WINI
WHAT DO I NEED TO KNOW NOW ABOUT IFRS? THE CURRENT STATE OF PLAY

This course provides a summary of the current state of the transition from U.S. based GAAP to IFRS and the major practice issues involved in making this transition. The course covers both the regulatory environment and the major accounting issues that need to be addressed before US companies can make a smooth transition from U.S. GAAP to IFRS.

Major Topics

• Overview of IFRS, the convergence project, and the players involved in the regulatory environment
• SEC’s roadmap to move U.S. companies to IFRS -- what does it mean?
• What are the unresolved regulatory issues?
• Ten major areas of difference between GAAP and IFRS – much more than revenue recognition
• How does a company transition from GAAP to IFRS? What problems are likely to arise?
• How do we get started with IFRS?

Learning Objectives

• Become familiar with the current state of the process of converging accounting standards between FASB and IASB
• Receive an update on recent regulatory and SEC actions as well as the recent roadmap for adopting IFRS in U.S. companies
• Understand the major similarities and differences between U.S. GAAP and IFRS, including the ten major areas where they are likely to produce different results
• Gain practical insight into the steps involved in making the first time transition from U.S. GAAP top IFRS. This is shown in the form of a 7-step process.
• Become familiar with the challenges the transition will cause for preparers, their accounting systems, and the auditors

Designed For: Accountants working with companies and those in public practice who need to gain familiarity with international standards and their likely impact on their professional lives.

Level of Knowledge: Update

Prerequisites: None