Under both IFRS Accounting Standards and U.S. GAAP, an entity may elect the FVO for certain financial assets and financial liabilities under specific circumstances. However, because the scope of IFRS 9 differs from that of ASC 825 in certain respects, election of the FVO is not always permitted for the same items. The table below summarizes the key differences between the FVO under IFRS Accounting Standards and under U.S. GAAP.
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