US GAAP vs IFRS
US GAAP vs IFRS
OBJECTIVES
The purpose of this course is to help you understand the significant differences between IFRS and US GAAP. Although it does not discuss every possible difference, this course provides a summary of those differences in emphasis, specific application guidance or practice. The focus of this course is primarily on recognition, measurement and presentation. However, areas that are disclosure-based, such as segment reporting and the assessment of going concern, are also covered.
COURSE OUTLINE
Day 1
General Issues
- Basic of preparation of financial statements
- Form and components of financial statements
- Statement of cash flows
- Fair value measurement
- Consolidation
- Business combinations
- Foreign currency translation
- Accounting policies, errors and estimates
- Event after the reporting date
- Hyperinflation
Day 2
Statement of Financial position
- General
- Property, plant and equipment
- Intangible assets and goodwill
- Investment property
- Associates and the equity method
- Joint arrangements
- Inventories
- Biological assets
- Impairment of non-financial assets
- Provisions, contingent assets and liabilities
- Income taxes
Day 3
Specific items of profit or loss and OCI
- General
- Revenue
- Revenue from contracts with customers
- Government grants
- Employee benefits
- Share-based payments
- Borrowing costs
Day 4
Special topics
- Leases
- Operating segments
- Earnings per share
- Non-current assets held for sale and discounted operations
- Related party disclosures
- Investment entity consolidation exception
- Non-Monetary transactions
- Accompanying financial and other information
- Interim Financial reporting
- Disclosure of interests in other entities
- Extractive activities
- Service concession arrangements
- Common control transactions and Newco formations
Day 5
Financial Instruments
- Scope and definitions
- Derivatives and embedded derivatives
- Equity and financial liabilities
- Classification of financial assets and financial liabilities
- Recognition and DE recognition
- Measurement and gains and losses
- Hedge accounting
- Presentation and disclosure