Course description
IFRS Basics with US GAAP Comparison (3 days)
International Financial Reporting Standards (IFRSs) are the most widely accepted accounting standards globally, with over 140 jurisdictions now requiring or permitting the use of IFRSs.
This wide-ranging three-day overview is designed to guide participants step-by-step through important IFRS technical issues. 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 IFRSs and the practicalities of implementing IFRSs.
This course also provides a comparison and review of significant technical differences between US GAAP and International Financial Reporting Standards. Real-world examples and model financial statements are used to explain and illustrate critical accounting differences.
This course answers questions such as:
- What are the current IFRS requirements?
- When and how will new standards affect financial statements?
- What are the critical differences between US GAAP and IASB standards?
- 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?
Upcoming start dates
Suitability - Who should attend?
Global expansion, international deals and cross-border M&A activity have made IFRS very relevant to US companies. This course is primarily designed for those who currently prepare their financial statements under US GAAP but need to learn about the reporting requirements under IFRS. It is intended for financial executives who are interested in monitoring their subsidiaries’ IFRS statements, understanding deals that use IFRS accounting outcomes or reporting their financial results to non-US stakeholders under IFRS. The course is designed for executive officers, industry controllers, accountants, auditors and finance professionals who are interested in learning about IFRS and its critical differences with US GAAP.
Outcome / Qualification etc.
After attending this course participants will be able to:
- 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
CPE credits are available for all courses.
Training Course Content
This course is designed to cover the key topics:
- Introduction to IFRSs
- Presentation and Disclosures
- Presentation of financial statements (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)
- Discontinued operations (IFRS 5)
- Assets
- Inventories (IAS 2)
- Property, plant and equipment (IAS 16)
- Borrowing costs (IAS 23)
- Leases (IFRS 16)
- Intangible assets (IAS 38)
- Investment property (IAS 40)
- Impairment of assets (IAS 36)
- Liabilities
- Employee benefits (IAS 19)
- Provisions, contingent liabilities and contingent assets (IAS 37)
- Financial Instruments
- Recognition and measurement (IFRS 9)
- Disclosures (IFRS 7)
- Revenue
- Revenue from contracts with customers (IFRS 15)
- 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
- Financial statement presentation
- Inventory measurement
- Tangible and intangible assets
- Impairment of long-lived assets (non-financial)
- Liability recognition
- Employee benefits
- Financial instruments, including impairment of financial assets
- Expected Future Developments
Why choose IASeminars
We've been training for 20 years.
50% of our business comes from returning clients.
We offer instructor-led training in international locations, over Zoom or in house.
Reviews
Average rating 4.7
Very good instructor and course content.
We are transitioning to IFRS and this training gave us an opportunity to ask specific questions on topics pertaining to our company & accounting issues.
Expenses
The cost of this training course is $3,900.
In House Training
In addition to the scheduled dates and locations, IASeminars can also run this course as in house training, to meet the specific requirements of your team. Contact them here to request a customised training solution for your team.
The course was a good balance of technical levels of experience. The material was clear and easy to connect to our business needs.