A Comparison of GAAP to IFRS Standards FLEXCAST
Available Until
Your Desk
5.0 Credits
Member Price $49.00
Non-Member Price $56.00
Overview
Increasing globalization with related regulations continues to put pressure on accounting authorities to move towards a common global accounting framework - The International Financial Reporting Standards (commonly called IFRS Standards or just IFRS). IFRS Standards is becoming the global standard used by many public companies for the preparation of financial statements. IFRS Standards has replaced many national accounting standards around the world. Currently, over 140 jurisdictions have successfully adopted IFRS Standards. Although public companies in the U.S. are required to apply US GAAP, the SEC continues to explore whether, and if so, when and how to incorporate IFRS Standards into the U.S. financial reporting system. Being financially bilingual in the U.S. is important. This course is designed to identify the significant differences, by accounting area, between US GAAP and IFRS Standards. It discusses key topics, such as conceptual framework and financial statement presentation, revenue recognition, lease accounting, and business combinations.
Highlights
General principles of US GAAP and IFRS standards. Rules. Significant differences. Inventories and investments. Similarities. Restrictions. Special considerations.
Prerequisites
None.
Designed For
CPAs.
Objectives
Recognize the general principles and conceptual framework in US GAAP and IFRS Standards. Identify the benefits of and jurisdictions used by IFRS Standards. Recognize the basis of preparation of financial statements in US GAAP and IFRS Standards. Identify requirements for major balance sheet accounts under US GAAP and IFRS Standards. Recognize the differences in special topics such as revenue recognition, lease accounting, and business combinations.
Preparation
None.
Notice
This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.
Non-Member Price $56.00
Member Price $49.00