IFRS in the USA: An Implementation Guide ON DEMAND

Overview

International Financial Reporting Standards (“IFRS”) represents the international alternative to U.S. Generally Accepted Accounting Principles. Most of the world already communicates with investors and stakeholders about corporate financial performance in the language of IFRS. The International Accounting Standards Board (IASB) and their U.S. equivalent (the FASB) have made commitments towards the convergence of U.S. GAAP and IFRS and are working to eliminate as many differences between the two Standards as possible. This course provides an introductory overview of International Financial Reporting Standards, including detailed discussions of the impact that adopting IFRS will have on businesses. This course also includes comprehensive reviews of the IASB structure and its standard-setting process, the basic framework that serves as the foundation for IFRS and the differences that exist between U.S. GAAP and IFRS.

Highlights

Introduction to IFRS. IASB structure and foundation. IFRS Financial Statements. Framework and preparation. Purpose and status. U. S. GAAP and IFRS, what is the difference? Expense recognition. Assets. Convergence. Adoption. Tax consequences. Organizational changes.

Prerequisites

None.

Designed For

CPAs and other accounting professionals.

Objectives

Define “IFRS”. Identify the roles that each governing body serves within the IASB Structure. Recognize practices consistent with the due process followed by the IASB when developing and issuing IFRS. Identify financial reports that are within the scope of the IASB Framework. Recognize practices that are consistent with the underlying assumptions and qualitative characteristics of financial statements prepared in accordance with the IASB Framework. Identify the general purpose financial statements required under IFRS and recognize the characteristics of each statement. Identify and classify the various elements of IFRS financial statements. Identify the various similarities and differences that exist between IFRS and U. S. GAAP. Recognize specific areas of divergence that exist between the two principles, and more.

Preparation

None.

Notice

None.