IFRS in the U.S.A.: An Implementation Guide (Course Id 1747)

Accounting - Accounting for Course Id 1747

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.

This course provides an introductory overview of International Financial Reporting Standards, including detailed discussions of the impact that adopting IFRS will have on 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.  

NASBA QAS - Text - Technical - NASBA Registry - 1747

Course Learning Objectives

After completing this course, participants should be able to:

• Define �IFRS� and recognize practices consistent with the due process followed when developing and issuing IFRS.
• 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.

Chapter 1
Introduction to IFRS

• Define �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.

Chapter 2
IFRS Financial Statements

• 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.
• 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.

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

• Identify the various similarities and differences that exist between IFRS and U.S. GAAP.
• Recognize 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

• Recognize the objectives of the IASB/FASB �convergence� project.
• 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).

Chapter 5
Adoption

• 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).
• Recognize various costs and benefits associated with adopting IFRS.

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   IFRS Interpretations Committee (IFRIC)

1.1.4   Advisory Council

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   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

4.2.3   Leasing

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

5.1.4   Disclosures

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

Glossary