Author : | Michael J Walker, CPA |
Course Length : | Pages: 49 ||| Review Questions: 44 ||| Final Exam Questions: 30 |
CPE Credits : | 6.0 |
IRS Credits : | 0 |
Price : | $53.95 |
Passing Score : | 70% |
Course Type: | NASBA QAS - Text - NASBA Registry |
Technical Designation: | Technical |
Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 1747 |
Description : | 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. |
Usage Rank : | 12500 |
Release : | 2023 |
Version : | 1.0 |
Prerequisites : | None. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed. |
Additional Links : |
IFRS
|
Advance Preparation : | None. |
Delivery Method : | QAS Self Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 04-Oct-2023 |
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 - NASBA Registry - 1747 |
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:
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
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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 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 |