A Guide to IFRS

Course Description:

International Financial Reporting Standards (IFRS) is the framework used by many publicly traded companies around the world today to report their financial results. With support from important constituencies, the SEC and the FASB have taken several steps toward what will be a major transition from accounting and reporting framework currently in place in the United States to IFRS. In an effort to better understand how convergence will affect financial reporting in the United States, depending on the IFRS implementation action taken by the SEC, this course examines some of the material differences that currently exist between U.S. GAAP and IFRS.  

Learning Objectives:

Upon successful completion of this course, participants will be able to:

• Summarize recent developments in convergence efforts
• Describe the long and short of IFRS
• Cite four major factors as the impetus for the transition to IFRS
• Outline IFRS differences affecting the income statement
• Outline IASB’s conceptual framework project
• Summarize IFRS differences affecting the cash flow statement
• Explain required financial statements and structural differences reporting