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IFRS vs. CANADIAN GAAP – AN OVERVIEW (1 DAY)

IFRS (International Financial Reporting Standards) is live in Canada and coming soon to the United States.

This course is intended for financial professionals who are familiar with GAAP. Anyone working within the accounting field in Canada needs to be just as comfortable with IFRS as they are with Canadian GAAP. In the United States, since IFRS is the driving force behind the convergence of accounting standards, a knowledge of the key facets of IFRS is helpful to understand the future direction of accounting.

The objective of this seminar is to teach participants about the major differences between IFRS and GAAP.

At the end of this workshop, participants should be able to:

  • Increase their confidence and readiness for dealing with IFRS
  • Understand the similarities between IFRS and GAAP
  • Learn the main differences between IFRS and GAAP
  • Feel comfortable with the journal entries required under IFRS
  • Know where to look for more information on IFRS as it becomes available

Topics covered

  • Overview of IFRS
  • Key differences between IFRS and GAAP
    • Plant, Property, and Equipment (IAS 16)
    • Component accounting (IAS 16)
    • Cost vs Revaluation model (IAS 16)
    • Depreciation (IAS 16)
    • Investment Property and Fair Value model (IAS 40)
    • Intangible Assets (IAS 38)
    • Impairment of Assets (IAS 36)
    • Reversals of impairments (IAS 36)
    • Cash Generating Units (CGUs) (IAS 36)
    • Capitalization of interest (IAS 23)
    • Inventories (IAS 2)
    • Leases (IAS 17)
    • Contingent Liabilities and Provisions(IAS 37)
    • Other impacts to assets, liabilities, equity, and P&L
  • Rules related to first-time adoption of IFRS (IFRS 1)
    • General rules
    • Optional exemptions
    • Mandatory exceptions
  • Presentation format of financial statements
  • Ongoing changes to IFRS
  • Where to stay updated on IFRS and where to get more information

Workshop format

This workshop is highly interactive. Participants will learn the international financial reporting standards by working through exercises and examples which compare journal entries under GAAP to the journal entries under IFRS. This workshop will also present financial information from public companies which shows the impact on the financial statements of using different accounting standards.

Who will benefit

This course is intended for individuals who are familiar with GAAP and are looking to understand the differences between current accounting practices and the new ones advocated by IFRS. This course is oriented toward people preparing financial statements, in whole or in part.

Price: $649

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