Recent Evolutions in IFRS and IAS Updates

Welcome to myCPE

Reviewed

March, 2024

Learning Objectives

To discuss the current status of the efforts by the FASB and the IASB to make their financial standards fully compatible.
To review the amendments to International Accounting Standard 1 (IAS 1) and IFRS Practice Statement 2 regarding the disclosures of accounting policies.
To discuss 2023 amendments to IAS 8: Amendments to accounting policies, changes in accounting estimates, and errors.
To examine the amendment to the classification of liabilities as current or non-current.
To review the requirements of the International Sustainability Standards Board (ISSB), which was established in 2021 and operates under the oversight of the IFRS Foundation.

Course Description

International Financial Reporting Standards (IFRS) were first introduced in 2001 and became a global financial reporting standard the following year when the European Union (EU) announced that IFRS would apply to all EU public companies starting in 2005.

Today, IFRS is required for domestic public companies in 146 of the 195 countries in the world. The largest exception is the United States, where the US Generally Accepted Accounting Principles (GAAP) are the financial reporting standard. The Financial Accounting Standards Board (FASB) is responsible to set and update US GAAP. In 2002, the IAS and the FASB pledged to make their financial standards “fully compatible as soon as is practicable.”

In the ever-evolving world of finance, the IASB periodically updates IFRS. The IASB operates under the oversight of the IFRS Foundation. Recent revisions have encompassed enhancements to accounting policy disclosures, the sharpening of materiality definitions, and refinements in the reporting of liability classifications.

Periodically, the IASB updates issues updates to IFRS. Recent updates included changes to the disclosures of accounting policies, clarification of materiality, and reporting related to the classifications of liabilities.

Whether you navigate the realms of public, governmental, or private practice, this CPE Accounting Session promises insights to enrich your financial reporting journey.

Overview

Where does US GAAP come from?

6 mins
Revenue recognition differences

13 mins
The role of the Securities and Exchange Commission (SEC)

23 mins
Questions to think about

34 mins
Focus on the needs of stakeholders

45 mins

Webinar Qualifies For

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

About Instructor

Thomas Coghlan

Founder & CEO, CPE University, LLC

He has worked at the intersection of entrepreneurship, business leadership, technology, and education for over 25 years, resulting in a wide range of skills and experiences...

Entrepreneur:

Founder and CEO of two successful businesses: Appitur® Co. (EdTech) and CPE University (training for accountants).
Advisor and investor for startups in food services, online retail, and technology.

Business Leadership:

Progressively responsible roles for multi-national firms in the manufacturing and software industries (Controller -> CFO and IT Director -> VP of Client Services).

Technology:

Business Fellow for the Analytics Center of Excellence at Villanova University School of Business.
Sold and delivered over $4 million of successful consulting projects.

Education:

Developed and delivered over 1,300 hours of live Continuing Professional Education (CPE) for financial professionals.
Created and taught undergrad and MBA courses in accounting and analytics for a top US university.

Additional Information

Duration

1 Hour

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

Click Here to View

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

4.6

Excellent

Very Good

Average

Poor

Terrible

Jake Battcher, CMA

good overview of the current differences versus GAAP, and the possible future alignment of them

Francisco Aguirre, CIA

Great overview of the differences between the IFRS and US GAAP

Kensuke Shoei, CPA (US)

very informative.

Tracy Mclane, CPA (US)

informational

Dori Siegal, CPA (US)

Great class!

Course Preview

1 Credit

Add to Watchlist

Subject Area

Accounting

Unlimited Access Plan

Access to 13,000+ Hours of Continuing Education Approved Content Know More

Subscribe to Access

Inclusions

Continuing Education Certificates for Multiple Qualifications View
Instant Certificates
Access on Mobile, Tablet and Desktop

Didn’t received verification email? Resend Email

Live Webinars

On Demand Webinars

Virtual Conferences

Specialized Packages

Advanced Certification Programs

myCPE Shorts Trending

Preparer Course

Practical Training Courses

U.S. Business Tax Preparer Course

Exam Prep Course

EA Exam Prep Course

Teams Subscription (Per User)

Individual Subscription

Contact Sales Team

646-688-2884

inquiry@my-cpe.com

Schedule a Call

Flat $300 Off

Flat $640 Off

Flat $1000 Off

6 Million+

100K+

"Steven was knowledgeable and thorough…”

Crystal lovejoy

"Great Customer Service”

Lori corry

"It is what it advertised to be”

Brian Carey

"Great customer service”

Steve

Get 60% Off

Get 64% Off

Get 67% Off

Verification Code

Recent Evolutions in IFRS and IAS Updates

Course Details

Learning Objectives

Course Description

Overview

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

Thomas Coghlan

Other Details

Additional Information

1 Hour

Basic

QAS Self Study

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.6

Jake Battcher, CMA

Francisco Aguirre, CIA

Kensuke Shoei, CPA (US)

Tracy Mclane, CPA (US)

Dori Siegal, CPA (US)

Subject Area

Unlimited Access Plan

Inclusions

Recommended Webinars

Beyond the Basics of SSARS and Non-attest Services: Are You Certain You Are in Compliance?

Current Fraud Trends - Shifting Risks and Changing Fraud Schemes

Wallet Hygiene & Decentralized Ops Best Practices