- NY Credits : 6.0
- TX Credits : 6.0
An Overview of the Impact of IFRS Convergence on Private Entities
This course covers the evolution of U.S. GAAP's convergence with International Financial Reporting Standards (IFRS. The widespread hope is that the use of a single, high-quality set of global accounting standards will eventually empower investors and other financial statement users to make better-informed decisions by enabling them to more easily compare financial results worldwide. Even nonissuers will be impacted with the increased acceptance of IFRS for Small and Medium-Sized Entities.
Upon successful completion of An Overview of the Impact of IFRS Convergence on Private Entities, the user should be able to:
recognize the history and function of the International Accounting Standards Board (IASB);
list benefits of global IFRS for private entities;
identify the differences between the IFRS and U.S. GAAP concepts;
determine the basic presentation of financial assets and liabilities under IFRS for SMEs;
outline the different ways IFRS and U.S. GAAP present financial statements;
identify the general revenue recognition principles, the nature of share-based payment transactions, and the indicators of impairment of an asset;
identify general concepts regarding foreign currency transactions; and
determine related-party disclosures and various specialized activities.