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Differences between IFRS and GAAP

  • CPA/ABV
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
Differences between IFRS and GAAP

2 Credits

$20

Subject Area

Accounting

Upcoming Webinars

Course Description

IFRS was established in order to have a common accounting language, so business and accounts can be understood from company to company and country to country. When International Financial Reporting Standards (IFRS) come into effect to replace GAAP, public companies will have to change how they present their financial statements from GAAP to IFRS. Many other companies are also contemplating switching to IFRS to compete world-wide for investors who are already familiar with IFRS.

IFRS 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. IFRS requires that the accountant be able to understand and explain the differences between IFRS and US GAAP. Adopting IFRS means that accountants working for US companies will be expected to continue to prepare US GAAP statements, but in addition will have to prepare IFRS financial statements to meet IFRS requirements, along with a reconciling financial statement which bridges the gap between the two.

Major Topics Covered: 

  • Introduction: IFRS overview
  • Comparative treatment differences
  • Revenue recognition
  • Asset valuation and depreciation
  • Compound Assets and Cash Generating Units
  • Provisions and contingencies
  • GAAP/ IFRS reconciliation statement preparation
  • Disclosures
  • Financial Statement presentation
  • Examples and Illustrations of differences in Evaluation and Revenue Recognition 

To help develop an understanding of the process and requirements of switching


Learning Objectives

  • Understand the “Principles” approach of IFRs vs. the “rules approach of GAAP
  • Be able to apply asset valuation principles of IFRS
  • Know when to ignore residual value of assets
  • Be familiar with the differences in methods for revenue recognition
  • Walk through informative detailed examples for reversal of devaluation

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Testimonial

4.6

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BB

As a practicing CPA, I found Michael's webinar valuable and very practical. I learned new subjects related to my practice including practical skills. I will return to myCPE again very soon.

JK

An insightful webinar which not only helped me brush up my skills, but gave me quite a few new ones as well. The presentation of Michael is absolutely perfect.

CH

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MK

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MED

I enjoyed the delivery and overall package of the webinar. It is possible only with a skilled presenter having years of practical knowledge like Michael. I recommend my CPE because I can recall more than I thought I could.

JLS

The presenter did an excellent job of explaining a complicated subject.