Overview:
With the SEC potentially mandating a switch from US GAAP to IFRS, companies may have a huge project on their hands. And if handled incorrectly, it could quickly become a costly fiasco. This cutting-edge seminar will:
- Detail the steps required for the conversion process
- Provide an understanding of the requirements and optional elections allowed under IFRS for conversion
- Identify key differences between IFRS and US GAAP that impact your company
- Develop a framework to allocate the time and resources to get the job done
- Give you the tools to prepare a pre-conversion readiness assessment
Objective:
To help accountants, preparers and other financial professionals to plan, budget and implement a transition from US GAAP to IFRS. You will learn how to determine the principal differences that a switch to IFRS poses for your company. You will also learn where to find answers to your transition questions and how to assess the IT requirements of a changeover.
Emphasis:
- Project management: how to organize and prioritize your conversion to IFRS
- IFRS 1: illustrative examples, key exemptions and elections
- Determining which IFRS are relevant to your company
- Principles-based vs. rules-based accounting
- Determining how long the transition will take
- Assessing manpower issues for the conversion
- Differences between IFRS and US GAAP
- Proposed timeline for IFRS adoption
- Estimating transition and conversion costs
- What if there is no IFRS standard that addresses my transaction?
- IT issues: new software vs. modifications to existing systems
- Impact of dual reporting during the transition period
- Impact of transition on SEC reporting standards
- Disclosure requirements for IFRS footnotes
