|Author :||Michael J Walker, CPA|
|CPE Credits :||10.0|
|IRS Credits :||0|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Accounting - Accounting and Auditing for Course Id 275
International Financial Reporting Standards (IFRS) represents the international alternative to U.S. Generally Accepted Accounting Principles. 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.
|Usage Rank :||0|
|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 :||19-Sep-2016|
|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 - 275
|Keywords :||Accounting, IFRS, U.S.A., Implementation, Guide, cpe, cpa, online course|
|Learning Objectives :||
Course Learning Objectives
After completing this course, participants should be able to:
Recognize the basic concepts by which financial statements are prepared under IFRS.
Identify 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.
Recognize the costs and benefits associated with adopting IFRS.
Identify the roles that each governing body serves within the IASB Structure.
Recognize practices consistent with the due process followed by the IASB when developing and issuing IFRS.
Recognize practices that are consistent with the underlying assumptions and qualitative characteristics of financial statements prepared in accordance with the IASB Framework.
Identify the general purpose financial statements required under IFRS and recognize the characteristics of each statement.
Identify and classify the various elements of IFRS financial statements.
Recognize specific areas of divergence that exist between the two principles.
Recognize scenarios that require different accounting treatments under IFRS and U.S. GAAP.
Identify the goals of the various joint convergence projects conducted by the IASB and FASB.
Identify accounting practices that are consistent with the new financial statements presentation format (as proposed by the IASB and FASB).
Recognize various costs and benefits associated with adopting IFRS.
|Course Contents :||
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
2.1.3 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 (current model)
3.2 Expense recognition
3.2.1 Share-based payments
3.2.2 Employee benefits
3.3.1 Long-lived Assets
3.3.3 Intangible Assets
3.3.4 Impairment of Assets
3.3.5 Leases (current model)
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
Chapter 4 Convergence
4.1 The History of Convergence
4.1.1 The convergence timeline
4.1.2 The Norwalk Agreement
4.1.3 Memorandum of Understanding
4.2 The Joint Projects
4.2.1 Conceptual Framework Project
4.2.2 Business Combinations
4.2.4 Revenue Recognition
Chapter 5 Adoption
5.1 First-time Adoption (IFRS 1)
5.1.1 Objective & scope
5.1.2 Key Dates
5.1.3 Recognition & measurement
5.2 The Impact of Adoption
5.2.1 Technical accounting challenges
5.2.2 Tax consequences
5.2.3 Internal processes and statutory reporting impact
5.2.4 Technology infrastructure impact
5.2.5 Organizational changes