Set IFRS against US GAAP on how each classifies, measures and discloses financial asset investments, associates, joint ventures and business combinations, as well as special purpose entities and variable interest entities

For equity securities, US GAAP puts almost all through profit or loss, while IFRS allows an irrevocable election to fair value through OCI with no recycling. US GAAP debt uses held-to-maturity, available-for-sale and trading labels. For business combinations, IFRS lets the acquirer measure the non-controlling interest at fair value (full goodwill) or at its share of identifiable net assets (partial goodwill), while US GAAP requires fair value, so full goodwill. Goodwill impairment is tested at the cash-generating unit under IFRS and the reporting unit under US GAAP. US GAAP also has a separate variable interest entity model, where the primary beneficiary consolidates. A common slip is assuming partial goodwill is available under US GAAP.