IFRS and US GAAP - Major Differences (2 days)

Course code: 1025

Introduction

This two-day course provides a comprehensive comparison and review of critical technical differences between IFRSs and US GAAP.

Our specialist instructors use real-world examples and model financial statements to explain and illustrate these critical accounting differences.

Course delegates are also brought up-to-date on the progress and timetable for implementation of joint IASB-FASB projects. In addition, participants are provided with information to assist them in researching accounting issues and monitoring future changes.

Among the questions addressed in this course are:

  • What are the critical differences between US GAAP and IFRSs?
  • Which are the most common differences that significantly affect the financial statements?
  • What are the prospects for international convergence of accounting standards?
  • How may current accounting issues be researched and future changes monitored?

Topics

  • IFRS / US GAAP Differences
    • Presentation and Disclosures
      • Presentation of financial statements
      • Statements of cash flows
      • Accounting policies, changes in accounting estimates and errors
      • Events after the reporting period
      • Discontinued operations
    • Assets
      • Inventories
      • Property, plant and equipment
      • Borrowing costs
      • Intangible assets
      • Investment property
      • Impairment of assets
    • Liabilities
      • Employee benefits, including pensions
      • Provisions and contingencies
      • Leases
    • Financial Instruments
      • Financial assets
      • Financial liabilities
      • Derivatives and hedging
    • Revenue Recognition
    • Business Combinations, Consolidations, Associates and Joint Arrangements
      • Business combinations
      • Consolidations
      • Investments in associates and joint ventures
      • Joint arrangements
  • Update on new IFRSs for 2018 and 2019 and differences from US GAAP equivalents
    • IFRS 9 Financial Instruments
    • IFRS 15 Revenue from Contracts with Customers
    • IFRS 16 Leases

Teaching method

  • Group live instruction with interactive participation encouraged, cases, examples, group work, open discussions
  • Presentation and comparison of current and likely future critical technical differences between IFRS and US GAAP accounting requirements
  • Use of real-world and model financial statements and case studies to illustrate differences
  • Discussion of prospects and likely timetable for US and IFRS accounting convergence
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course material

Prerequisites

Basic understanding of either IFRS or US GAAP. No advance preparation is required for this course.

Course benefits

  • Minimize the learning curve for getting up to speed on US GAAP or IFRS by capitalizing on existing knowledge
  • Appreciate the major technical differences between US GAAP and IFRS requirements
  • Evaluate the significant impact of these differences through the use of real-world and model financial statements
  • Plan ahead for the implementation of new joint IASB –FASB standards
  • Identify how to research current accounting rules and likely future changes in requirements
  • Evaluate the prospects and timetable for global accounting convergence

Testimonials

See what past participants said about this course:

Very good - most other courses shorter and not as in depth. Excellent examples and explanations.

Joe Gaydos, VP Finance & Treasurer
Alamo Concrete Products, USA

Very well run course. I thought [instructor] was a very knowledgeable instructor and appreciated that we used our own accounts as a reference.

Who should attend?

This course is designed for those who wish to learn about the critical technical differences between US GAAP and IFRS. It is also intended to prepare accountants for upcoming changes in IFRS and US GAAP. The course is designed for executive officers, industry controllers, accountants, auditors and finance professionals who wish to solidify their knowledge of the critical technical differences between US GAAP and IFRS.

CPE / CPD Accreditation

NASBA

IASeminars is registered with the 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.nasbaregistry.org. 


Field of study: Accounting

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 145,000 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.

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.


Field of study: Accounting

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.

Venue

  • This event will be held at Courtyard by Marriott Miami Downtown / Brickel Area. Detailed Joining Instructions are generally sent to all registered participants approximately one month before the event, which include exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.

Instructor(s)

  • Linda Hayes

    Linda Hayes (Canada) is a Chartered Accountant who teaches many courses on intermediate and advanced financial accounting topics under IFRS. Her previous experience at ATB Financial (an Alberta Financial Institution) included external reporting under IFRS, accounting for derivatives and hedging, foreign exchange and general ledger management. Linda has been teaching at both the undergraduate and MBA level for over 15 years, and has also been involved in training candidates for the Canadian Chartered Accountant designation. Her work experience also includes six years of public accounting at Deloitte and Grant Thornton, as well as other industry experience. Linda has a degree in Business Administration and a Master’s in Business Administration.

In House

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

Course details

Course schedule

Select a start date for more details

11 Dec 2017 Miami

Course level:
Overview
CPE / CPD:
16 hours
Start date:
11 Dec 2017
Start time:
08:00
Finish date:
12 Dec 2017
Finish time:
17:00
Location:
Miami
Price:
USD 2,500
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