IFRS Fundamentals with US GAAP Comparison (5 days)

Course code: 1015

Introduction

International Financial Reporting Standards (IFRSs) are the world’s most widely applied accounting standards. Over 120 countries now require or permit the use of IFRS. Over 7,000 public companies in the European Union have complied with IFRS since 2005. Many other countries are either adopting IFRSs or have decided to converge their national standards with IFRSs. The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are committed to a systematic program of improving and converging their standards.

This five-day overview is designed to guide participants through a summary of the important IFRS technical issues, including the IASB's most recent pronouncements. Our specialist instructors explain the principles clearly and simply and provide real-world examples, including an overview of the requirements for first-time adoption of IFRSs and the practicalities of implementing IFRSs.

This course also provides a summary comparison and review of significant technical differences between US GAAP and IASB accounting standards. Real-world examples and model financial statements are used to explain and illustrate these critical accounting differences. Likely future changes in IFRSs and the status of joint FASB-IASB projects are also discussed.

This course answers questions such as:

  • What are the current IFRS requirements?
  • When and how will upcoming changes affect financial statement presentation, disclosures and financial performance reports?
  • What are the critical differences between US GAAP and IASB standards?
  • What issues are involved in moving from US GAAP to IFRS?
  • When may alternatives be chosen and what options are available for preparing IFRS financial statements?
  • What are the most recent joint decisions of the IASB-FASB, time-lines for implementation for joint projects and transition guidance?

Topics

  • Introduction to IFRSs
  • Content of IFRS Financial Statements
    • Presentation of financial statements (IAS 1)
    • Statement of cash flows (IAS 7)
    • Accounting policies, changes in accounting estimates and errors (IAS 8)
    • Events after the reporting period (IAS 10)
    • Operating segments (IFRS 8)
    • Related party disclosures (IAS 24)
    • Earnings per share (IAS 33)
    • Interim financial reporting (IAS 34 and IFRIC 10)
    • Discontinued operations (IFRS 5)
  • Assets
    • Inventories (IAS 2)
    • Property, plant & equipment (IAS 16)
    • Borrowing costs (IAS 23)
    • Intangible assets (IAS 38)
    • Investment property (IAS 40)
    • Impairment of assets (IAS 36)
    • Non-current assets held for sale (IFRS 5)
  • Liabilities
    • Leases (IAS 17, SIC-27, and IFRIC 4)
    • Employee benefits (IAS 19 and IFRIC 14)
    • Provisions, contingent liabilities and contingent assets (IAS 37)
    • Share-based payment (IFRS 2)
  • Financial Instruments
    • Financial assets and liabilities, hedging and derivatives (IAS 32 and IAS 39)
    • Financial instrument disclosures (IFRS 7)
    • Replacing IAS 39 (IFRS 9)
  • Income Taxes
    • Income taxes (IAS 12)
  • Revenue Recognition
    • Revenue (IAS 18, IFRIC 13, 15 and 18)
    • Construction contracts (IAS 11)
  • Foreign Currency Issues
    • The effects of changes in foreign exchange rates (IAS 21)
  • Business Combinations, Consolidations, Associates and Joint Arrangements
    • Business combinations (IFRS 3)
    • Consolidated financial statements (IAS 27)
    • Investments in associates and joint ventures (IAS 28)
    • Joint arrangements (IFRS 11)
    • Disclosure of interests in other entities (IFRS 12)
  • Fair Value Measurement (IFRS 13)
  • Transitioning to IFRS
    • First-time adoption of IFRS (IFRS 1)
  • Expected Future Developments
    • Annual improvements to IFRSs
    • Current exposure drafts
    • Update on the IASB-FASB convergence projects, including revenue recognition, leases and financial instruments
  • IFRS / US GAAP Differences
    • Conceptual framework
    • Financial statement presentation
    • Revenue and expense recognition
    • Inventory methods and valuation
    • Tangible and intangible assets
    • Assets held for sale and discontinued operations
    • Impairment testing
    • Liabilities
    • Leases
    • Employee benefits
    • Equity items
    • Financial instruments
    • Business combinations
    • Consolidated financial statements

Teaching method

  • Live group instruction, cases, examples, group work, open discussions
  • Review of the rationale and objective for IASB standards
  • Description and explanation of IFRS technical requirements and comparison to US GAAP in clear and simple language
  • Use of case studies and real-world examples to illustrate practical application of the standards
  • Presentation and comparison of current and likely future critical technical differences between accounting principles under IFRS and US GAAP
  • Use of real-world and model financial statements and case studies to illustrate differences
  • Interactive participation is encouraged
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Prerequisites

Understanding of basic accounting principles based on any national standards. No advance preparation is required for this course.

Course benefits

  • Understand and apply IFRS requirements, including accounting policies and disclosures
  • Appreciate the major technical differences between US GAAP and IFRS requirements
  • Evaluate the impact of these differences through the use of real-world and model financial statements
  • Understand the requirements and options relating to first-time adoption of IFRS
  • Implement the IFRS recognition and measurement rules for assets, liabilities, income, and expenses
  • Comply with IFRS 'fair value' measurement requirements
  • Apply the most recent new and revised IFRS standards
  • Increase planning opportunities through awareness of likely future IFRS changes, including the status of joint projects with the FASB and convergence with other major national accounting standards

Who should attend?

Global expansion, international deals and cross-border M&A activity have made IFRS very relevant to US companies. This course is primarily designed for those who currently prepare their financial statements under US GAAP but would like to learn about the reporting requirements under IFRS. It is intended for financial executives who are interested in monitoring their subsidiaries’ IFRS statements, understanding deals that use IFRS accounting outcomes or reporting their financial results to non-US stakeholders under IFRS. The course is designed for executive officers, industry controllers, accountants, auditors and finance professionals who are interested in learning about IFRS and its critical differences with US GAAP.

CPE / CPD Accreditation

NASBA

IASeminars is registered with the US National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

ICAEW Partner in Learning

IASeminars is proud to have been named as an ICAEW Partner in Learning, working together to offer the ICAEW IFRS Certificate to our clients worldwide. ICAEW (The Institute of Chartered Accountants in England and Wales) is a world leading professional membership organisation that promotes, develops and supports over 140,000 chartered accountants worldwide. CPE certificates obtained from attending IASeminars courses are an ideal way for ICAEW members and others to demonstrate their continuing professional development, provided that the topic is relevant to their learning and development needs.

CFA Institute

IASeminars is an approved Continuing Education training provider of the CFA Institute (the global association of investment professionals) and an official IFRS training partner of that institute. IASeminars is also an approved training provider of the New York Society of Security Analysts, the CFA Society of the UK and of various other CFA societies around the world. As a participant in the CFA Institute Approved-Provider Program, IASeminars has determined that this program qualifies for 35 credit hours. Please use promotion code "CFACPE" when booking via this website, to ensure that CE credit for your participation will be automatically recorded in your CE Diary.

New York State Board of Public Accountancy

IASeminars is registered with the New York State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: 002546. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

Texas State Board of Public Accountancy

IASeminars is registered with the Texas State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: 009689. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

In House

To bring this course in-house please contact us and we will be pleased to assist

Course details

Course schedule

There are currently no dates scheduled.
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