Course detail

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Contents

• Introduction
• Prerequisites
  
• Course Level
  
• Topics
  
• Course Benefits
  
• Teaching Method
  
• Continuing Professional Education
  
• Venue
  
  

Introduction

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This two-day course provides an overview of IFRS focusing on the critical differences between Canadian GAAP (AcSB) and IFRS (IASB) accounting standards. Our expert instructors use real-world examples and model financial statements to explain and illustrate these significant differences.

Course participants are also brought up-to-date on the prospective timetable for convergence of specific Canadian standards with the IFRS counterpart, including an update on the AcSB’s Strategic Plan for the Direction of Accounting Standards. 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 Canadian GAAP and IFRS?

• When are specific Canadian standards expected to converge with the relevant IFRS?

• What is AcSB’s Strategic Plan for the Direction of Accounting Standards?

• How may current accounting issues be researched and future changes monitored?

Prerequisites

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Reasonable understanding of Canadian GAAP and/or IFRS.
No advance preparation is required for this course.

Course Level

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Overview

Topics

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• IFRS /Canadian GAAP Differences
• Conceptual Framework
• Financial Statements
• Presentation
• Disclosure
• Cash flow statements
• Accounting policies, changes in accounting estimates and errors
• Events after the balance sheet date
• Segment disclosures
• Interim reporting
• Discontinued operations
• Equity items
• Earnings per share
• Assets
• Inventories
• Property, plant and equipment
• Borrowing costs
• Intangible assets
• Investment property
• Impairment testing
• Non-current assets held for sale
• Liabilities
• Employee benefits, including pensions
• Provisions and contingencies
• Leases
• Share-based payment
• Deferred taxes
• Financial Instruments
• Financial assets
• Financial liabilities
• Derivatives and hedging
• Revenue and Expense Recognition
• Business Combinations, Consolidations, Associates & Joint Ventures
• Business combinations, including a recap of changes resulting from the new standard
• Consolidations
• Investments in associates
• Interests in joint ventures
• Convergence Issues
• Prospects and timetable for convergence of specific Canadian standards to the IFRS counterpart.
• Update on the AcSB’s Strategic Plan for the Direction of Accounting Standards
• Current exposure drafts
• Accounting Research Sources

Course Benefits

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• Minimize the learning curve for converting to IFRS by capitalizing on existing knowledge
• Appreciate the major technical differences between Canadian GAAP and IFRS requirements
• Evaluate the significant impact of these differences through the use of real-world and model financial statements
• Learn the adjustments needed to prepare the opening IFRS balance sheet
• Understand current accounting requirements and likely changes through 2011 and beyond
• Become familiar with the timetable for convergence of Canadian GAAP and IFRS and its affect on Canadian entities
• Plan ahead for the implementation of new convergence-related standards
• Research current accounting rules and likely future changes in requirements

Teaching Method

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• Live group instruction with interactive participation encouraged
• Presentation and comparison of existing differences between financial reporting requirements under Canadian GAAP and IFRS
• Use of real-world and model financial statements and case studies to illustrate differences
• Discussion of the prospective timetable for converging specific Canadian standards to the IFRS counterpart
• All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Continuing Professional Education (CPE)

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16 hours

Venue

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All of our Calgary 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 delegates 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.