Differences between IFRS and GAAP

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Differences between IFRS and GAAP

Reviewed

February, 2024

Michel Morley

Learning Objectives

To understand the “Principles” approach of IFRs vs. the “rules approach of GAAP
To be able to apply asset valuation principles of IFRS
To know when to ignore residual value of assets
To be familiar with the differences in methods for revenue recognition
To walk through informative detailed examples for reversal of devaluation

Course Description

IFRS was established in order 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 world-wide 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 webinar covers 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

Overview

Publicly accountable enterprises

7 mins
Qualitative characteristics

15 mins
Mixed asset measurement model under IFRS

34 mins
Compound assets

54 mins
Reversal of "Impairment"

69 mins
Annual asset impairment test checklist

88 mins

Webinar Qualifies For

2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
2 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
2 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
2 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
2 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
2 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
2 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
2 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
2 PL Credit of Accounting for Chartered Financial Analyst (CFA)
2 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)
2 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
2 CPE Credit of Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA)
2 CE Credit of Financial accounting concepts for Certified FP&A Professional (FP&A)
2 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
2 CPE Credit of Accounting for Iowa Licensed Public Accountant (IA-LPA)
2 PL Credit of Accounting for CIPM
2 CPE Credit of Accounting for Maine Licensed Public Accountant (ME-LPA)
2 CPE Credit of Accounting for Licensed Public Accountant (LPA)
2 CPE Credit of Accounting for Delaware Licensed Public Accountant (DE-LPA)

About Instructor

Michel Morley

Founder, Mike Morley

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

“Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

Additional Information

Duration

2 Hours

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

4.4

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Steven Shell, CPA (US)

Very solid webinar with lots of useful information

David Slater, CPA (US)

It was a very good course, well organized.

David Westbrook, CPA (US)

good overview

Julian Conner, IA LPA

Good information. I learned the big differences between IFRS and GAAP. Its been awhile since I looked into IFRS. I agree that it is something the Industry needs to stay informed on since the market place is global now.

Kanako Sekino, CPA (US)

I had great experience with self study webinar which is easy to understand. Content was also interesting and informative.

2 Credits

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Subject Area

Accounting

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Verification Code

Differences between IFRS and GAAP

Course Details

Learning Objectives

Course Description

Overview

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

Michel Morley

Other Details

Additional Information

2 Hours

Basic

QAS Self Study

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.4

Steven Shell, CPA (US)

David Slater, CPA (US)

David Westbrook, CPA (US)

Julian Conner, IA LPA

Kanako Sekino, CPA (US)

Subject Area

Unlimited Access Plan

Inclusions

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