- NY Credits : 6.0
- TX Credits : 6.0
International convergence of accounting standards has been on the horizon for some time, and now it is here. To be ready for the changes, U.S. GAAP users need to understand the new rules. This course is designed to help the user in understanding the significant differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). It does not discuss every possible difference. It is a summary of the most relevant differences for the majority of the users of this course. The principal focus is on the differences related to recognition, measurement, and presentation, rather than on disclosure. NOTE: This course has been updated for the relevant 2018 and 2019 amendments to the official pronouncements of the International Accounting Standards Board and the Financial Accounting Standards Board.
Upon successful completion of this course, the user should be able to:
contrast the basic requirements of IFRS-based and U.S. GAAP-based financial statements;
distinguish between U.S. GAAP and IFRS for the accounting and reporting of certain assets, liabilities, revenue, income taxes, and share-based payments; and
differentiate the positions taken by IASB and the FASB with respect to discontinued operations, business combinations, and financial instruments, and the issues of adopting IFRS for the first time.