GAAP vs. IFRS: US vs. International Issues (Currently Unavailable)

Author: Pat Patterson

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 possible future areas of differences will be presented.

Publication Date: October 2021

Designed For
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

• Background information on US GAAP and IFRS
• Differences between US GAAP and IFRS
• Review of the major differences to include:
  • Presentation of Financials
  • Property, Plant, and Equipment accounting
  • Revenue Recognition
  • Financial Instruments
  • Leases
  • Income Taxes
  • Other Key Areas

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
• Identify 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 will be required for the future when switching to IFRS initially
• Identify how many nations and reporting jurisdictions permit or require IFRS for domestic listed companies
• Recognize which Conceptual Framework standards applies under both US GAAP and IFRS
• Identify correct statements regarding the impairment of non-financial assets and contingencies
• Describe correct statements regarding measurement
• Recognize how many hedge accounting models there are under both IFRS and GAAP
• Identify the planned date on which the Securities and Exchange Commission will substitute IFRS for U.S. GAAP
• Differentiate which Conceptual Framework standards applies under both US GAAP and IFRS
• Describe Power-to-direct model
• Differentiate standards and how they apply in various methods

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Accounting (6 hours)

Program Prerequisites
A basic understanding of US GAAP.

Advance Preparation
None