- NY Credits : 6.0
- TX Credits : 6.0
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.