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.
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
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
Property, Plant, and Equipment
Revaluations Involving Depreciable Assets
Intangible Assets and Goodwill
Defined Benefit Plans
Income Tax Deferrals
IFRS Differences Affecting the Income Statement
Sale of Goods
Multiple Element Arrangements
Long-Term Construction Contracts
Customer Loyalty Programs
Property, Plant, and Equipment Impairment
Earnings per Share
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 Question Answers and Rationales
Choose Your Preferred Format
Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.
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.
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.
Back to top