3 Credits: Accounting
The IFRS In-Depth series provides a comprehensive understanding of various topics related to International Financial Reporting Standards (IFRS), the global accounting principles that provide the foundation for most of the world’s financial reporting. These standards establish the recognition, measurement, presentation, and disclosure requirements for transactions and events reflected in IFRS financial statements.
The growing acceptance of IFRS as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession. The International Accounting Standards Board (IASB) and their U.S. equivalent (the FASB) have committed to the convergence of U.S. GAAP and IFRS and are working to eliminate as many differences between the two standards as possible. In addition, the Securities and Exchange Commission has endorsed the outright adoption of IFRS in the United States. Therefore, it is clear that IFRS represents the future of financial accounting and reporting in the United States.This module provides a “deep dive” into the principles governing the presentation of financial statements under IFRS. This includes a review of the IASB’s Framework, which addresses the concepts underlying the information presented in IFRS financial statements. It also includes detailed discussions of the IAS 1 Presentation of Financial Statements and IAS 7 Statement of Cash Flows. Finally, this course provides an in-depth look at the joint IASB/FASB project that will result in sweeping changes to financial statement presentation in the near future.
Upon successful completion of this course, participants will be able to:
- 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
- Describe the characteristics of general purpose financial statements required under IFRS
- Identify and classify the various elements of IFRS financial statements
- Describe the IASB/FASB joint project on financial statement presentation and its impact on financial reporting
September 2, 2022
There are no prerequisites.
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CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
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.