IFRS: A Comparison to US GAAP
There are substantial differences between International Financial Reporting Standards (IFRS) and US GAAP. Traditionally, US GAAP has been largely rules-based meaning long and complex standards attempting to deal with all scenarios. On the other hand, IFRS is a principles-based accounting system, meaning it is objective-oriented allowing for more presentation freedom. This generally implies thicker disclosures with IFRS to adequately disclose judgments and alternatives.
While US GAPP and IFRS have been converging over the last several years, significant differences between the two sets of GAAP exist. This seminar examines these differences and takes attendees down a learning path to apply IFRS.
Topics covered include: