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IFRS: A Comparison to U.S. GAAP

IFRS: A Comparison to U.S. GAAP

There are substantial differences between International Financial Reporting Standards (IFRS) and U.S. GAAP. Traditionally, U.S. 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 U.S. 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: 
  • Overview of IFRS
  • Brief history of IFRS
  • Standards setter and authoritative literature
  • Why is it important?
  • U.S. acceptance
  • Conceptual differences between US GAAP and IFRS
  • IFRS Framework
  • Comparison of differences
    • Financial statements and financial statement components
    • Consolidation
    • Business Combinations
    • Revenue Recognition
    • Expense Recognition
    • Assets
    • Liabilities
    • Equity
    • Derivatives
    • Other topics
  • A look at IFRS financial statement examples
  • Implementation considerations

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