IFRS Basics with US GAAP Comparison (3 days)
International Financial Reporting Standards (IFRSs) are the most globally accepted accounting standards, with over 120 countries now applying IFRSs. The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have completed their agenda of projects to improve and converge their accounting standards.
This wide ranging three-day overview is designed to guide participants step-by-step through important IFRS technical issues, including the IASB's most recent pronouncements. Our specialist instructor will 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 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.
This course answers questions such as:
- What are the current IFRS requirements?
- When and how will new standards affect financial statements?
- What are the critical differences between US GAAP and IASB standards?
- What issues are involved in moving from US GAAP to IFRSs?
- When may alternatives be chosen and what options are available for preparing IFRS financial statements?
- Introduction to IFRSs
- Presentation and Disclosures
- Presentation of financial statements (IAS 1)
- Statements of cash flows (IAS 7)
- Accounting policies, changes in accounting estimates and errors (IAS 8)
- Events after the reporting period (IAS 10)
- Discontinued operations (IFRS 5)
- Interim financial reporting (IAS 34)
- Inventories (IAS 2)
- Property, plant and equipment (IAS 16)
- Borrowing costs (IAS 23)
- Leases (IAS 17 and IFRS 16)
- Intangible assets (IAS 38)
- Investment property (IAS 40)
- Impairment of assets (IAS 36)
- Non-current assets held for sale (IFRS 5)
- Employee benefits (IAS 19)
- Provisions, contingent liabilities and contingent assets (IAS 37)
- Financial Instruments
- Financial assets and liabilities (IAS 32, IAS 39 and IFRS 9)
- Financial instruments: disclosures (IFRS 7)
- Revenue Recognition
- Revenue (IAS 18, IAS 11 and IFRS 15)
- Business Combinations, Consolidations, Associates and Joint Arrangements
- Business combinations (IFRS 3)
- Consolidated financial statements (IFRS 10)
- Investments in associates and joint ventures (IAS 28)
- Joint arrangements (IFRS 11)
- Disclosure of interests in other entities (IFRS 12)
- Transitioning to IFRSs
- First-time adoption of IFRSs (IFRS 1)
- 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
- Employee benefits
- Financial instruments
- Other significant differences
- Expected Future Developments
- Update on the IASB and FASB agenda projects
- Group live instruction, cases, examples, group work, open discussions
- Review of the rationale and objective for IASB standards
- Description and explanation of IFRS technical requirements in clear and simple language
- Use of 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
- Discussion of prospects and likely timetable for implementation of IASB-FASB joint projects
- Interactive participation is encouraged
- All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials
Understanding of basic accounting principles based on any national standards. No advance preparation is required for this course.
- 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 IFRSs
- 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
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
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.
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.
- Our New York City seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered participants by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.
- Our Chicago seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered participants by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.
Bill Kemp (UK) is an IASeminars senior instructor and a consultant specialising in International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS) and the comparison of such standards with UK, US and Canadian Generally Accepted Accounting Principles (GAAP). He has delivered many public and in-house training courses around the world to a diverse audience from sectors including government and non-profit, financial services, retail, real estate, oil & gas, telecoms, and IT. An experienced educator, he was formerly Managing Director of a major London financial training company. Bill's work also includes training and consulting on financial statement analysis and business valuation, and he teaches on the International Accounting MSc programme of the London School of Economics. He is a UK chartered accountant, and was educated at the Edinburgh Academy and at Oxford University.
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.
Chris Boland (Canada) is a professional IFRS consultant specializing in assisting clients with their transition to International Financial Reporting Standards (IFRS) and the application of new IFRS Standards. Chris has assisted over 75 clients covering most industries and sectors in complex IFRS matters He is a Certified Public Accountant, Canadian Chartered Accountant, and also holds the Certified Management Accountant designation. In addition to IFRS, Chris also has extensive experience with matters such as US GAAP, SOX and corporate governance. Prior to establishing his public practice and teaching career, Chris was General Manager (Accounting, IFRS, Internal Controls and Tax) at Canada Post Corporation. His earlier positions at other organizations included being CFO and VP Finance; Director of Tax and Treasury, Controller; Manager of Financial Reporting and Controller (Overseas Operations); Manager of Financial Reporting; and Budget Analyst. He was also an Auditor at the Office of the Auditor General in Canada. Chris’ 25 years of experience also include 12 years in the telecommunication hardware and software industry and in pharma research.
Richard McCabe (Canada) is a recently retired accounting executive with experience in the utility and energy marketing industries. Richard led his company’s transition from Canadian GAAP to IFRS and provided dual reporting in IFRS and US GAAP, following his company’s recent acquisition by a major US based conglomerate.
His company was the only Canadian electricity utility that that was able to recognise its regulatory assets and liabilities fully under IFRS. Richard was a participant in witness panels before his company’s regulator to support their biennial rate applications. He was an active member and later the Chair of the Finance and Accounting Committee of the Canadian Electricity Association and was actively involved in the initiative to gain full recognition of a utility’s regulatory assets and liabilities under IFRS.
As a result of his experience, he was appointed as a member of the Consultative Group to the International Accounting Standards Board on the potential recognition of regulatory assets and liabilities under IFRS. The group has been partially successful to date with the implementation of IFRS 14 and is continuing to work with the IASB towards full recognition.
Richard is a Chartered Accountant, Scottish and Canadian, and an MBA. Richard has been an Internal Audit Director and a Controller and has held senior positions in the Office of the Auditor General of Alberta and the utility regulator in Alberta, the Alberta Utilities Commission.
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Select a start date for more details
26 Apr 2017 New York City
- 3 days
- Course level:
- CPE / CPD:
- 24 hours
- Start date:
- 26 Apr 2017
- Start time:
- Finish date:
- 28 Apr 2017
- Finish time:
- New York City
21 Aug 2017 Chicago
- 3 days
- Course level:
- CPE / CPD:
- 24 hours
- Start date:
- 21 Aug 2017
- Start time:
- Finish date:
- 23 Aug 2017
- Finish time: