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IFRS Versus GAAP: Concepts, Comparisons
and Reporting

Program Objectives:

By the end of the program, participants will be able to:

  • Understand the major differences in the accounting and reporting of several areas between International Standards and Generally Accepted Accounting Principles.
  • Properly account for assets, liabilities, equity, revenues and expenses under both the IFRS and GAAP.
  • Get abreast of the convergence efforts of the global accounting standards.
  • Apply the different accounting methods allowed under IFRS and GAAP to multiple situations.
  • Recognize the need for standardized reporting and accounting in the twenty first century.
  • This Program is designed for:

    Staff accountants, senior accountants, chief accountants, accounting managers, controllers, internal auditors, and other professionals in the accounting and finance functions.
    Duration : 5 days

    Program Outline:

    The Need for a Single Set of
    Global Accounting Standards
    Comparison of Long Lived Assets
  • Overview of the Creation of IASB and FASB
    and Their Role in Setting Accounting Standards
  • The Latest Update on the Convergence Efforts
  • Future Milestones on the Road to Convergence
  • Comparison of Conceptual Framework
  • IFRS versus GAAP: Principles-Based versus
    Rules-Based
  • Measurement: Historical Cost versus
    Revaluation Model
  • Capitalizing Borrowing Costs
  • Depreciation Concepts and Methods
  • Subsequent Costs
  • Impairment of Long-Lived Assets
  • Investment Property
  • Intangible Assets
  • Investments
  • Fair Value Measurement and
    Related Issues
    Comparison of Liabilities and
    Equities
  • Several Measurements of Fair Value
  • Recent Developments in Fair Value Measurement
  • Contingencies
  • Convertible Debt
  • Preferred Stock
  • The Key Financial Statements Other Topics
  • Presentation, Classification, Format and
    Requirements
  • The Balance Sheet
  • The Income Statement, and Comprehensive
    Income
  • The Cash Flow Statement
  • Statement of Changes in Owners Equity
  • Revenue Recognition
  • Accounting Changes and Error Correction
  • Discontinued Operations
  •  
    Comparison of Current Assets
  • Cash and Cash Equivalent
  • Receivables
  • Inventory
  • Pre-requisites

    None:
    Duration : 4 days

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