Conversion of Financial Statements from GAAP to IFRS

Learning Objectives

• To know how to apply the rules, exemptions, and exceptions for the adoption of IFRS.
• To review and know presentation and disclosure requirements.
• To identify the basic differences between IFRS and GAAP.
• To explain illustration of step-by-step and line-by-line guidelines
• To review and know presentation and disclosure requirements.
• To explore the required note disclosures.

Course Description

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

Sooner or later, the time will come when your organization thinks about switching to International Financial Reporting Standards (IFRS) (or may soon be required to do so). 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.

This CPE Accounting Course describes the standards to apply and the process to follow for converting Generally Accepted Accounting Principles (GAAP) based financial statements to International Financial Reporting Standards (IFRS) based financial statements. This webinar outlines an easy-to-understand step-by-step procedure for converting your financial statements. It will concentrate on the entire balance sheet, line by line, and will examine what changes will need to be made, and what the consequences of these changes will be for the company now and into the future.

After going through the basics of both IFRS and GAAP, we will do a side-by-side comparison of the different approaches to asset valuation and revenue recognition. Then 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.

Join us for an insightful journey as we delve into the intricacies of converting financial statements from GAAP to IFRS. Having already laid the groundwork for this conversion process, it's now time to roll up our sleeves and explore a real-life case study. 

Major Topics Covered:

• GAAP and IFRS: The basic building blocks.
• Understanding how assets are handled in IFRS vs. GAAP.
• Seeing the differences in the valuation of IFRS vs. GAAP.
• Know the differences between Impairment and revaluation of IFRS vs. GAAP.
• Walk through the initial conversion process from GAAP to IFRS.
• Learn disclosure requirements IFRS vs. GAAP.
• Work with practical examples.

Overview

• Publicly accountable enterprises

  5 mins
• Qualitative characteristics

  13 mins
• Mixed asset measurement model

  24 mins
• Leasehold improvements

  44 mins
• Asset/Liability measurement

  62 mins
• Financial instruments

  75 mins