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Differences between IFRS and GAAP

4.6 (13)

Michel Morley

Mike Morley

Friday, June 18, 2021 | 09:30 AM EDT

  • CPA/ABV
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL

2 Credits

$20

Subject Area

Accounting

Webinar Qualifies For

2 CPE credit of Accounting for all CPAs

2 CPE credit for Certified Management Accountants (CMA)

2 CPE credit for Certified Internal Auditors (CIA)

2 CPE credit for Qualification in Internal Audit Leadership (QIAL)

2 CPE credit for Internal Audit Practitioner (IAP)

2 CPD credit (Verifiable) for CPA/ABV

2 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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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.

This online CPE webinar covers following key topics:

  • 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 from GAAP to IFRS

Learning Objectives

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

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Accounts Director
  • Assistant Controllers
  • Auditors
  • Bookkeepers & Accountants & Tax Preparers
  • Business Owner
  • CEO
  • Certified Valuation Analysts
  • CFO/Controller
  • Chief Accounting Officer
  • Compliance Managers
  • Compliance Officers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Testimonial

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(
    [no_of_record] => 13
    [average] => 4.6154
)
 

4.6

(13)
69%
23%
8%
0%
0%

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

n/a

MK

N/A

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.