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  Home > Course Details
 

Course Details - Go to Course Contents

   QAS   Registry
    
Title :

IFRS in the U.S.A.: An Implementation Guide

Author :

Michael J Walker, CPA

Status :

Production

CPE Credits :

10.0

IRS Credits :

0

Price :

$99.95

Passing Score :

70%

Primary Subject-Field Of Study :

Accounting - Accounting and Auditing

Description :

International Financial Reporting Standards (“IFRS”) represents the future of financial accounting and reporting in the United States. Most of the world already communicates with investors and stakeholders about corporate financial performance in the language of IFRS. The International Accounting Standards Board (IASB) and their U.S. equivalent (the FASB) have made commitments towards the convergence of U.S. GAAP and IFRS and are working to eliminate as many differences between the two Standards as possible. The Securities and Exchange Commission has endorsed the outright adoption of IFRS in the United States. This growing acceptance of IFRS as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession.

This course provides an introductory overview of International Financial Reporting Standards, including detailed discussions of the impact that IFRS will have on U.S. businesses. This course also includes comprehensive reviews of the IASB structure and its standard-setting process, the basic framework that serves as the foundation for IFRS and the differences that exist between U.S. GAAP and IFRS.

Usage Rank :

0

Release :

2013

Version :

1.0

Prerequisites :

None

Experience Level :

Overview

Additional Contents :

Complete, no additional material needed

Advance Preparation :

None.

Delivery Method :

Self-Study

Intended Participants :

Anyone needing Continuing Professional Education (CPE)

Approved Audience :

NASBA QAS - NASBA Registry -  - 

Revision Date :

09/28/2013

NASBA Course Declaration :

Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.

Comments :

CPE, online, self-study, self study, CPA, CPAs, continuing professional education, continuing education, accounting, accountants, business, commerce, International Financial Reporting Standards, IFRS, financial accounting, financial reporting, Internation

Learning Objectives :

Course Learning Objectives

After completing this course, participants should be able to:

    • Define “IFRS” and describe the due process followed for developing and issuing the Standards.

    • Explain the basic concepts by which financial statements are prepared under IFRS.

    • Explain the primary differences that exist between IFRS and U.S. GAAP as well as the efforts by the IASB and the FASB to eliminate these differences.

    • Describe the impact that adopting IFRS will have on the United States.

Chapter 1
Introduction to IFRS

After studying this chapter participants should be able to:
    • Define “IFRS”.

    • Describe the IASB Structure and the roles that each governing body serves within the Structure.

    • Explain the due process followed by the IASB when developing and issuing IFRS.

Chapter 2
IFRS Financial Statements

After studying this chapter participants should be able to:
    • 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.

    • List the general purpose financial statements required under IFRS and describe the characteristics of each statement.

    • Properly identify and classify the various elements of IFRS financial statements.

Chapter 3
U.S. GAAP & IFRS: What is the Difference?

After studying this chapter participants should be able to:
    • Identify and explain various similarities and differences that exist between IFRS and U.S. GAAP.

    • Describe specific areas of divergence that exist between the two principles.

    • Recognize scenarios that require different accounting treatments under IFRS and U.S. GAAP.

Chapter 4
Convergence

After studying this chapter participants should be able to:
    • Explain the objectives of the IASB/FASB “convergence” project.

    • Describe the joint convergence projects currently being conducted and the goals of these various projects.

    • Identify accounting practices that are consistent with the new financial statements presentation format (as proposed by the IASB and FASB).

Chapter 5
Adoption

After studying this chapter participants should be able to:
    • List and describe the seven milestones for adopting IFRS in the United States (as discussed in the SEC “Roadmap”).

    • Identify practices that are consistent with the SEC’s timetable for adopting IFRS in the United States.

    • Recognize practices that are consistent with the authoritative guidance on preparing a company’s first set of IFRS financial statements (as outlined in IFRS 1).

    • Describe the costs and benefits associated with adopting IFRS.

   

Course Contents - Go to Details

Chapter 1 – Introduction to IFRS

1.1   THE IASB STRUCTURE

1.1.1   IFRS Foundation

1.1.2   International Accounting Standards Board (IASB)

1.1.3   International Financial Reporting Committee (IFRIC)

1.1.4   Standards Advisory Council (SAC)

1.2   IASB DUE PROCESS

1.2.1   Setting the agenda

1.2.2   Project Planning

1.2.3   Development and publication of a discussion paper

1.2.4   Development and publication of an exposure draft

1.2.5   Development and publication of an IFRS

1.2.6   Procedures after an IFRS is issued

1.3   INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

 

Chapter 2 – IFRS Financial Statements

2.1   FRAMEWORK FOR THE PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS

2.1.1   Purpose and status

2.1.2   Scope

2.1.3   The objective of financial statements

2.1.4   Underlying assumptions

2.1.5   Qualitative characteristics of financial statements

2.1.6   The elements of financial statements

2.1.7   Recognition of the elements of financial statements

2.1.8   Measurement of the elements of financial statements

2.1.9   Concepts of capital and capital maintenance

2.2   PRESENTATION OF FINANCIAL STATEMENTS

2.2.1   Statement of Financial Position

2.2.2   Statement of Comprehensive Income

2.2.3   Statement of Changes in Equity

2.2.4   Statement of Cash Flows

2.2.5   Notes to the Financial Statements

 

Chapter 3 – U.S. GAAP & IFRS: What is the difference?

3.1   REVENUE RECOGNITION

3.2   EXPENSE RECOGNITION

3.2.1   Share-based payments

3.2.2   Employee benefits

3.3   ASSETS

3.3.1   Long-lived Assets

3.3.2   Inventory

3.3.3   Intangible Assets

3.3.4   Impairment of Assets

3.3.5   Leases

3.4   LIABILITIES

3.4.1   Provisions and Contingencies

3.4.2   Income Taxes

3.5   OTHER U.S. GAAP & IFRS DIFFERENCES

3.5.1   Financial Instruments

3.5.2   Business Combinations

3.5.3   Subsequent Events

3.5.4   Related Parties

3.5.5   Earnings per Share

 

Chapter 4 – Convergence

4.1   WHAT IS “CONVERGENCE”?

4.2   THE TIMELINE

4.2.1   Phase I — 2001 and Prior

4.2.2   Phase II — 2002 to 2005

4.2.3   Phase III — 2006 to Present

4.3   THE CONSENSUS

4.3.1   The Norwalk Agreement

4.3.2   Memorandum of Understanding

4.4   THE JOINT PROJECTS

4.4.1   Conceptual Framework Project

4.4.2    Business Combinations Project

4.4.3   Financial Statement Presentation Project

4.4.4   Revenue Recognition Project

 

Chapter 5 – Adoption

5.1   IFRS and the SEC

5.1.1   The SEC “Roadmap”

5.1.2   The SEC “Work Plan”

5.2   FIRST-TIME ADOPTION (IFRS 1)

5.2.1   Objective & scope

5.2.2   Key Dates

5.2.3   Recognition & measurement

5.2.4   Disclosures

5.3   ASSESSING THE IMPACT

5.3.1   Accounting Policy

5.3.2   Tax

5.3.3   Internal Processes and Statutory Reporting

5.3.4   Technology Infrastructure

5.3.5   Organizational Issues

5.4   THE COSTS & BENEFITS OF ADOPTION

5.5   Appendix: Summary of SEC “Work Plan” Staff Report – July 2012

 

Glossary

 

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