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| Author : | Jae K. Shim, Ph.D., CPA |
| Course Length : | Pages: 61 ||| Review Questions: 26 ||| Final Exam Questions: 28 |
| 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:
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 |
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