Course detail

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Course detail

Course 1025
Major IFRS and US GAAP Differences (2 days)

Course offered in collaboration with

Booking Information

Duration: 2 days

Location: Las Vegas
(see other locations for this course)

Price: USD 2,300

Promo codes may be applicable. You can also pay in CAD, EUR, GBP - you will be given this option later in the booking process. If you are planning to make a group booking or have any questions, please contact us.

Date(s):

21 Nov - 22 Nov 2013
Timing: 09:00 - 18:00
Instructor(s): Bill Kemp, Tariq Zia

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Contents

Introduction

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

The program includes a technical review of SEC comment letters on IFRS filers in the US. 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 and IASB standards?
  • Which are the most common differences that significantly affect the financial statements?
  • When is it expected that new joint FASB-IASB standards will be issued?
  • What are the prospects for international convergence of accounting standards?
  • How may current accounting issues be researched and future changes monitored?

Prerequisites

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

Course Level

Overview

Topics

  • IFRS / US GAAP Differences
  • Conceptual Framework
  • Financial Statements
  • Presentation
  • Cash flow statements
  • Accounting policies, changes in accounting estimates and errors
  • Events after the reporting period
  • Operating segments
  • Interim financial reporting
  • Discontinued operations
  • Equity items
  • Earnings per share
  • Assets
  • Inventories
  • Property, plant and equipment
  • Borrowing costs
  • Intangible assets
  • Investment property
  • Impairment of assets
  • Non-current assets held for sale
  • Liabilities
  • Employee benefits, including pensions
  • Provisions and contingencies
  • Leases
  • Share-based payment
  • Income taxes
  • 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
  • Convergence Issues
  • IASB and FASB joint projects on revenue recognition, leases and financial instruments
  • Other Current joint IASB-FASB exposure drafts

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

Teaching Method

  • Live group 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
  • Review of trends in SEC comment letters
  • 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

Bring This Course In House

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

Continuing Professional Education (CPE)

16 hours

Venue

All of our Las Vegas seminars take place in 4 star professional conference facilities, usually in city-centre downtown 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..

Course Summary


This two-day workshop provides an in-depth review and illustration of the critical differences between US GAAP and IFRS. The course topics are presented using real-world financial statements and extensive examples. Specific convergence issues are also covered in the program.

As a participant in the CFA Institute Approved-Provider Program, IASeminars has determined that this program qualifies for 14 credit hours. Please use promotion code "CFACPE" when booking, to ensure that CE credit for your participation will be automatically recorded in your CE Diary.