A Comparison of GAAP to IFRS Standards ON DEMAND

Overview

IFRS Standards are becoming the global standard used by many public companies for the preparation of financial statements. IFRS Standards have 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 GAAP and IRS standards course is designed to identify the significant differences, by accounting area, between US GAAP and IFRS Standards. A Comparison of GAAP to IFRS Standards 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

None.