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