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IFRS vs. CANADIAN GAAP – IN DEPTH (2 DAYS)
IFRS (International Financial Reporting Standards) has come to Canada. Since January 2011, all publically accountable companies, public companies listed on the Toronto Stock Exchange and crown corporations, are required to report their financial results using IFRS instead of Canadian GAAP. These requirements include reporting a 2010 balance sheet (the opening balance sheet for 2011) under IFRS.
This course is intended for financial professionals who are familiar with Canadian GAAP. Anyone working within the accounting field needs to be just as comfortable with IFRS as they are with Canadian GAAP. The objective of this seminar is to teach participants about the major differences between IFRS and Canadian 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 Canadian GAAP
- Learn the main differences between IFRS and Canadian 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 Who, what, where, when, and why
- Major differences between IFRS and Canadian GAAP
- Balance Sheet – key areas:
- Assets
- Fixed assets Plant, Property, and Equipment (IAS 16)
- Revaluation of assets (IAS 16)
- Inventories (IAS 2)
- Investment Property and Fair Value model (IAS 40)
- Intangible Assets (IAS 38)
- Impairment of Assets (IAS 36)
- Impairment reversals (IAS 36)
- Goodwill
- Other assets
- Liabilities
- Borrowing costs (IAS 23)
- Leases (IAS 17)
- Contingent Liabilities and Provisions (IAS 37)
- Deferred Taxes (IAS 12)
- Other liabilities
- Equity
- Revaluation surplus
- Profit/loss passing through equity
- Other equity
- Income Statement – key areas:
- Revenues
- Expenses
- Profit / loss which does not impact the income statement
- Rules relating to adopting IFRS for the first time (IFRS 1)
- General requirements
- Optional exemptions from adopting IFRSs
- Mandatory exceptions to adopting IFRSs
- Presentation format of financial statements under IFRS
- Current developments in IFRS
- Status of US adoption
- Current projects / standards under review by IASB / FASB
- 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 Canadian 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 Canadian GAAP and are looking to understand the differences between Canada's current accounting practices and the new ones advocated by IFRS. This course is oriented toward people preparing financial statements, in whole or in part.
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Price: $1,499
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