U.S. GAAP vs. IFRS – Major Differences That Impact Financial Reporting ON DEMAND

Overview

This course highlights key differences between U.S. GAAP and IFRS that affect financial reporting. While this course provides a solid introduction to these important areas, it only scratches the surface of the many nuances and complexities in each framework. Understanding these differences is important for anyone working with or comparing financial statements prepared under both sets of standards.

Highlights

Past attempts at convergence. Loans and receivables. Investments in securities. Equity method investments and joint ventures. Intangible assets. Property, plant and equipment. Goodwill and indefinite-lived intangibles. Cryptocurrency. Liabilities. Contingencies. Debt extinguishments and modifications. Employee benefits. Revenue recognition. Income taxes. Broad transactions. Business combinations. Consolidation. Leases. Foreign currency.

Prerequisites

None.

Designed For

CPAs, CEOs, CFOs, controllers, and other financial managers.

Objectives

Identify key differences between U.S. GAAP and IFRS in financial reporting. Recognize how asset accounting varies between the two frameworks. Recall the treatment of good will under U.S. GAAP and IFRS. Select the appropriate revenue recognition approach based on the applicable standard. Differentiate inventory valuation methods under U.S. GAAP and IFRS. Determine how leases are accounted for differently in each framework. Distinguish between the treatment of income taxes under U.S. GAAP and IFRS. Identify differences in accounting for business combinations and consolidation. Recognize variations in foreign currency accounting between the two standards.

Preparation

None.

Notice

None.