US Gaap considers subsequent events through the financial statements issuance date. IFRS considers subsequent events through the date the financial statements are authorized to be issued. In US Gaap, if there is an intent and ability to refinance the liability before the issuance of financial statement, a liability may be classified as non-current liability. In IFRS, if an agreement to refinance the liability is executed prior to the financial statement date, the liability may be classified as noncurrent liability. US Gaap permits classification of items as extraordinary. IFRS does not permit classification of items as extraordinary. US Gaap classifies expenses by functions such as cost of goods sold and operating expenses. IFRS allows expense classification by nature or by function.
