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Business combinations (IFRS 3 Business Combinations).Consolidation, joint venture accounting and equity method investees/associates (IFRS 10 Consolidated Financial Statements, IAS 28 Investments in Associates and Joint Ventures).Interim financial reporting (IAS 34 Interim Financial Reporting).
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Financial statement presentation (IAS 1 Presentation of Financial Statements).The publication also indicates areas not regulated directly in PAS, where – in accordance with the Accounting Act – entities, when determining their accounting policy, may follow IFRS. The publication also does not contain specific guidelines for banks, investment funds or insurers.
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The list of differences is not exhaustive, in particular the publication does not cover differences in disclosure requirements. Our publication summarizes the similarities between the frameworks and discusses the most meaningful and common differences. Differences between these standards and their relevance to an entity’s financial statements depend on a variety of factors, including the nature of the entity, the details of the transactions, the interpretation of more general accounting principles, industry practices and accounting policy choices if applicable. PAS are based on a similar conceptual framework. US GAAP and IFRS are global-scale frameworks for financial reporting that generally have more similarities than differences for most common transactions and are largely grounded in the same basic accounting principles. the Accounting Act and the corresponding regulations. We are pleased to present you a unique publication providing an overview of the similarities and differences between US GAAP, IFRS and Polish Accounting Standards (PAS), i.e.