Conversion of Financial Statements from GAAP to IFRS

Many US companies assume IFRS isn’t relevant to them — until the potential for a cross-border deal emerges.

Sooner or later, the time will come when your organization thinks about switching to International Financial Reporting Standards (IFRS) from GAAP. With that in mind, it is more important than ever to ensure that you are equipped with the skills and knowledge to be able to lead your organization in the changes.

Converting to IFRS is a significant finance transformational event for a company and maybe prompted by any of the reasons. The long-term effects on a company go beyond accounting and if the planned right can improve various aspects of the organization.

While most financial professionals understand the basic philosophy of IFRS, many are unsure exactly how to convert the various parts of financial statements. 

Current market conditions mean that bridging the gap between US GAAP and IFRS reporting may become relevant at a moment’s notice, and embarking on a conversion exercise is more than an accounting task, particularly when executed at deal speed. Converting GAAP results and reporting is a transformative involving.

After going through the basics of both IFRS and GAAP, in this continuing education webinar, we will do a side-by-side comparison of the different approaches to asset valuation. In this online Accounting CPE webinar, we will examine the process of conversion which includes deciding what we keep and what we eliminate from GAAP, what we add for IFRS, establishing a valuation for assets and other items, and reviewing the disclosure and presentation requirements.

By starting now, you will get the jump on your competition, and reel in scarce talent before it vanishes. You can improve your processes and systems.

Having established the conversion process to go from GAAP to IFRS, the next step is to examine a real-life case and use it to illustrate exactly how it was done.

Key topics covered in this online CPE webinar:

• GAAP and IFRS: The basic building blocks.
• Understanding how assets are handled in IFRS vs. GAAP.
• Seeing the differences in valuation of IFRS vs. GAAP.
• Know the differences between Impairment and revaluation of IFRS vs. GAAP.
• Walkthrough the initial conversion process from GAAP to IFRS.
• Learn disclosure requirements IFRS vs. GAAP.
• Work with practical examples. 
• To practice case application and development.
• Application of what we have learned.

This online CPE webinar will concentrate on the entire balance sheet, line by line, and will examine what changes will need to be made, and what will be the consequences of these changes for the company now and into the future.

This self-study webinar is converted from a live Virtual conference.