Ias vs Gaap

Items     | IAS     | U.K. GAAP     | U.S. GAAP     |
Revenue       | IAS 18 Revenue Recognition Revenue is recognized for the sale of goods, rendering services and for interest, royalties and dividends It is measured at the fair value of the consideration received or receivable and it is recognized when conditions are met (depending on the nature of the revenue) Guidance is also given to this standard on when to recognize revenue(depending on different type of revenue apply and situations).   Furthermore revenue from construction contracts is accounted for in accordance with IAS 11 (Construction Contracts)     | FRS 5 Revenue is recognizes when the right to consideration, in exchange for performance, is obtained. Separate disclosure of revenue and cost of sales relative to each revenue component is not required.     For the construction contracts, revenue and cost are recognizes by reference to the stage of completion     |   Similar to IFRS, where revenue is not recognized until it is both realized and earned.   Revenue will be recognizes on the transfer of risks and rewards of ownership and when the earnings process is complete It requires that the consideration to be received from the buyer is fixed or determinable in order to recognize the revenue. Separate disclosure of revenue and cost of sales relative to each revenue component is required For construction contracts are accounted for using the percentage of completion method if conditions are met.     |
Leases       | IAS 17   Finance lease Requires recognition of an asset held under a finance lease with a corresponding obligation to pay future rentals, at an amount equal to the lower of the fair value of the asset and the present value of the minimum lease payments (MLPs) at the inception of the lease. The asset is depreciated over its useful life or the lease term if shorter. However, the latter is only permitted if there is no reasonable certainty of the lessee obtaining ownership of the asset. The...