My first baby was IUGR, so I've done a fair bit of research about it. He wasn't diagnosed by ultrasound, I did have an ultrasound at 32 weeks for other reasons, before there were any signs of IUGR and he measured at the 75th centile, but from that point my fundal height didn't increase, we didn't need an ultrasound to know there was a problem! My other babies have been about 75th centile for gestation, so I believe that ultrasound was fairly accurate, the problem was only in it's very early stages, he was 25th centile for gestation, which some would exclude from an IUGR diagnosis as they use 10th centile as a criteria. Personally I feel that's a poor diagnostic criteria, as the problems associated with IUGR are not due to the absolute size, but due to the size being related to poor placental function and they are at risk of brain damage and still birth. Dropping from 75th to 25th in only 5 weeks is pretty severe growth compromise if you ask me and his body showed it, his head size was average (or above, I can't recall precisely), but his body was thin and his limbs even thinner, but the most noticeable feature was enlarged fontanelles, which did at least mean an easy birth due to the head moulding!
These days I hear far too many stories of doctors changing due dates based on later ultrasounds and I actually wish I was seeing more posts about babies measuring small.
However, after all my research I disagree with the conventional wisdom that ultrasound is the best screening tool, it's a great tool after the problem has been flagged, but I feel measurement of fundal height by the same caregiver, in the same location, with the same tape measure, combined with a good discussion with the mother is the best way. It's the pattern of the measurements not the exact measurement that is most important, my IUGR baby measured spot on, 32cm and 32 weeks, then didn't budge from there. My 2nd, normal growth baby measured 28cm and 32 weeks, which most people would flag as a problem, but it increased each week and she was 8lb8oz at birth, my 3rd was spot on all the way then a bit ahead, explained by a mild case of polyhydramnios.