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A Comparison of GAAP and IFRS Standards (Course Id 1944)

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Author : Jae K. Shim, Ph.D., CPA
Status : Production
CPE Credits : 5.5
IRS Credits : 0
Price : $49.45
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1944

Description :

Increasing globalization with related regulations continues to put pressure on accounting authorities to move towards a common global accounting framework – The International Financial Reporting Standards (commonly called IFRS Standards or just IFRS). IFRS Standards is becoming the global standard used by many public companies for the preparation of financial statements. IFRS Standards has 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 course is designed to identify the significant differences, by accounting area, between US GAAP and IFRS Standards. It discusses key topics, such as conceptual framework and financial statement presentation, revenue recognition, lease accounting, and business combinations. 

Usage Rank : 0
Release : 2021
Version : 1.0
Prerequisites : Basic Accounting.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 26-Jan-2022
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.
Approved Audience :

NASBA QAS - Text - Technical - NASBA Registry - 1944

Keywords : Accounting, Comparison, GAAP, IFRS, Standards, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After completing this course, you should be able to:
    1. Recognize the general principles and conceptual framework in US GAAP and IFRS Standards
    2. Identify the benefits of and jurisdictions used IFRS Standards
    3. Recognize the basis of preparation of financial statements in US GAAP and IFRS Standards
    4. Identify requirements for major balance sheet accounts under US GAAP and IFRS Standards
    5. Recognize the differences in special topics such as revenue recognition, lease accounting, and business combinations
Course Contents :

Part 1: Fundamentals of Financial Reporting

The General Principles

US GAAP

IFRS Standards

Conceptual Framework

Background

Joint Conceptual Framework Project

Fundamental Concepts

IFRS Standards Adoption

The Need for Global Accounting Standards

Use of IFRS Standards

Review Questions - Part 1

Part 2: Financial Statement Presentation

General Rules

Interim Financial Reporting

Discontinued Operations

Classification and Presentation

Significant Differences

Segment Reporting

Non-GAAP Financial Measures

Other Matters

Earnings per Share

Extraordinary Items

Offsetting

Review Questions – Part 2

Part 3: Balance Sheet

Inventories

Investments

Debt Securities

The Expected Credit Loss Model

Equity-Method Investments

Property, Plant, and Equipment

Similarities

Significant Differences

Intangibles

Similarities

Significant Differences

Goodwill

Provisions and Contingencies

Similarities

Significant Differences

Equity

Review Question - Part 3

Part 4: Income Statement

Revenue from Contracts with Customers

Background

Similarities

Significant Differences

Share-Based Payment

Similarities

Significant Differences

Employee Benefits

Income Taxes

Similarities

Significant Differences

Review Questions - Part 4

Part 5: Statement of Cash Flows

General Rules

Restricted Cash

Special Considerations

Review Questions – Part 5

Part 6: Special Topics

Lease Accounting

Similarities

Significant Differences

Business Combinations

Similarities

Significant Differences

Foreign Currency Translation

Similarities

Significant Differences

Subsequent Events

Review Questions – Part 6

Appendix A: Auditor’s Opinion - US GAAP

Appendix B: Auditor’s Opinion - IFRS Standards

Glossary

CPE Accounting Course: https://www.cpethink.com/accounting-cpa-courses
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