IFRS Basics with US GAAP Comparison (3 days)
International Financial Reporting Standards (IFRS) are the most globally accepted accounting standards, with over 120 countries now applying IFRS. The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have made a specific commitment to converge their accounting standards.
As a result of the growing acceptance of IFRSs, numerous companies around the world have and will begin accounting in accordance with IFRSs. IFRSs continue to develop rapidly as a result of both the convergence agenda with US GAAP and the need to address new topics.
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 IFRS 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.
Likely future changes in IFRSs and the prospects and timetable for implementation of joint IASB-FASB projects will also be discussed.
This course answers questions such as:
- What are the current IFRS requirements?
- When will proposed changes affect financial statement presentation, disclosures and financial performance reports?
- What are the critical differences between US GAAP and IASB standards?
- What are the likely effective dates of the major IASB-FASB joint projects?
- 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)
- 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-FASB convergence projects, including lease accounting
- Other IASB projects and the work plan
- 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 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
- Increase planning opportunities through awareness of likely future IFRS changes, including prospects for convergence with US GAAP and 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
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.
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 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.
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 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.
Karen Kalishek is an international instructor and consultant specializing in International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). She has delivered training courses around the world including in the USA, Europe, Russia, Central Asia, the Caucuses, the Balkans, Southeast Asia, Africa and the Middle East. Karen has also assisted several national governments in the reform of their accounting systems and in the implementation of international standards and best practices. As well as teaching for IASeminars and others, Karen also has written technical accounting material for publication. She has over 19 years of experience in the application and training of IFRS (formerly IAS). Karen is a US Certified Public Accountant (C.P.A.), a Certified Management Accountant (C.M.A.) and a Certified Fraud Examiner (C.F.E.). She earned her M.B.A. from the University of Wisconsin in the United States. Prior to entering the international arena, she taught graduate-level business and finance courses in the USA as well as CPA examination review courses. Karen was formerly Senior Vice-President in a regional bank holding company and also served for eight years on the accounting examination and licensing board of her state.
To bring this course in-house please contact us and we will be pleased to assist
Select a start date for more details
15 Aug 2016 Chicago
- 3 days
- Course level:
- CPE / CPD:
- 24 hours
- Start date:
- 15 Aug 2016
- Start time:
- Finish date:
- 17 Aug 2016
- Finish time: