International Financial Reporting Standards (IFRS): What You Need to Know (171024-12)
Description
This course will focus on the International Financial Reporting
Standards (IFRS) and explain the major differences with U.S. GAAP.
Discussion of how this accounting transition began, along with an update
on the current developments from the SEC, FASB, & the IASB. An
examination of the IASB’s conceptual framework will be conducted because
the conceptual framework is the authoritative guidance for IFRS. IFRS
prepared financial statements will be analyzed and standards explained
as it relates to overall financial statement presentation, accounting
treatment for assets, liabilities, revenue and expense recognition,
business combinations, consolidations, first time adoption and more. The
session will conclude with a discussion concerning IFRS for Small to
Medium Size Entities (SME’s).
Learning Objectives
Following completion of the session, participants will be able to:
Explain the history that has lead up to 123 countries adopting IFRS and
abandoning their country specific accounting standards
Discuss current
developments within the US concerning the adoption of IFRS Describe
current developments with the FASB and IASB convergence project Analyze
IFRS financial statements and understand how the differ from US GAAP
Comprehend the various IFRS standards as they relate to the accounting
treatment for assets, liabilities, equity, revenue, expenses, business
combinations, and consolidations and understand how the differ from US
GAAP
Explain the rules under IFRS 1 - First Time Adoption Under
International Financial Reporting Standards Explain IFRS for SME’s
Major Topics
Financial statement presentation Prospects and timetable for IFRS-US
GAAP convergence Status of the SEC decision on IFRS implementation in
the U
S
Examine current exposure drafts and newly issued standards
Inventory methods and valuation PP&E revaluation and depreciation
Intangible assets Impairment testing Leasing Investment property Revenue
and expense recognition Business Combinations Consolidation
