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Things That Every CPA Needs to Know About IFRS
Start Date (Local)
5/20/2013 1:00:00 PM Eastern (EST/EDT)
5/20/2013 4:30:00 PM Eastern (EST/EDT)
Field of Study
Accounting -- 4 Credits
There are over a 125 countries that either require or permit the use of IFRS. Closer to home, Canada adopted IFRS on January 1, 2011 and Mexico is going to adopt IFRS on January 1, 2012. The SEC is poised to set a mandatory adoption date for publicly traded companies to implement IFRS in 2015 or 2016. In addition, the AICPA recognizes the International Accounting Standards Board (IASB) as a standard setter which allows privately held companies to adopt IFRS for Small-to-Medium Sized Entities (IFRS for SMEs). Whether you're in public or industry accounting, have a client base solely in privately-held companies, or work for a privately held business, the likelihood of an IFRS question being asked of you is increasing. This course offers basic knowledge that every CPA needs to know about IFRS. .
Knowledge of basic accounting
Participants will be able to: * Explain the structure of the International Accounting Standards Board * Describe the path to convergence between the IASB and the FASB * Discuss the current convergence projects and timeline for implementation * Discuss the current status of the SEC Workplan for IFRS implementation * Explain the differences between IFRS and IFRS for SMEs * Discuss the differences between US GAAP and IFRS as it concerns inventory, PP&E, leases, intangible assets, liabilities, impairment, and revenue recognition. * Analyze the differences between financial statements prepared under IFRS and US GAAP