Cash and Cash Equivalent F12-10b

What is difference in accounting between U.S. GAAP and IFRS for bank overdrafts?

  1. For U.S. GAAP – First deduct any overdraft from cash balances at the same bank. Any resulting overdraft balance is reclassified to current liabilities.
  2. For IFRS – Overdrafts may be classified as cash and cash equivalents.