Differences between IFRS and GAAP

Course Description

IFRS was established 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 worldwide 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 Accounting webinar covers the 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 analyze the “Principles” approach of IFRs vs. the “rules approach of GAAP
• To determine how to apply asset valuation principles of IFRS
• To know when to ignore residual value of assets
• To review the differences in methods for revenue recognition
• To study through informative detailed examples for reversal of devaluation

Recommended For

This online webinar is recommended for Audit professionals and CPAs who are involved in the process of preparing financial statements.

Who Should Attend?

Webinar Qualifies For

• 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
• 2 CPE Credit for Internal Audit Practitioner (IAP)
• 2 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
• 0 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
• 2 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
• 2 CPE Credit for Certified Internal Auditors (CIA)
• 2 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
• 2 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
• 2 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
• 0 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
• 2 PL Credit for Chartered Financial Analyst (CFA)
• 2 PL Credit for Certificate In Investment Performance Measurement (CIPM)
• 2 CRE Credit for Certified Corporate FP&A Professional (FPAC)
• 2 CPE Credit for Certified Government Financial Manager (CGFM)
• 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
• 2 CE Credit for Certified Wealth Strategist (CWS)
• 2 General Credit for Accountant/Bookkeeper (ACCT./BK)

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