Overview
-
PwC Views – Importance of Being Financially Bilingual
-
-
Inputs, Processes, and Outputs (ASC 805-10-55-4)
-
Controlling Financial Interest
-
Contingencies – PwC Views
-
Lease Classification Differences
Course Description
As businesses grow and expand into global markets, complicated mergers and acquisitions become everyday occurrences. The increase in merger and acquisition activity brought greater attention to the fact that two economically similar transactions may be accounted for differently by companies, and thus, produce dramatically different financial results. The growing volume of international business combinations heightened the urgency to eliminate cross-border differences in accounting standards for business combinations. There is currently an ongoing project to converge IFRS (International Financial Reporting Standards) with Generally Accepted Accounting Principles (U.S. GAAP).
While these standards are very similar, there are notable differences that are helpful to understand. This course provides an overview of the similarities and key differences between the business combination standards issued by the FASB (ASC Topic 805) and the IASB (IFRS 3).
This Online Accounting CPE eBook includes following key topics:
- Scope of ASC Topic 805 and IFRS 3
- Overall Differences & Similarities between U.S. GAAP & IFRS
- Business Combinations Overview
- Steps of Business Combination
- Acquisition of Contingencies
- Contingent Consideration
- Noncontrolling Interests
Learning Objectives
- To analyze the difference between U.S. GAAP and IFRS standard
- To discuss recognition of leases acquired in a business combination using FASB (ASC Topic 805) vs IASB (IFRS 3)
- To list out key steps in the acquisition method for business combinations
- To recognize the applicable U.S. GAAP and IFRS standard concerning business combinations
- To identify some of the key differences between ASC Topic 805 and IFRS 3
- To identify general disclosure requirements