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Course Details

A Guide to IFRS and a Comparison with GAAP (Course Id 1477)

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Author : Jae K. Shim, Ph.D., CPA
Status : Production
CPE Credits : 5.0
IRS Credits : 0
Price : $44.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1477

Description :

The International Financial Reporting Standards (IFRS) is the framework used by many publicly traded companies around the world today to report their financial results. With support from important constituencies, the SEC and the FASB have taken several steps toward what will be a major transition from the accounting and reporting framework currently in place in the United States to IFRS.  In an effort to better understand how convergence will affect financial reporting in the United States, this course provides an overview, by accounting area, of similarities and differences between U.S. GAAP and IFRS.  It highlights differences most commonly found in current practice that may affect a converting entity’s financial statements. It also provides an overview of significant completed convergence projects in the accounting standards. 

Usage Rank : 0
Release : 2018
Version : 1.0
Prerequisites : Basic Accounting.
Experience Level : Overview
Additional Contents : Complete, no additional material needed
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 16-Feb-2019
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 - NASBA Registry - 1477

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

Course Learning Objectives

After completing this course, you should be able to:
    1. Recognize the benefits of IFRS standards to emerging economies
    2. Cite the improvements made to the Conceptual Framework
    3. Identify the major similarities and differences between U.S. GAAP and IFRS standards
Course Contents :

Chapter 1 - A Guide to IFRS and a Comparison with GAAP

Course Learning Objectives

IFRS: A Comparison to GAAP

Introduction

Overview

IFRS Standards

U.S. GAAP

Key Events in the International Convergence of Accounting Standards

Summary of Convergence Projects

The Benefits of IFRS Standards

Worldwide Acceptance

Simplification and Relevance

Reduced Information Processing Costs

Focus on Investors

The Conceptual Framework

Purpose and Status

Fundamental Concepts

Qualitative Characteristics

A Hierarchy of Accounting Qualities

The Revised Conceptual Framework

Elements

Materiality

Going Concern

Review Questions - Section 1

Financial Statement Presentation

General

Non-GAAP Measures

Extraordinary Items

Offsetting

Review Questions - Section 2

Statement of Financial Position

Cash and Cash Equivalents

Receivables

Inventories

Convergence with IAS 2

Investments

Prior to the Issuance of ASU 2016-13

The Issuance of ASU 2016-13

Equity-Method Investments

Simplification Initiative: 2016-07

Property, Plant and Equipment

Revaluations Involving Depreciable Assets

Intangible Assets and Goodwill

Provisions and Contingent Liabilities

Employee Benefits

Convergence with IAS 19

Taxation

Income Tax Deferrals

Convergence with IAS 1

Convergence with IAS 12

Lease Accounting

Prior to the Issuance of ASU 2016-02

The Issuance of ASU 2016-02

Background

Similarities

Significant Differences

Equity

Convergence with IFRS 9

Review Question - Section 3

Statement of Profit and Loss

Revenue Recognition

Issuance of a Common Revenue Standards

Similarities

Significant Differences

Discontinued Operations

Convergence with IFRS 5

Share-Based Payment

Simplification Initiative: 2016-09

Impairment

Intangible Impairment

Convergence with IAS 36

Property, Plant and Equipment Impairment

Statement of Cash Flows

Restricted Cash

Considerations of Certain Cash Receipts and Cash Payments

Other Matters

Business Combinations

Clarifying the Definition of a Business

Foreign Currency Translation

Earnings per Share

Segment Reporting

Interim Financial Reporting

Subsequent Events

Review Questions - Section 4

Glossary

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