Overview:
While the SEC is finalizing the transition to IFRS, financial professionals must begin to gain an understanding of this increasingly global set of accounting standards. This one-day overview will highlight the key differences between US GAAP and IFRS and allow you to:
- Analyze financial statements prepared in accordance with IFRS of foreign competitors, customers, subsidiaries, potential joint venture and alliance partners
- Identify completed and proposed convergence between the IASB and FASB
- Understand the scope and transitional issues of IFRS adoption
Objective:
To provide accountants with a clear understanding of IFRS and the know-how to prepare financial statements in accordance with them. You'll review the important differences between US GAAP and IFRS. You'll also learn how to monitor international convergence progress and how to assess the current effects of IFRS on your company.
Emphasis:
- Review IFRS and Interpretations and comparison to US GAAP
- IFRS 1: illustrative examples, key exemptions and elections
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Differences in presentation for:
– Balance sheets
– Income statements
– Statements of changes in shareholders' equity
– Statements of comprehensive income
– Statements of cash flows - Accounting requirements and choices: IFRS vs. US GAAP
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Effects of IFRS on:
– Revenue recognition
– Recognition of liabilities
– Deferral of development costs
– Fixed asset componentization - Review illustrative footnote disclosures for similarities and differences
- Update FASB convergence efforts
- Ways to standardize reporting
- Status of IFRS with the SEC
