Course detail

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Contents

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

Introduction

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International Financial Reporting Standards (IFRS) are rapidly becoming the most globally applied set of 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 global acceptance of IFRS, over the next few years many thousands of companies around the world will begin accounting in accordance with IFRS. IFRS is continuing 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 IFRS.

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 IFRS 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 IFRS?

• When may alternatives be chosen and what options are available for preparing IFRS financial statements?

Prerequisites

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Understanding of basic accounting principles based on any national standards. No advance preparation is required for this course.

Course Level

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Overview

Topics

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• Introduction to IFRSs
• Content of IFRS Financial Statements
• Presentation (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)
• Operating segments (IFRS 8)
• Discontinued operations (IFRS 5)
• Interim financial reporting (IAS 34)
• Assets
• 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)
• Liabilities
• Employee benefits (IAS 19)
• Provisions, contingent liabilities and contingent assets (IAS 37)
• Share-based payment (IFRS 2)
• Financial Instruments
• Financial assets and liabilities (IAS 39, IAS 32 and IFRS 9)
• Financial instruments: disclosures (IFRS 7)
• Revenue Recognition
• Revenue (IAS 18 and IFRIC 13, 15 and 18)
• 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
• Liabilities
• Employee benefits
• Financial instruments
• Other significant differences
• Expected Future Developments
• Update on the IASB-FASB convergence projects, including revenue recognition, leases and financial instruments
• Current Exposure Drafts of the IASB
• Other IASB projects and work agenda

Course Benefits

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• 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

Teaching Method

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• 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

Bring This Course In House

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

Continuing Professional Education (CPE)

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24 hours

Previous Client Feedback

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• The course was just what I needed and it exceeded my expectations. The speakers all did a great job, but a special thanks to the main Instructor, who worked so hard for all three days! We will certainly look to IASeminars in the future for our educational needs.
• This training was more comprehensive and specific than other "training". Instructors were more knowledgeable for this course.
• The course was outstanding in all respects.
• Course was a good pace and excellent content and instructors.
• This course was very informative. I walked away with a high level understanding of what differs between US GAAP & IFRSs. I would certainly recommend this course to anyone who is stepping into an IFRS world of accountancy.
• The IASeminars team was friendly, helpful and extremely knowledgeable. The material was well organized, up to date, and fully utilized during the course. Thank you so much. Job well done.

Venue

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All of our Chicago 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..