Comparing U.S. GAAP and IFRS - Overview and Update for 2013

Learn the basics of International Financial Reporting Standards (IFRS), and some major differences between IFRS and U.S. GAAP. This course is designed for both users and preparers of financial statements who seek an introduction to IFRS and an update on convergence efforts between the IASB and the FASB. You will learn how to: describe the components of financial statements prepared under IFRS; apply a system for categorizing differences between IFRS and U.S. GAAP; identify some key differences between IFRS and U.S. GAAP; Describe basic IFRS treatment of consolidations, financial instruments, leases, fair value measurement, hedge accounting, insurance contracts, revenue recognition, derecognition, inventory and financial statement presentation; compare and contrast financial statements prepared under IFRS & U.S. GAAP; compare and contrast rules for impairment under IFRS and U.S. GAAP; describe the activities of the FASB and SEC pertaining to convergence; describe some contentious issues yet to be resolved; and describe possible outcomes of the joint IASB/FASB convergence efforts.

Target Audience

Corporate accountants, analysts, consultants, regulators, auditors, and others who seek an overview of IFRS and comparisons of key differences with U.S. GAAP.

Learning Objectives

Students will be able to:

  • Describe the development of IFRS over the past 40 years
  • Describe the components of financial statements prepared under IFRS
  • Apply a system for categorizing differences between IFRS and U.S. GAAP
  • Identify some key differences between IFRS and U.S. GAAP
  • Describe basic IFRS treatment of consolidations, financial instruments, leases, fair value measurement, hedge accounting, insurance contracts, revenue recognition, derecognition, inventory and financial statement presentation
  • Compare & contrast financial statements prepared under IFRS & U.S. GAAP
  • Compare & contrast rules for impairment under IFRS & U.S. GAAP
  • Describe the activities of the FASB & SEC pertaining to convergence
  • Describe some contentious issues yet to be resolved
  • Describe possible outcomes of the joint IASB/FASB convergence efforts

Course Syllabus

 

Day One

 

Introduction & Background

  • Historical perspective
  • Regulatory framework
  • IASB conceptual framework
  • Financial statement presentation
  • Accounting policies, estimates and errors

Some Major Differences: U.S. GAAP versus IFRS Comparisons

  • Consolidation
  • Impairment
  • Inventory
  • Financial instruments
  • Insurance contracts

A System for Categorizing Differences

  • The need for a system
  • Types of differences: substantive vs. cosmetic differences
  • Fundamental factors that give rise to differences

Latest Update on Convergence

  • FASB projects
  • IASB rojects
  • SEC projects
  • Likely outcomes for 2013 & beyond

Daily agendas may be revised as needed to reflect late-breaking developments.

Day Two

 

Practical Application of Standards

  • Property, plant & equipment
  • Intangibles
  • Impairment of assets
  • Non-current assets held for sale and discontinued operations
  • Leases
  • Inventories & construction contracts
  • Financial instruments
  • Provisions and subsequent events
  • Revenue
  • Employee benefits
  • Taxation
  • Statement of cash flow
  • Hyperinflation

Consolidated Financial Statements

  • Balance sheets
  • Subsidiaries
  • Comprehensive income
  • Associates & joint ventures
  • Related party transactions
  • Foreign exchange

Analysis of Financial Statements

  • Ratio Analysis
  • Earnings per share
  • Segment analysis

Summary & Conclusion

Daily agendas may be revised as needed to reflect late-breaking developments.

SESSIONS AVAILABLE


New York - Soho

 Mon 27 Oct 2014-Tue 28 Oct 2014
     9:00 - 4:30


COURSE INFORMATION

Professional Credits:
CPE Credits 14
Price
$2,475 USD
Duration 2 Days
Advance Preparation
No advance preparation required.
Prerequisites
Familiarity with basic accounting and financial reporting concepts.
Instructional Method
Classroom
Level
Basic