities with a determinable fair value - Significant influence in business associations - Partnerships, joint ventures and limited liability entities - Income tax ramifications ASC 325 Investments - Other - Cost Method Investments - Investments in Insurance Contracts - Beneficial interests in securitised financial assets ASC 330 Inventory - Accounting and reporting practices for inventory - Definition, valuation and classification of inventory ASC 340 Other Assets and Deferred Costs - Deferred costs and prepayments - Capitalised advertising costs - Insurance contracts that do not transfer risk - Contracts with customers Instruments - IAS 28, Investments in Associates and Joint Ventures - IFRS 9, Financial Instruments - IFRS 4, Insurance Contracts - IAS 2, Inventories ASC 350 Intangibles goodwill and other - Guidance on accounting and reporting for intangibles - IAS 38, Intangible Assets

5 - Accounting for goodwill - General intangibles other than goodwill - Internal use software - Website development costs ASC 360 Property, Plant and Equipment - Accounting and reporting for PPE - Impairment and disposal of assets - Real estate sales ASC 405 Liabilities - Cross-references to other ASCs on liabilities - Extinguishment of liabilities - Insurance-related assessments - Obligations resulting from joint and several liabilities ASC 410 Asset retirement and - Guidance on asset retirement and environmental obligations environmental remediation obligations - IAS 16, Property, Plant and Equipment - IFRS 5, Non-current assets held for sale and discontinued operations - IFRIC 10, Interim financial reporting and impairment - IFRIC 1, Changes in existing decommissioning, restoration and environmental

6 ASC 420 Exit or disposal cost obligations - Definition, reporting and disclosure of related costs ASC 440 Commitments - Accounting and reporting of certain types of commitment ASC 450 Contingencies - Accounting for and disclosures of contingencies - Loss contingencies - Gain contingencies ASC 460 Guarantees - Recognition and disclosure of liabilities related to guarantees rehabilitation projects - IFRIC 1, Changes in existing decommissioning, restoration and environmental rehabilitation projects - IAS 37, Provisions, Contingent Liabilities and Contingent Assets - IAS 37, Provisions, Contingent Liabilities and Contingent Assets ASC 470 Debt - Classification of debt obligations - Debt with conversion and other

7 ASC 480 Distinguishing liabilities from equity options - Participating mortgage loans - Product financing arrangements - Modifications and extinguishments - Troubled debt restructurings - Classification and measurement of financial instruments that have elements of both equity and liabilities ASC 505 Equity - Stock dividends and stock splits - Treasury stock - Equity-based payments to nonemployees - Spinoffs and reverse spinoffs - IFRS 7, Financial Instruments: Disclosures - IFRS 9, Financial Instruments - IFRIC 19, Extinguishing financial liabilities with equity instruments ASC 605 Revenue recognition - Guidance on revenue and gains and the instalment and cost recovery methods - Revenue from products and services - IAS 11, Construction contracts - IAS 18, Revenue - IFRS 15, Revenue

8 - Multiple-element arrangements - The milestone method - Rights to use - Construction and production-type contracts - Gains and losses - Principal-agent considerations - Customer payments and incentives ASC 705 Cost of Sales and Services - Cross-references to other ASCs on related topics - Accounting for consideration received from a vendor ASC 710 Compensation general - General guidance on issues like compensated absences, deferred compensation and lump sum payments - Rabbi trusts ASC 715 Compensation Retirement benefits ASC 718 Compensation stock compensation - Defined benefit plans - Retirement - Post-retirement costs - Defined contribution plans - Multiemployer plans - Awards classified as equity - Awards classified as liabilities - Employee stock ownership plans - Employee share purchase plans from Contracts with Customers - IAS 19, Employee Benefits - IAS 19, Employee Benefits - IFRS 2, Share-Based Payments

9 - Income taxes related to share-based payments ASC 720 Other Expenses - Start-up Costs - Insurance costs - Contributions made - Real and personal property taxes - Advertising costs - Electronic equipment waste obligations - Business and technology reengineering - Fees paid to the general government by pharmaceutical manufacturers ASC 730 Research and development - Identification of research and/or development costs - Elements of costs associated with both - Financial statement disclosures - IAS 38, Intangible Assets ASC 740 Income Taxes - Accounting and reporting for income taxes - Intra-period tax allocation - Other considerations or special - IAS 12, Income Taxes

10 areas - Interim reporting ASC 805 Business Combinations - Transactions accounted for using the acquisition method - Identifiable assets and liabilities and non-controlling interests - Goodwill and gain from bargain purchases - Reverse acquisitions - Related issues - Income taxes on business combinations ASC 808 Collaborative Arrangements - Collaborative arrangements and reporting thereof ASC 810 Consolidations - General guidance on consolidation - Variable interest entities - Consolidation of entities controlled by contract - Control of partnership and similar entities - Research and development arrangements ASC 815 Derivatives and hedging - General guidance - Embedded derivatives - Fair value hedges - Cash flow hedges - IFRS 3, Business combinations - IFRS 10, Consolidated Financial - IFRS 7, Financial Instruments, Disclosures - IFRS 9, Financial

11 - Net investment hedges - Contracts in the entity s own equity - Weather derivatives ASC 820 Fair Value Measurements - Definition of fair value, framework for fair value measurement and disclosures ASC 825 Financial Instruments - The use of fair value to measure assets and liabilities in the financial statements ASC 830 Foreign currency matters - Foreign currency transactions - Translation of financial statements - Statement of cash flows - Impact on income tax of foreign currency Instruments - IFRS 13, Fair Value Measurement - IFRS 7, Financial Instruments, Disclosures - IFRS 9, Financial Instruments - IFRS 13, Fair Value Measurement - IAS 21, The Effects of Changes in Foreign Exchange Rates

12 ASC 835 Interest - The capitalisation of interest - Imputation of interest - IAS 23, Borrowing Costs ASC 840 Leases - Operating leases - Capital leases - Sale and leaseback transactions - IAS 17, Leases - IFRS 16, Leases ASC 845 Non-monetary transactions - General rules - Purchases and sales of inventory with the same counterpart - Barter transactions - Exchanges involving monetary consideration - Exchanges of a non-financial asset for a noncontrolling ownership interest

13 ASC 850 Related-party disclosures - Disclosure requirements, significant related party transactions and control relationships ASC 853 Service Concession Agreements - Accounting for service concession arrangements ASC 855 Subsequent Events - Guidance on events and transactions occurring after the balance sheet date ASC 860 Transfers and servicing - Sales of financial assets - Secured borrowings and collateral - Transfers to qualifying specialpurpose entities - Servicing assets and liabilities - IAS 24, Related Party Transactions - SIC 29, Service concession arrangements: Disclosures - IAS 10, Events after the reporting period Various ASC 900 Specialised industry GAAPs - ASC 912: Contractors Federal

14 Government - ASC 915: Development Stage Enterprises - ASC 920: Entertainment Broadcasters - ASC 922: Entertainment Cable Television - ASC 924: Entertainment Casinos - ASC 926: Entertainment Films - ASC 928: Entertainment Music - ASC 932: Extractive Industries Oil and gas - ASC 942: Financial services Depository and lending - ASC 944: Financial services industry - ASC 946: Financial services investment companies - ASC 948: Financial services mortgage broking - ASC 950: Financial services title plant - ASC 952: Franchisors - ASC 958: Not for profit entities - ASC 960/962/965: Plan accounting - ASC 970: Real estate General

15 - ASC 976: Real estate retail land - ASC 978: Real estate time-sharing activities - ASC 980: Regulated operations - ASC 985: Software

Titles of Topics and Subtopics in the FASB Accounting Standards Codification

Titles of Topics and Subtopics in the FASB Accounting Standards Codification General Principles 105 Generally Accepted Accounting Principles Presentation 20 Discontinued Operations 30 Liquidation Basis