IFRS (What Your CFO Wants to Know)

IFRS (International Financial Reporting Standards) is now in full force in almost every country in the world, with the exception of the United States. However, even within the U.S. where IFRS is not yet an accepted basis of reporting, IFRS is having a strong impact within the financial world.

FASB is working closely with the International Accounting Standards Board to converge the two sets of accounting standards, a phenomenon commonly referred to as “convergence”.

There are a number of differences between GAAP and IFRS. Whether you are working with IFRS or not, it is important to keep up to date with the changes in the accounting field and understand the differences from the GAAP on which many accountants were trained so that you can remain abreast of the new worldwide accounting standards.

The objective of this seminar is to teach participants about the major differences between IFRS and GAAP and to make them comfortable with IFRS reporting and convergence.

Topics Covered

• Overview of IFRS
• Major differences between GAAP and IFRS
• Fixed Assets
• Cost model and Revaluation model
• Impairments
• Cash Generating Units
• Investment property
• Intangible assets
• Borrowing costs
• Provisions and Contingent liabilities
• Leases
• Formats of financial statements
• Upcoming changes to IFRS
• Financial impacts of IFRS
• Items to be aware of during a transition to IFRS

Workshop format

This workshop is highly interactive, instructor-led session. Participants will see the impact of the accounting standards first hand by working through exercises and reviewing statements prepared using different accounting standards.

Who will benefit

This course is intended for financial professionals who are familiar with GAAP and would like to develop a comfort level with IFRS. Anyone working within the accounting field needs to be just as comfortable with IFRS as they are with GAAP, whether or not they are using it.

This course will appeal to participants who are looking to develop an understanding of IFRS so that they can work within a company which reports on IFRS or so that they can better understand upcoming changes to U.S. GAAP as part of the convergence process.