There are no prerequisites.

Course Description

International Financial Reporting Standards (IFRS) is the framework used by many publicly traded companies around the world today to report their financial results. With support from important constituencies, the SEC and the FASB have taken several steps toward what will be a major transition from accounting and reporting framework currently in place in the United States to IFRS. In an effort to better understand how convergence will affect financial reporting in the United States, depending on the IFRS implementation action taken by the SEC, this course examines some of the material differences that currently exist between U.S. GAAP and IFRS.


Delta Publishing

For many years, Delta Publishing has offered a wide variety of continuing education courses for financial professionals. Topics covered by Delta’s courses include accounting, financial management, budgeting, investments, financial statement reporting, business management, IFRS, ethics, valuations, real estate, and business writing. The diversity and breadth of Delta’s course offerings make the company a prolific and unique contributor to the CPE world. Delta’s well-credentialed authors and contributors have also been published in numerous academic and professional journals and quoted by some of the leading financial media outlets.

Course Specifics

Oct 8, 2018
There are no prerequisites.

Compliance Information

Qualifies for CA Fraud: No

Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Summarize recent developments in convergence efforts
  • Describe the long and short of IFRS
  • Cite four major factors as the impetus for the transition to IFRS
  • Explain required financial statements and structural differences in primary financial reporting
  • Outline IFRS differences affecting the statement of financial position
  • Summarize IRFS differences affecting the income statement
  • Summarize IRFS differences affecting the cash flow statement
  • Outline IASB's conceptual framework project

Table of Contents

Learning Objectives

What is IFRS?


1. Globalization rules.

2. Complexity of current U.S. standards has taken a toll on domestic companies.

3. Convergence of the two dominant accounting frameworks is a timely proposition.

4. IFRS will create cost efficiencies for companies.

Required Financial Statements and Structural Differences in Primary Financial Reporting

Financial Statement Presentation—Joint Project of the FASB and IASB

Different Approaches to Income Measurement and Fair Value Use under IFRS and U.S. GAAP

IFRS Differences Affecting the Statement of Financial Position

Cash and Cash Equivalents




Equity-Method Investments

Property, Plant, and Equipment

Revaluations Involving Depreciable Assets

Intangible Assets and Goodwill

Contingent Liabilities

Defined Benefit Plans

Income Tax Deferrals

Lease Accounting


IFRS Differences Affecting the Income Statement

Revenue Recognition

Sale of Goods

Bill-and-Hold Transactions

Multiple Element Arrangements

Long-Term Construction Contracts

Customer Loyalty Programs

Discontinued Operations

Share-Based Payment


Intangible Impairment

Property, Plant, and Equipment Impairment

Earnings per Share

Subsequent Events

Comprehensive Income

IFRS Differences Affecting the Statement of Cash Flows

Conceptual Framework Project

Objective of General Purpose of Financial Reporting

Qualitative Characteristics of Useful Financial Information

Where to Learn More about IFRS

Review Questions

Review Question Answers and Rationales



Final Examination

Answer Sheet

Course Evaluation

Choose Your Preferred Format

Online Access

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online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy

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