IFRS In-Depth: Accounting Changes and Error Corrections ON DEMAND

Overview

The growing acceptance of IFRS as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession. The IASB and 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 8 Accounting Policies, Changes in Accounting Estimates and Errors and discusses the IASB’s and FASB’s efforts towards achieving convergence in these areas of financial reporting.

Highlights

Application selection. Changes in accounting policies. The use of estimates. Changes in accounting estimates. Prior end errors. Correcting prior period errors. ASC 250 accounting changes and error corrections. IAS 8 and ASC 250.

Prerequisites

None.

Designed For

CPAs, CFOs, controllers, financial professionals, and auditors.

Objectives

Properly classify accounting changes per the guidelines of IAS 8. Describe the recognition and disclosure requirements for each type of accounting change under IAS 8. Describe the similarities and differences between IFRS and U. S. GAAP in the area of accounting changes.

Preparation

None.

Notice

None.