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?
- 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
