5.9 Other Considerations

Various other differences exist between IFRS Accounting Standards and U.S. GAAP on topics such as government grants, subsequent events, and interim financial reporting. Some of these key differences are summarized in the table below.

Topic	IFRS Accounting Standards (IFRS 1, IAS 34, IAS 20, IAS 10, IAS 1, IFRS 9, IFRS 7)	U.S. GAAP (ASC 270, ASC 832, ASC 855, ASC 848, ASC 470, ASC 310, ASC 205, ASC 815)
First-time adoption	The guidance provides procedures that an entity must follow when it adopts IFRS Accounting Standards for the first time as the basis for preparing its general purpose financial statements. The standards impose a number of mandatory exceptions and grant a number of optional exemptions from the general requirement to comply with each IFRS Accounting Standard effective at the end of the entity’s first IFRS Accounting Standards reporting period.	No such procedures are provided. Entities adopting U.S. GAAP for the first time prepare financial statements as though they have always been reporting under U.S. GAAP.
Interim financial reporting — cost allocation	As indicated in IAS 34, a "cost that does not meet the definition of an asset at the end of an interim period is not deferred in the statement of financial position either to await future information as to whether it has met the definition of an asset or to smooth earnings over interim periods within a financial year."	If a specific cost or expense item charged to expense for annual reporting purposes benefits more than one interim period, the cost or expense item may be allocated to those interim periods.
Government grants	IFRS Accounting Standards provide guidance on the recognition and measurement of government grants (including below-market government loans), along with disclosure requirements for government grants and other forms of government assistance. Generally, grants are recognized when there is reasonable assurance that the related conditions will be met and the grants will be received, with related profit or loss recorded on a systematic basis depending on the type of grant.	No explicit guidance is provided related to the recognition and measurement of government grants or other forms of government assistance other than industry guidance for not-for-profit entities. Some companies follow the approach outlined in ASC 958-605 (contribution model) or in IAS 20 (grant model) by analogy, but there is diversity in practice.
Subsequent events — evaluation date	An entity must evaluate subsequent events through the date the financial statements are authorized for issuance.	An entity must evaluate subsequent events through the date the financial statements are issued or available to be issued.
Going concern assessment	The going concern assessment must take into account all information about the future, which includes at least twelve months from the end of the reporting period.	The going concern assessment is for a period of one year from the financial statement issuance date (or the date on which the financial statements are available to be issued). If liquidation is imminent, an entity must apply the measurement, recognition, and disclosure requirements in ASC 205-30 in its financial statements.
Reference rate reform	To ease the transition to alternative benchmark interest rates, the guidance includes mandatory exceptions to certain guidance related to contract modifications (i.e., for contracts involving financial instruments and leases as well as other contracts) and hedge accounting. There is no fixed end date.	As of December 31, 2024, the relief provided for reference rate reform is no longer available.