Course Details

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ADDITIONAL DATES

Dec 01, 2020 | 02:30 PM EST Register

Course Description

IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements. The IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period. When reporting under IFRS, U.S. Publicly Accountable Enterprises (PAE’s), including U.S. publicly traded companies, must publish their first comparative financial statements (including quarterly statements) based on International Financial Reporting Standards (IFRS). They will need to implement the new standards well in advance of that date using IFRS Standard # 1.

IFRS Standard # 1 was specifically issued to help companies with the transition from GAAP. In addition, a reconciling financial statement which bridges the gap between the two will be required. In fact, IFRS requires that the PAE’s be able explain the differences between IFRS and GAAP.

This webinar will outline the step-by-step procedure for implementation and examine the many factors that companies need to carefully consider when implementing International Financial Reporting Standards.

MAJOR TOPICS COVERED:

  • Scope and applicability of Standard #1
  • Sizing up the impacts of implementation: questions you need to ask
  • Planning the approach: accounting policies and decision criteria
  • Mixed asset valuation model: revaluation and historical cost
  • Setting up the opening IFRS balance sheet
  • Exceptions allowed by Standard #1
  • GAAP/IFRS reconciliation requirement
  • Transitional provisions
  • Disclosure requirements
  • Financial statement presentation
  • Practical examples to help develop and understanding of the process and requirements of switching over to IFRS from GAAP.

Learning objectives

  • To be acquainted with the latest information regarding the First-Time adoption of IFRS
  • To familiarize with the procedures for transitioning to IFRS and establishing initial policies
  • To build the initial IFRS Balance Sheet
  • To add and remove assets and liabilities as per Standard requirements
  • To reevaluate assets and liabilities to conform to IFRS
  • To prepare the GAAP-IFRS transitional statement
  • To write the appropriate Notes
  • To identify the unique disclosure and presentation requirements of IFRS #1

About Presenter

Michel Morley

Founder, Mike Morley

mike@mikemorley.com

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

 “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

FAQ

  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete webinar and respond to all polling questions asked during the webinar. CPE is issued on 50 minute credit hour basis.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here :https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you are Canadian Chartered Professional Accountant (CPA) many of our courses qualifies for your verifiable CPD requirements you will get your certificate for the program. You can check a tab of “Webinar Qualifies for” for the same.However please do verify with respective regulatory body about the eligibility for the same.
  • Many of our courses are approved by “CFP Board” for CE credits of certified financial Planner(CFP). Please check a tab of “Webinar Qualifies for” to verify whether webinar qualifies for CE credits for CFP or not.

Refund/Cancellation Policy

For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128

In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

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  • Cost $20
  • CPE Credits 2
  • Subject Area Accounting
  • Course Level Basic
  • Instructional Method group internet based
  • Prerequisites None
  • Advanced Preparation None
  • Who should attend? Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm CPA (Industry) Young CPA CPA in Business Entrepreneurial CPA Accounting Practice Owners Senior Accountant Accounts Director Entrepreneurial Accountant Accounting Managers Staff of Accounting Firm
  • Handout Material Download

upcoming Live CPE Webinars

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Wednesday, November 25, 2020 | 10:00 AM EST View Details/Register
Annual Federal Tax Update - C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065)
Wednesday, November 25, 2020 | 10:00 AM EST View Details/Register
How to deal effectively with IRS Examinations and Criminal Investigations?
Wednesday, November 25, 2020 | 10:00 AM EST View Details/Register
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Wednesday, November 25, 2020 | 10:30 AM EST View Details/Register
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Wednesday, November 25, 2020 | 11:00 AM EST View Details/Register
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Wednesday, November 25, 2020 | 08:00 AM PST View Details/Register
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Wednesday, November 25, 2020 | 11:00 AM EST View Details/Register
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