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IFRS in the U.S.A.: an Implementation GuideCode: 20-IFRS
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Objective: To discuss a variety of new developments related to accounting and financial reporting.
International Financial Reporting Standards (IFRS) represents the future of financial accounting and reporting in the United States. Most of the world already communicates with investors and stakeholders about corporate financial performance in the language of IFRS. The International Accounting Standards Board (IASB) and their U.S. equivalent (the FASB) have made commitments towards the convergence U.S. GAAP and IFRS and are working to
eliminate as many differences between the two Standards as possible. The Securities and Exchange Commission has endorsed the outright adoption of IFRS in the United States. This growing acceptance of IFRS as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession. This course provides an introductory overview of International Financial Reporting Standards, including detailed discussions of the impact that IFRS will have on U.S. businesses. This course also includes comprehensive reviews of the IASB structure and its standard-setting process, the basic framework that serves as the foundation for IFRS and the differences that exist between U.S. GAAP and IFRS.
- Define "IFRS" and describe the due process followed for developing and issuing the Standards.
- Explain the basic concepts by which financial statements are prepared under IFRS.
- Explain the primary differences that exist between IFRS and U.S. GAAP as well as the efforts by the IASB and the FASB to eliminate these differences.
- Describe the impact that adopting IFRS will have on the United States.
CPE credit: 10 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase
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