BC236 As noted above, the fair value measurement project was a joint project with the FASB. The boards worked together to ensure that fair value has the same meaning in IFRSs and in US GAAP and that their respective fair value measurement and disclosure requirements are the same (except for minor differences in wording and style).
BC237 The boards worked together to ensure that, to the extent possible, IFRS 13 and Topic 820 are identical. The following style differences remain:
(a) There are differences in references to other IFRSs and US GAAP - For example, regarding related party transactions, IFRS 13 refers to IAS 24 Related Party Disclosures and Topic 820 refers to Topic 850 Related Party Disclosures.
(b) There are differences in style - For example, IFRS 13 refers to an entity and Topic 820 refers to a reporting entity.
(c) There are differences in spelling - For example, IFRS 13 refers to labour costs and Topic 820 refers to labor costs.
(d) There are differences in whether refer
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