IFRS: A One-Day Comparison with US GAAP Self-Study Webinar

To provide accountants with a clear understanding of IFRS and the know-how to analyze financial statements prepared 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.

DETAILED LEARNING OBJECTIVES

• Identify the key reasons why full convergence between IFRS and US GAAP has not been achieved

• Recognize which major projects have resulted in converged guidance between IFRS and US GAAP

• Recall the issuing body for IFRS 18 and its effective date

• Identify recent FASB ASUs applicable to crypto asset accounting and disclosure

• Describe the emissions disclosure requirements under California Senate Bill 253

• Understand how IFRS 9 classifies financial assets based on business model and cash flow characteristics

• Recognize the classification categories for financial assets under IFRS 9

• Identify impairment considerations for equity securities under IFRS and US GAAP

• Determine when the equity method is applied under both standards

• Recall component depreciation requirements under IFRS

• Compare impairment testing models under IFRS and US GAAP for long-lived assets

• Identify the unit of account used for goodwill impairment testing under IFRS

• Recognize key inputs used in IFRS 9’s Expected Credit Loss model

• Apply Stage 3 impairment accounting for credit-impaired financial assets under IFRS 9

• Distinguish the treatment of exit or disposal activities under IFRS and US GAAP

• Identify key differences in classification of liabilities and equity between IFRS and US GAAP

• Compare thresholds for recognizing deferred tax assets under IFRS and US GAAP

• Understand the revenue recognition core principle and five-step model shared by IFRS 15 and ASC 606

• Apply collectability thresholds for contract recognition under both standards

• Determine the appropriate timing for recognizing revenue for satisfied performance obligations

• Identify when contract modifications result in separate contracts under revenue standards

• Distinguish principal versus agent considerations under both standards

• Apply variable consideration constraints when determining transaction price

• Recognize differences in non-cash consideration measurement between IFRS and US GAAP

• Allocate transaction price to performance obligations using standalone selling price

• Identify which standard allows reversal of impairment losses for contract costs

• Recognize which industries were most affected by the new revenue recognition standards

• Describe challenges specific industries face under IFRS 15 and ASC 606

• Identify regulatory authorities responsible for California climate legislation

• Recognize the accounting treatment of leases under IFRS 16 vs. ASC 842, including lease capitalization thresholds

• Review IFRS and Interpretations and comparison to US GAAP
• IFRS 1: illustrative examples, key exemptions and elections
• 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
• Effects of IFRS on:
  – Revenue recognition
  – Financial instruments
  – 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