CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

IFRS In-Depth: Property, Plant & Equipment

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

Course Description

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 course presents an overview of IAS 16 Property, Plant, and Equipment, the accounting standard for classifying and measuring property, plant, and equipment (also known as ‘fixed assets’) in IFRS financial statements. The course also discusses the IASB’s and FASB’s efforts towards achieving convergence in fixed assets reporting.

Learning Objectives

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

  • Explain the proper accounting treatment for acquisitions of property, plant, and equipment (and other associated costs) under IFRS
  • Calculate depreciation using the methods permitted under IAS 16
  • Describe the process for determining whether or not a long-lived asset is impaired under IAS 36
  • Distinguish between the ‘cost’ and ‘revaluation’ accounting models (as described in IAS 16)
  • Describe the similarities and differences between IFRS and U.S. GAAP in the area of property, plant, and equipment

Course Specifics

Course ID
1133296
Revision Date
September 1, 2020
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-Depth: Property, Plant & Equipment

Expert Instructors
Format
CPE CREDITS
6 Credits: Accounting

$174.00$204.00

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

Course Description

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 course presents an overview of IAS 16 Property, Plant, and Equipment, the accounting standard for classifying and measuring property, plant, and equipment (also known as ‘fixed assets’) in IFRS financial statements. The course also discusses the IASB’s and FASB’s efforts towards achieving convergence in fixed assets reporting.

Learning Objectives

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

  • Explain the proper accounting treatment for acquisitions of property, plant, and equipment (and other associated costs) under IFRS
  • Calculate depreciation using the methods permitted under IAS 16
  • Describe the process for determining whether or not a long-lived asset is impaired under IAS 36
  • Distinguish between the ‘cost’ and ‘revaluation’ accounting models (as described in IAS 16)
  • Describe the similarities and differences between IFRS and U.S. GAAP in the area of property, plant, and equipment

Course Specifics

Course ID
1133296
Revision Date
September 1, 2020
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-Depth: Property, Plant & Equipment

Expert Instructors
Format
CPE CREDITS
6 Credits: Accounting

$174.00$204.00

Clear