A knowledge of US Generally Accepted Accounting Principles (US GAAP) is vital to those entities that currently are or, plan to be, publicly listed in the USA. Equally subsidiaries of US companies have an important need to gain a knowledge of US GAAP in order to better understand the information requirements and journals requested by their parent entities.
The Financial Accounting Standards Board (FASB) is recognised by the Securities and Exchange Commission (SEC) as the gatekeeper of the Accounting Standards Code (ASC) that is US GAAP. For some 50 years FASB has established and improved financial accounting and reporting standards applicable in the USA. From 2002 until 2014 it worked with the International Accounting Standards Board (IASB) on a series of projects to converge and improve both US GAAP and International Financial Reporting Standards (IFRS). As things currently stand, although both standard-setting bodies are working separately on their own agendas, they regularly to meet to share these with each other. There are however some significant differences compared to IFRS and our course will highlight these.
This four-day course provides a rigorous review of major technical US GAAP requirements contained within the ASC (which includes pronouncements of the SEC).
The accounting requirements are presented using illustrative financial statements and examples, with interactive participation from the participants encouraged. In addition to a review of current US GAAP, the course also presents information on any mainstream likely future developments and the probable impact of their adoption.
This course answers questions such as:
- What are the principles underpinning US GAAP?
- What are the key financial statements and disclosures required to be presented in compliance with US GAAP?
- How are US GAAP recognition and measurement rules applied in relation to the mains elements reported in an income statement and balance sheet?
- What are the key differences with IFRS?
- Where can up-to-date information about US GAAP be obtained?
- What is the likely future direction of travel for US GAAP?