IFRS Basics with US GAAP Comparison

An introduction to the most important IFRS requirements and how they differ from US GAAPThis three-day workshop provides participants with an overview of the most important IFRS technical requirements, including the IASB's most recent pronouncements. Our instructors use real-life examples and case studies to help explain the key principles and ensure that the practicalities of implementation are clearly understood.

This workshop also compares and contrasts IFRS and US GAAP requirements, drawing out the most significant differences between the two frameworks. Again real examples are used to highlight the key points. Time will also be spent on the workshop discussing the most likely future changes to IFRS and the current prospects and timetable for convergence of US GAAP with IFRS.

How You Will Benefit

• Understand and apply the IFRS presentation requirements, including disclosure requirements
• Understand and implement the most important IFRS recognition and measurement requirements
• Recognize the similarities and key differences between the requirements of US GAAP and IFRS
• Appreciate the likely impact of these key differences
• Understand the main requirements of IFRS—First Time Adoption of IFRS
• Be aware of upcoming changes to IFRS to help with future planning

What You Will Cover

• Introduction to IFRS and the work of the IASB
• Content and presentation of IFRS financial statements
• Recognition, measurement and disclosure requirements for major categories of assets and liabilities
• Revenue recognition
• Accounting for business combinations
• Transitioning to IFRS—First-time adoption of IFRS (IFRS 1)
• IFRS / US GAAP Differences
• Expected future developments

Who Should Attend

Anyone involved in the preparation or review of financial statements who currently uses US GAAP and who needs an understanding of the issues involved in making the transition to IFRS.