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Introduction to International Financial Reporting Standards


2 Days Classroom Session
Classroom Registration
Individual:
$1395.00
Group Rate:
$1195.00
(per registrant, 2 or more)
GSA Individual:
$1046.25
Private Onsite Package

This course can be tailored to your needs for private, onsite delivery at your location.

Request a Private Onsite Price Quote

Professional Credits

IIBA (CDU)

ASPE is an IIBA Endorsed Education Provider of business analysis training. Select Project Delivery courses offer IIBA continuing development units (CDU) in accordance with IIBA standards.

NASBA (CPE)

NASBA continuing professional education credits (CPE) assist Certified Public Accountants in reaching their continuing education requirements.

This course offers 12.00 NASBA CPEs.

PMI (PDU)

Select courses offer Leadership (PDU-L), Strategic (PDU-S) and Technical PMI professional development units that vary according to certification. Technical PDUs are available in the following types: ACP, PBA, PfMP, PMP/PgMP, RMP, and SP.

This course offers:
    14.00 PMP/PgMP Technical PDUs

12
NASBA CPEs
14
PMI PDUs
Certification
Overview

The commitment to IFRS from the US Securities and Exchange Commission has evolved through a widespread agreement to synchronize accounting standards on an international level. Hopefully reducing costs for multi-national corporations and allowing investors a level playing field to make valid "apples to apples" comparisons between companies across the globe. Users of financial statements have pushed for the development of international standards for consistency and comparable reporting – the time is now coming, some Countries and International firms are already adopting or have implemented IRFS. How is it working? What should you expect? What are the major and minor differences? And most importantly, how will it affect your firm?

This two day program will give the Financial Professional an in-depth introduction to International Reporting Standards (IFRS), while drawing connections to current US GAAP financial reporting requirement. Identifying the key areas where they differ. The course will give you and your staff a solid foundation in a multitude of standards to allow you to accurately access the impact of IFRS adoption on your company and to help you make the necessary choices to prepare for a transition to IFRS.

From US GAAP to IFRS reporting, there will be some major differences on all levels of reporting. To make this transition, you can get up to speed now to plan for the near future. The conversion from US GAAP to IFRS brings a long laundry list of technical accounting changes. This program, developed and taught by a Financial Expert, working in the filed, is designed to provide a broad understanding of the major differences and complexities in accounting methods and to identify the impact those changes could have on your firm.

International Accounting Standards Board
Standards Development Process
SEC IFRS Roadmap/US Adoption
Conceptual Framework vs. US GAAP
Financial Statement Objectives under IFRS
Presentation and Accounting Policies
IFRS Compliant Financial Statements
Assets/Liabilities/Investments/Revenue Recognition
Preparing for and Strategies for IFRS Adoption
First Time Adoption Exemptions/Exceptions
Upcoming Dates and Locations
Guaranteed To Run

There aren’t any public sessions currently scheduled for this course, but if you fill out the form below, we can tell you about how we can bring this course to you!

Course Outline

1. Introduction
Before you can understand the specifics of different IFRS reporting requirements, it is essential that you understand the environment in which IFRS standards are set.

  • Brief History of the International Accounting Standards Board (IASB)
  • Structure of International Financial Reporting Standards (IFRS) standard-setting
    • International Accounting Standards Committee Foundation
    • International Accounting Standards Board
    • International Accounting Standards Interpretation Committee
    • Standards Advisory Committee
  • Standards development process
    • IIASB "due process" requirements
    • Transparency & accessibility
    • Public meetings
    • Extensive consultation
    • Responsiveness
    • Accountability
  • IFRS adoption & global recognition
  • IFRS Authoritative Literature & IFRS GAAP Hierarchy
    • IIFRS and appendices when part of a Standard
    • Interpretations issued by IFRIC
    • Appendices when NOT part of the Standard
    • Implementation guidance
    • Conceptual framework
    • Pronouncements of other standards setters
  • US Securities & Exchanges Commission "IFRS Roadmap"
    • IElements of Rule Proposal
    • Potential time frame for US adoption

2. Conceptual Framework
The IFRS conceptual framework provides the IASB and users of the standards with the underlying concepts on which all of IFRS relies. An understanding of these concepts, the unique role of the conceptual framework in IFRS authoritative literature and how these may differ from those underlying US GAAP is critical for US companies adopting IFRS.

  • Objectives of financial statements
  • Qualitative characteristics
    • IUnderstandability
    • Relevance & reliability
    • Comparability
  • Elements of financial statements
    • IAssets
    • Liabilities
    • Equities
    • Revenues & income
  • Expenses
  • Recognition and measurement principles
  • Concepts of capital and capital maintenance
    • IFinancial concept of capital
    • Physical concept of capital
    • Effective of choice of concept on financial reporting

3. Presentation & Accounting Policies (IAS 1 & IAS 8)
IFRS both expands the options for presentation of information in a complete set of financial statements and places some new constraints on US reporting companies. This module explains these choices and constraints so that you can begin assessing your companies financial reporting needs in an IFRS context.

  • Overall considerations
    • IFair presentation, including "true & fair view" override
    • Going concern
    • Accrual basis
    • Consistency
    • Materiality & aggregation
    • Offsetting
    • Comparative information
  • Complete set of financial statements
    • IStatement of Comprehensive Income
    • Statement of Financial Position (by nature or function)
    • Statement of Cash Flows (classification of interest & dividends)
    • Statement of Changes in Shareholders' Equity
    • Note Disclosures, including accounting policies
    • Differences from US GAAP
  • Changes in Accounting Policies
    • IRetrospective application
    • Exceptions to retrospective application
    • Distinguished from changes in estimate
    • Distinguished from error correction
    • Some IFRS 1 First Time Adoption exemptions & exceptions
  • IFRS 5 Non-Current Assets Held for Sale & Discontinued Operations
    • IReclassification
    • Impairment Testing

4. Assets
IFRS introduces new asset classes & models for measurement of assets after initial recognition in the financial statements. This module will explore these new options and how they could affect your company's financial statements. IFRS also introduces the concept of reversals of impairment losses.

  • Inventory
    • IInitial recognition & measurement
    • Subsequent measurement
    • Impairment testing & measurement
    • Differences from US GAAP
  • Property Plant & Equipment (IAS 16)
    • IComponents approach to initial recognition & measurement
    • Subsequent measurement models
      • Cost
      • Revaluation
      • Derecognition
      • Differences from US GAAP
  • Investment Properties (IAS 40)
    • ILand & buildings held for rental and/or capital appreciation
    • Separate asset class under IFRS
    • Initial recognition & measurement
    • Subsequent measurement models
      • Cost
      • Fair Value
    • Transfers to/from other asset classes
    • Differences from US GAAP
    • Derecognition
  • Intangible Assets (IAS 38)
    • IAcquired & Internally-developed intangibles
    • Initial recognition & measurement
    • Subsequent measurement models
      • Cost
      • Revaluation with active market
      • Derecognition
      • Differences from US GAAP
  • Impairment of Long-lived Assets (IAS 36)
    • ITesting
    • Measurement
    • Reversals impairment losses
    • Differences from US GAAP
  • Investments in Securities of Other Companies
    • IBasics of investments in Financial Assets (IAS 34, 39, IFRS 7)
    • Investments in Associates (IAS 28)
    • Investment in Joint Ventures (IAS 31)
    • Business Combinations (IFRS 3)
    • Consolidation (IAS 29)
    • Differences from US GAAP
  • Biological assets & agriculture (IAS 41)

5. Liabilities
This module covers some of the more frequent liabilities that companies recognize and introduces the concept of a constructive obligation.

  • Provisions (IAS 37)
    • IRecognition & measurement issues
    • Liabilities
    • Provisions
    • Constructive obligations
    • Contingencies
    • Onerous contracts
    • Restructurings
    • Disclosures
    • Differences from US GAAP
  • Employee Benefits (IAS 19)
    • IRecognition & measurement issues
    • Short-term benefits
    • Post-employment benefits
    • Termination benefits
    • Disclosures
    • Differences from US GAAP
  • Income Taxes (IAS 12)
    • IRecognition & measurement
    • Asset & liability approach
    • Disclosures
    • Differences from US GAAP

6. Revenue Recognition (IAS 18) & Construction Contracts (IAS 11)
Nowhere is the "principles-based" nature of IFRS more evident than revenue recognition. This module will cover the principles to be applied in determining when to recognize and how to measure revenue under IFRS.

  • Sales of goods
  • Rendering of services
  • Interest, dividends & royalties
  • Percentage of completion method for revenue recognition
  • Criteria for segmenting & combining contracts

7. IFRS 1 First Time Adoption
Companies electing or required to adopt IFRS must apply the requirements of IFRS 1 in preparing their first set of IFRS-compliant financial statements. IFRS 1 also provides relief from certain requirements of standards when retrospective application of an IFRS would otherwise be required. This module will explain the process of converting from US GAAP to IFRS and what options you could elect to make this transition easier.

  • Preparing to adopt IFRS
  • Required standard for companies adopting IFRS
  • Definition of "first time adopter"
  • Date of transition
  • Opening "balance sheet"
  • Exemption from retrospective application of change in accounting policy
  • Exceptions to retrospective application of change in accounting policy
Who should attend

This forward looking program can help you plan, managing and work through a transition from US GAAP to International Financial Reporting Standards in your organization. Those who will benefit most from this fast-track, IFRS program include:

  • CFO's and their Accounting Department Professionals
  • Auditors from small and medium sized Audit Firms
  • Corporate Directors
  • Audit Committee Members
  • Investors
  • Analysts