Description:

This course will explain the differences between the International Financial Reporting Standards (IFRS) which are principles-based standards and U.S. GAAP which are rules-based standards. There will be discussion of how this accounting transition began, along with an update on the current developments from the SEC, FASB, and the IASB. Considerable time will be spent comparing the financial statements under each standard along with analyzing the differences in the accounting treatment for assets, liabilities, revenue and expense recognition, business combinations, and consolidations. The session will conclude with a discussion concerning IFRS 1 - First Time Adoption.

Objectives:

• Review the history that has lead up to 113 countries adopting IFRS and abandoning their country specific accounting standards
• Understand current developments within the U.S. concerning the adoption of IFRS
• Know the difference between the term adoption and convergence
• Examine current developments with the FASB and IASB convergence project
• Be able to analyze the differences between the financial statements prepared under IFRS and US GAAP and between the accounting treatment for assets, liabilities, equity, revenue, and expenses under IFRS and US GAAP - and understand the differences as they relate to business combinations and consolidations
• Have knowledge of the rules under IFRS 1 - First Time Adoption Under International Financial Reporting Standards

Major Topics:

• Financial statement presentation
• Prospects and timetable for IFRS-US GAAP convergence
• Short term convergence topics
• IASB and FASB joint projects
• Current significant exposure drafts relating to convergence issues
• Inventory methods and valuation
• PP&E revaluation and depreciation
• Intangible assets
• Impairment testing
• Leasing
• Liabilities
• Deferred taxes
• Revenue and expense recognition
• Business combinations
• Consolidation

Who Should Attend:

Accountants, users, & preparers of financial statements

Prerequisite:

Knowledge of basic accounting

Advanced preparation:

None