IFRS v. US GAAP: The Differences That You Need to Know

Program 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." Discussion of how this accounting transition began, along with an update on the current developments from the SEC, FASB, & 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.

Objectives: Following completion of the session, participants will be able to:

Explain the history that has lead up to 113 countries adopting IFRS and abandoning their country specific accounting standards.
Discuss current developments within the US concerning the adoption of IFRS.
Explain the difference between the term adoption and convergence.
Describe current developments with the FASB and IASB convergence project.
Analyze the differences between the financial statements prepared under IFRS and US GAAP.
Analyze the differences between the accounting treatment for assets, liabilities, equity, revenue, and expenses under IFRS and US GAAP.
Analyze the differences as they relate to business combinations and consolidations.
Explain the rules under IFRS 1 - First Time Adoption Under International Financial Reporting Standards.

Highlights:

Conceptual Framework
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
Inventory methods and valuation
PP&E revaluation and depreciation
Intangible assets
Impairment testing
Leasing
Liabilities
Deferred taxes
Revenue and expense recognition
Business Combinations
Consolidation

Designed For: Accountants, users, & preparers of financial statements

Recommended CPE Credits: 8

Prerequisites: Knowledge of basic accounting

Course Level: Intermediate

Field(s) of Study: Accounting & Auditing, Accounting

Listing by Subject: Accounting, International Financial Reporting Standards, Implementation

To book one of Pete Margaritis’ workshops

National Bookings
Pamela Devine at the Business Learning Institute
443/632.2321 or e-mail pam@bizlearning.net

Ohio Bookings
Contact Megan Eufinger at The Ohio Society of CPAs
1-800-686-2727 X372 or e-mail MEufinger@ohio-cpa.com