IFRS Basics with US GAAP Comparison (3 Days)

International Financial Reporting Standards (IFRSs) are the most widely accepted accounting standards globally, with over 140 jurisdictions now requiring or permitting the use of IFRSs.

This wide-ranging three-day overview is designed to guide participants step-by-step through important IFRS technical issues. Our specialist instructor will explain the principles clearly and simply and provide real-world examples, including an overview of the requirements for first-time adoption of IFRSs and the practicalities of implementing IFRSs.

This course also provides a comparison and review of significant technical differences between US GAAP and International Financial Reporting Standards. Real-world examples and model financial statements are used to explain and illustrate critical accounting differences.

This course answers questions such as:

• What are the current IFRS requirements?

• When and how will new standards affect financial statements?

• What are the critical differences between US GAAP and IASB standards?

• What issues are involved in moving from US GAAP to IFRSs?

• When may alternatives be chosen and what options are available for preparing IFRS financial statements?

Learning Objectives

• Understand and apply IFRS requirements, including accounting policies and disclosures

• Appreciate the major technical differences between US GAAP and IFRS requirements

• Evaluate the impact of these differences through the use of real-world and model financial statements

• Understand the requirements and options relating to first-time adoption of IFRSs

• Implement the IFRS recognition and measurement rules for assets, liabilities, income, and expenses

• Comply with IFRS 'fair value' measurement requirements

• Apply the most recent new and revised IFRS standards

Who Should Attend

Global expansion, international deals and cross-border M&A activity have made IFRS very relevant to US companies. This course is primarily designed for those who currently prepare their financial statements under US GAAP but need to learn about the reporting requirements under IFRS.

It is intended for financial executives who are interested in monitoring their subsidiaries’ IFRS statements, understanding deals that use IFRS accounting outcomes or reporting their financial results to non-US stakeholders under IFRS. The course is designed for executive officers, industry controllers, accountants, auditors and finance professionals who are interested in learning about IFRS and its critical differences with US GAAP.

Topics

Introduction to IFRSs

Presentation and Disclosures

• Presentation of financial statements (IAS 1)

• Statements of cash flows (IAS 7)

• Accounting policies, changes in accounting estimates and errors (IAS 8)

• Events after the reporting period (IAS 10)

• Discontinued operations (IFRS 5)

Assets

• Inventories (IAS 2)

• Property, plant and equipment (IAS 16)

• Borrowing costs (IAS 23)

• Leases (IFRS 16)

• Intangible assets (IAS 38)

• Investment property (IAS 40)

• Impairment of assets (IAS 36)

Liabilities

• Employee benefits (IAS 19)

• Provisions, contingent liabilities and contingent assets (IAS 37)

Financial Instruments

• Recognition and measurement (IFRS 9)

• Disclosures (IFRS 7)

Revenue

• Revenue from contracts with customers (IFRS 15)

Business Combinations, Consolidations, Associates and Joint Arrangements

• Business combinations (IFRS 3)

• Consolidated financial statements (IFRS 10)

• Investments in associates and joint ventures (IAS 28)

• Joint arrangements (IFRS 11)

• Disclosure of interests in other entities (IFRS 12)

Transitioning to IFRSs

• First-time adoption of IFRSs (IFRS 1)

IFRS / US GAAP Differences

• Financial statement presentation

• Inventory measurement

• Tangible and intangible assets

• Impairment of long-lived assets (non-financial)

• Liability recognition

• Employee benefits

• Financial instruments, including impairment of financial assets

Teaching Method

• Group live instruction, cases, examples, group work, open discussions

• Review of the rationale and objective for IASB standards

• Description and explanation of IFRS technical requirements in clear and simple language

• Use of real-world examples to illustrate practical application of the standards

• Presentation and comparison of current and likely future critical technical differences between accounting principles under IFRS and US GAAP

• Use of real-world and model financial statements and case studies to illustrate differences

• Interactive participation is encouraged

• All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials