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IFRS vs. U.S. GAAP – IN DEPTH (2 DAYS)
International Financial Reporting Standards (IFRS) are now the norm throughout most of the world, with the exception of the U.S. In today's day and age, accountants everywhere need to be well versed in IFRS, whether they are working with the standards or not. U.S. multinationals with foreign subsidiaries use IFRS in financial filings and often consider mergers or acquisitions of companies who report using IFRS.
Fluency in IFRS gives accountants a competitive edge when reviewing financial statements, conducting due diligence, or determining whether or not their organization should change reporting standards.
This course is intended for financial professionals who are well versed with GAAP and need to understand how IFRS differs from the accounting principles they were trained in. 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 US GAAP
- Learn the main differences between IFRS and US 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 GAAP
- Balance Sheet – key areas:
- Assets
- Fixed assets - PPE (IAS 16)
- Revaluation of assets (IAS 16)
- Inventories (IAS 2)
- Investment Property / 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 / new IFRS 16)
- 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:
- IFRS 1 - adoption of international financial reporting standards
- Current topics in 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.
Many IFRS workshops and conferences focus on high-level overviews. This workshop is different in that it goes into depth and provides participants with the information they need to understand the new 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. An accounting background is preferred.
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Price: $1,499
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