IFRS In-Depth: Presentation of IFRS Financial Statements FLEXCAST

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 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.

Highlights

IFRS financial statements. Introduction to IAS. IASB and FASB joint project.

Prerequisites

None.

Designed For

CPAs and other business and finance professionals.

Objectives

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.

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.