IFRS Basics with US GAAP Comparison (30 days, online)
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International Financial Reporting Standards (IFRSs) are the world’s most widely applied accounting standards. Over 120 countries now require or permit the use of IFRS. Over 7,000 public companies in the European Union have complied with IFRS since 2005. Many other countries are either adopting IFRSs or have decided to converge their national standards with IFRSs. The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are committed to a systematic program of improving and converging their standards.
This comprehensive overview course is designed to guide participants step-by-step through important IFRS technical issues, including the IASB's most recent pronouncements. Our specialist instructors 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 IFRSs. 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:
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 the IASB's standards?
- What is the status of the 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?
Understanding of basic accounting principles based on any national standards. No advance preparation is required for this course.
- Introduction to IFRSs
- Content of IFRS Financial Statements
- Conceptual Framework
- 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)
- 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) (including the 2011 amendments)
- 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)
- An introduction to the new rules of IFRS 9
- 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 (IAS 27)
- Investments in associates and joint ventures (IAS 28)
- Joint arrangements (IFRS 11)
- Update on new standards for 2013 – Consolidated financial statements (IFRS 10), Joint arrangements (IFRS 11) and Disclosure of interests in other entities (IFRS 12)
- Transitioning to IFRSs
- First-time adoption of IFRS (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 projects
- Current Exposure Drafts
- Other IASB projects and work agenda
- 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 current and future joint projects with the FASB and other major national accounting standards
- Online Learning
- Review of the rationale and objective for IASB standards
- Description and explanation of IFRS technical requirements in clear and simple language
- Use of case studies and real-world examples to illustrate practical application of the standards
- Interactive participation is encouraged
Continuing Professional Education (CPE)
Our e-learning course allows you to interact with our expert instructors while covering the same materials as our highly popular live training courses.
This 30-day, 24 CPE credit hour e-learning course is a step-by-step overview of the major technical issues involved in IFRSs and the critical differences between IFRSs and US GAAP. The program is presented using financial statements and extensive real-world examples.
As a participant in the CFA Institute Approved-Provider Program, IASeminars has determined that this program qualifies for 21 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.