While it is well known that there are substantial differences between the accounting rules in the UK and the US, comparison between the two systems is far from simple. In "UK/US GAAP Comparison", Ernst & Young have succeeded in providing an accessible analysis of these differences, and provide the means of putting the two systems of financial reporting on a common footing. The volume explains the various factors which influence reporting and accounting rules in each country and gives an overview of the main differences between UK and US GAAP. The core of the book, however, is the detailed side-by-side comparison of all such topics, complete with source references to the authoritative literature in the respective countries. Fully updated in the light of recent changes in practice, this edition also includes a chapter containing commentary, analysis and extracts from US accounts filed by UK companies.