Peeling away financial reporting issues one layer at a time

IFRS: Background, Key Differences and Comparison with US GAAP

Work is continuing on narrowing the gaps between IFRS and US GAAP. The purpose of this course is to provide you with a basic understanding of IFRS, details of the differences between standards and the future of international financial reporting.I provide a thumbnail overview of the origins and underpinnings of IFRS, its current status throughout the world, and most especially where it is heading in the US. For the bulk of the session, I cover the details of topics for which IFRS and US GAAP are not currently converged. Accordingly, I assume an intermediate knowledge of US GAAP, as we move rapidly to the key issues in the application of IFRS as compared to US GAAP.

Key Topics:

  • Presentation and disclosures
  • Asset impairment
  • Contingencies
  • Business combinations, joint ventures and consolidation
  • Financial instruments — including loans and hedging
  • Debt versus equity
  • Intangibles
  • Deferred taxes
  • Stock compensation
  • Recent areas where only partial convergence has taken place: revenue, leasing, financial instruments,

Tom.Selling@GroveSite.com