CPE PACKAGES (Incl. Ethics) for Multiple States and Qualifications @ $4/credit. CLICK HERE to view.

IFRS - FIRST TIME ADOPTION, EXEMPTION & OPTION, FIXED ASSETS,REVENUE RECOGNITION, FAIR VALUE MEASUREMENT

  • CPA/ABV
  • CPA (CA)
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
IFRS - FIRST TIME ADOPTION, EXEMPTION & OPTION, FIXED ASSETS,REVENUE RECOGNITION, FAIR VALUE MEASUREMENT

8 Credits

$80

Subject Area

Accounting

Webinar Qualifies For

8 CPE credit of Accounting for all CPAs

8 CPE credit for Certified Management Accountants (CMA)

8 CPD credit (Verifiable) for Canadian CPAs

8 CPE credit of Business Valuation for CVAs (NACVA)

8 CPD credit (Verifiable) of Specialized Valuation Skills and Training for all ABV (AICPA)

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

Session 1 - IFRS FIRST-TIME ADOPTION - EXEMPTIONS AND OPTIONS

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:

  • Scope and applicability of Standard #1
  • Sizing up the impacts of implementation: questions you need to ask
  • Planning the approach: accounting policies and decision criteria
  • Mixed asset valuation model: revaluation and historical cost
  • Setting up the opening IFRS balance sheet
  • Exceptions allowed by Standard #1
  • GAAP/IFRS reconciliation requirement
  • Transitional provisions
  • Disclosure requirements
  • Financial statement presentation
  • Practical examples to help develop and understanding of the process and requirements of switching over to IFRS from GAAP.


Session 2 - IFRS FIXED ASSETS (PROPERTY, PLANT & EQUIPMENT)

International Financial Reporting Standards are changing how companies account for long-lived tangible assets on their financial statements. Fixed assets can be classified basically in to two categories i.e. tangible & intangible, Under IFRS, IAS-16 –Property, Plant & Equipment deals with tangible fixed asset except the assets held for capital appreciation.

Fixed assets are subject to an unusually large amount of record keeping, as well as very specific accounting treatment under the IFRS accounting framework. In addition, given the large expenditures involved in fixed assets and the complexity of the accounting, you can expect a high degree of auditor interest in this area. Accountants are expected to decide how to first record the acquisition of long-lived assets, assess the value at which they are presented on future financial statements, and work out the allocation of the cost of these assets over future reporting periods. In addition IFRS allows periodic re-evaluation of long-lived assets under certain conditions, but with so many choices for assigning a value, you need to know the exact way of doing it.

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 for Fixed Assets.

MAJOR TOPICS COVERED:

  • Concepts and rules for Property, Plant, and Equipment
  • Choices of Revaluation methods under IFRS
  • Impairment of tangible long-lived assets
  • Capitalization of borrowing costs
  • Retirements and other disposals of long-lived assets
  • Nonmonetary (exchange) transactions
  • Disclosure requirements
  • Financial statement presentation.
  • The webinar will also discuss examples that will help to develop and understand the process and requirements of accounting for Fixed Assets under IFRS.


Session 3 - IFRS REVENUE RECOGNITION

Revenue recognition is an accounting principle that outlines the specific conditions under which revenue is recognized. In theory, there is a wide range of potential points at which revenue can be recognized. This guide addresses recognition principles for both IFRS and U.S. GAAP. As more US companies enter into arrangements with their global counterparts, a basic understanding of IFRS has become increasingly important. 

The primary issue in accounting for revenue is determining when to recognize revenue. International Financial Reporting Standards(IFRS) changes how companies recognize revenue on their financial statements. Accountants are expected to decide how to choose the appropriate recognition strategy for each type of transaction and event. In addition, IFRS asks the accountant to measure the fair value of revenue using specific guidance for the various categories of revenues, but just exactly how do you do it?

This webinar will provide you with easy-to-follow guidelines that will ensure that you can comply with this standard by examining the factors that companies need to carefully consider when implementing International Financial Reporting Standards for Revenue Recognition. 

MAJOR TOPICS COVERED:

  • Examine concepts and rules for revenue recognition
  • Explore recognition criteria (including sale of goods and rendering of services)
  • Review nonmonetary (exchange) transactions
  • Understand service contract accounting under IFRS
  • Comprehend construction contract accounting under IFRS
  • Explore joint ventures and shared contracts
  • Understand accounting for change orders, contract options, and claims
  • Review revaluation methods under IFRS
  • Learn disclosure requirements
  • Review financial statement presentation
  • Examine detailed examples


Session 4 - IFRS FAIR VALUE MEASUREMENT

The International Accounting Standards Board (IASB) and the U.S. Financial Accounting standards Board (FASB) have both made some significant additional changes to IFRS and US GAAP for measuring fair value and required related disclosures.

You need to understand the implications of these changes now because their expected impact must be disclosed in the current financial statements. And not only will you have to make significant changes, in addition, you will have to disclose in the Notes how you arrived at your decisions. This webinar will provide you with easy-to-follow guidelines that will ensure that you can comply with this standard by examining the many factors that companies need to carefully consider when implementing International Financial Reporting Standards for Fair Value Measurement. The webinar will cover detailed examples of measuring the fair value of individual assets, especially as prepared by a valuation specialist.

MAJOR TOPICS COVERED:

  • How IFRS 13 simplifies Fair Value measurement
  • What parts of FASB’s Topic 820 (formerly SFAS 157) are aligned with IFRS 13
  • How to apply this simpler, more precise definition of Fair Value
  • Commonly used valuation techniques: 1. Market approach  2. Income approach
  • Adjusted net asset approach
  • Common oversights to avoid applying these techniques to Fair Value measurement
  • Examples of how IFRS 13 affects financial instruments, intangibles, non-financial assets, and liabilities
  • The webinar will help to develop and understand the process and requirements of accounting for Fair Value Measurement under IFRS. This will be a unique value webinar for the CPAs, EAs, and Tax professionals. 

Learning Objectives

  • To be acquainted with the latest information regarding the First-Time adoption of IFRS
  • To familiarize with the procedures for transitioning to IFRS and establishing initial policies
  • To identify how to work out the allocation of the cost of fixed assets over future reporting periods.
  • To recognize the unique disclosure and presentation requirements of IFRS for Fixed Assets
  • To identify when revenue is recognized because it is probable that future economic benefits that will flow to the entity can be measured reliably.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Bookkeepers & Accountants & Tax Preparers
  • Chartered Professional Accountant
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • VP Accounts
  • Young CPA

Testimonial

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4.3

(3)
67%
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33%
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MC

The presentation of the subject matter was impressive. I was not bored as points of learning were accompanied by relevant examples and the seminar was interactive. This is especially important for long webinars. I will use MyCPE again for earn CPE.

SH

The webinar fullfill part of my CPE requirements for the year.