GAAP vs IFRS Update (Completed)

This session reviews selected Financial Accounting Standards Board (FASB) pronouncements and compares the major differences between the US Generally Accepted Accounting Principles (US GAAP) to the International Financial Reporting Standards (IFRS) from the International Accounting Standards Board’s (IASB). The presentation will inform participants of the major differences between US GAAP and IFRS in the areas of presentation, recognition, measurement, and some selected disclosure issues. These differences are between US GAAP and IFRS standards issued up to the date of the presentation. A limited discussion of likely future areas of differences will be presented.

Who Should Attend
Professionals in public practice, business, government, and education who deal with nonpublic, US and International entities and wish to stay current on the status of standards and their differences.

Topics Covered

• Selected US GAAP with major differences in IFRS Standards
• Financial Statement Presentation Issues
• Review of the major differences to include:
  • Background information on the two standard setters
  • Property, Plant, and Equipment accounting
  • Impairment Issues
  • Income tax accounting
  • Financial Statement Issues
  • Business Combinations and Consolidated Statements
• Provisions for
  • Revenue Recognition
  • Financial Instruments
  • Contingency Situations
  • Leases
• Other areas deemed important

Learning Objectives

• Recognize the differences between US GAAP and IFRS
• Recognize the differences between US GAAP and IFRS in the accounting and reporting of Assets, Liabilities, Equity, Revenue, and Expenses
• Recognize the impact of issues of the first time a US entity changes to IFRS
• Understand the changes made necessary by adopting IFRS for the future
• Identify the positions taken by the FASB and IFRS regarding changes in reporting from US GAAP to IFRS initially
• Identify the changes that are required for the future when switching to IFRS initially

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
A basic understanding of US GAAP.

Advance Preparation
None