Live Webcast: IFRS vs. GAAP: The Differences That You Need to Know (17W456-12)
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.
Learning 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
