IFRS In-Depth: Property, Plant & Equipment 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 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.

Highlights

Acquisition of property, plant, and equipment. Cost after acquisition. Depreciation factors. Depreciation methods. Impairments. Revaluations. Disposal of property, plant, and equipment. Disclosures. IFRS and U. S. GAAP convergence.

Prerequisites

None.

Designed For

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

Objectives

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.

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.