Accounting standards and US tax, explained
Plain-English guides to IFRS, US GAAP and US small-business tax, each with a worked example, by four Chartered Accountants.
What is here
930 guides, each written in our own words with a worked example, and 36 free Excel models. No sign-up, no paywall.
Good places to start
- IFRS vs US GAAP: the key differences in one guide6 minute readThe key differences between IFRS and US GAAP: inventory, property, impairment, development costs, leases, credit losses and provisions, with a worked example.
- IFRS 18 explained: what changes and when4 minute readIFRS 18 replaces IAS 1 for periods beginning on or after 1 January 2027. See what changes in the income statement, the new subtotals and who is affected.
- IFRS 16 leases explained5 minute readIFRS 16 explained: lessees put almost every lease on the balance sheet as a right-of-use asset and liability, with the exemptions and the effect on the numbers.
- Expected credit losses under IFRS 9: the three stages5 minute readExpected credit loss under IFRS 9 explained: the three stages, 12-month and lifetime ECL, significant increase in credit risk, PD, LGD and EAD, with an example.
- ASC 606 revenue recognition explained5 minute readASC 606 revenue recognition explained: the core principle, the five-step model, deferred revenue and contract assets, key differences from IFRS 15 and ASC 605.
- New and upcoming standards: effective dates timeline8 minute readEffective dates for new IFRS and US GAAP requirements from 2026 to 2030: IFRS 18, IFRS 19, IFRS 20, ASU 2024-03, ASU 2025-09, ASU 2025-10 and more in one place.
- How to start an LLC in the US: the full process step by step9 minute readStarting a US LLC step by step: choosing the state, the formation filing, operating agreement, EIN, bank account and yearly filings.
- How to form an LLC in every state: fees, forms and yearly costs10 minute readHow to form an LLC in all 50 states and DC, in one table: the document, the state filing fee, where to file, what the state charges each year, the cheapest.
- Sales tax for online sellers in every state: rates and economic nexus thresholds9 minute readEconomic nexus thresholds, transaction tests and state sales tax rates for online sellers in every state, in one table, with the states that have no sales tax.
- Can a non-US resident own a US LLC6 minute readYes. What a non-resident needs to form and own a US LLC, the limits on S corp status and working in the US, and the filings that follow.
Free Excel models
Each workbook is filled in with the worked example from its guide, so you can see the calculation before you replace the figures with your own. All 36 models.
- IFRS 18 income statement mapperExcel downloadList your income and expense lines, pick a category for each, and get the IFRS 18 statement with its required subtotals.
- MPM reconciliation templateExcel downloadReconcile an adjusted profit measure to operating profit, with the tax and non-controlling interest effect of each adjustment.
- Comparatives restatement workbookExcel downloadRestate the comparative year from IAS 1 to IFRS 18 and produce the line-by-line transition reconciliation.
- Cash flow statement templateExcel downloadAn indirect-method cash flow statement that starts from operating profit, with a working capital sheet and interest and dividends in their new sections.
- Revenue allocation calculatorExcel downloadAllocate a contract price across obligations, estimate variable consideration, measure progress on long contracts and build the monthly revenue schedule. IFRS 15 and ASC 606.
- Effective interest calculatorExcel downloadThe effective interest rate from a loan's cash flows, the amortised cost schedule, and the 10% test for modifications. IFRS 9.
- ECL provision matrixExcel downloadExpected credit losses: loss rates from history, a provision matrix for receivables, and a three-stage calculator with weighted scenarios. IFRS 9.
- Deferred tax calculatorExcel downloadTemporary differences, deferred tax assets and liabilities with the recoverability test, accelerated tax depreciation, and the tax rate reconciliation. IAS 12.
US tax guides by topic
Who writes these guides
Four Chartered Accountants. Every guide names the partner who wrote it and the partner who reviewed it, shows when it was last updated, and lists its sources. About Tax Bakers.