IFRS in the USA: An Implementation Guide

Icon_Self-Study
QAS Self-Study
Icon_Level
Overview
Credits
CPE Credits
6 Credits:

Course Description

International Financial Reporting Standards (“IFRS”) represents the international alternative to U.S. Generally Accepted Accounting Principles. Most of the world already communicates with investors and stakeholders about corporate financial performance in the language of IFRS. The International Accounting Standards Board (IASB) and their U.S. equivalent (the FASB) have made commitments towards the convergence of U.S. GAAP and IFRS and are working to eliminate as many differences between the two Standards as possible.

 

This course provides an introductory overview of International Financial Reporting Standards, including detailed discussions of the impact that adopting IFRS will have on businesses. This course also includes comprehensive reviews of the IASB structure and its standard-setting process, the basic framework that serves as the foundation for IFRS and the differences that exist between U.S. GAAP and IFRS.

Learning Objectives

After completing this course, you will be able to:

  • Define “IFRS”.
  • Identify the roles that each governing body serves within the IASB Structure.
  • Recognize practices consistent with the due process followed by the IASB when developing and issuing IFRS.
  • Identify financial reports that are within the scope of the IASB Framework
  • Recognize practices that are consistent with the underlying assumptions and qualitative characteristics of financial statements prepared in accordance with the IASB Framework.
  • Identify the general purpose financial statements required under IFRS and recognize the characteristics of each statement.
  • Identify and classify the various elements of IFRS financial statements.
  • Identify the various similarities and differences that exist between IFRS and U.S. GAAP.
  • Recognize specific areas of divergence that exist between the two principles.
  • Recognize scenarios that require different accounting treatments under IFRS and U.S. GAAP.
  • Recognize the objectives of the IASB/FASB“convergence” project.
  • Identify the goals of the various joint convergenceprojects conducted by the IASB and FASB.
  • Identify accounting practices that are consistent with the new financial statements presentation format (as proposed by the IASB and FASB).
  • Recognize practices that are consistent with the authoritative guidance on preparing a company’s first set of IFRS financial statements (as outlined in IFRS 1).
  • Recognize various costs and benefits associated with adopting IFRS.

Course Specifics

Course ID
Revision Date
August 31, 2022
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Michael J. Walker Headshot
Michael J. Walker, CPA

Michael J. Walker, CPA, is based in New England and has decades of accounting experience in the financial services, information technology services, and construction industries. He has an extensive technical accounting background that includes hands-on experience with U.S. GAAP and International Financial Reporting Standards (IFRS). His expertise includes accounting for financial instruments, securitizations, and other banking products. He graduated from Bentley University with a BS in finance and an MS in accountancy.

IFRS in the USA: An Implementation Guide

Expert Instructors
CPE CREDITS
6 Credits:

$174.00$204.00

Clear
Icon_Self-Study
QAS Self-Study
Icon_Level
Overview
Credits
CPE Credits
6 Credits:

Course Description

International Financial Reporting Standards (“IFRS”) represents the international alternative to U.S. Generally Accepted Accounting Principles. Most of the world already communicates with investors and stakeholders about corporate financial performance in the language of IFRS. The International Accounting Standards Board (IASB) and their U.S. equivalent (the FASB) have made commitments towards the convergence of U.S. GAAP and IFRS and are working to eliminate as many differences between the two Standards as possible.

 

This course provides an introductory overview of International Financial Reporting Standards, including detailed discussions of the impact that adopting IFRS will have on businesses. This course also includes comprehensive reviews of the IASB structure and its standard-setting process, the basic framework that serves as the foundation for IFRS and the differences that exist between U.S. GAAP and IFRS.

Learning Objectives

After completing this course, you will be able to:

  • Define “IFRS”.
  • Identify the roles that each governing body serves within the IASB Structure.
  • Recognize practices consistent with the due process followed by the IASB when developing and issuing IFRS.
  • Identify financial reports that are within the scope of the IASB Framework
  • Recognize practices that are consistent with the underlying assumptions and qualitative characteristics of financial statements prepared in accordance with the IASB Framework.
  • Identify the general purpose financial statements required under IFRS and recognize the characteristics of each statement.
  • Identify and classify the various elements of IFRS financial statements.
  • Identify the various similarities and differences that exist between IFRS and U.S. GAAP.
  • Recognize specific areas of divergence that exist between the two principles.
  • Recognize scenarios that require different accounting treatments under IFRS and U.S. GAAP.
  • Recognize the objectives of the IASB/FASB“convergence” project.
  • Identify the goals of the various joint convergenceprojects conducted by the IASB and FASB.
  • Identify accounting practices that are consistent with the new financial statements presentation format (as proposed by the IASB and FASB).
  • Recognize practices that are consistent with the authoritative guidance on preparing a company’s first set of IFRS financial statements (as outlined in IFRS 1).
  • Recognize various costs and benefits associated with adopting IFRS.

Course Specifics

Course ID
Revision Date
August 31, 2022
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Michael J. Walker Headshot
Michael J. Walker, CPA

Michael J. Walker, CPA, is based in New England and has decades of accounting experience in the financial services, information technology services, and construction industries. He has an extensive technical accounting background that includes hands-on experience with U.S. GAAP and International Financial Reporting Standards (IFRS). His expertise includes accounting for financial instruments, securitizations, and other banking products. He graduated from Bentley University with a BS in finance and an MS in accountancy.

IFRS in the USA: An Implementation Guide

Expert Instructors
CPE CREDITS
6 Credits:

$174.00$204.00

Clear