A Comparison of GAAP and IFRS Standards
Increasing globalization with related regulations continues to put pressure on accounting authorities to move towards a common global accounting framework – The International Financial Reporting Standards (commonly called IFRS Standards or just IFRS). IFRS Standards is becoming the global standard used by many public companies for the preparation of financial statements. IFRS Standards has replaced many national accounting standards around the world. Currently, over 140 jurisdictions have successfully adopted IFRS Standards. Although public companies in the U.S. are required to apply US GAAP, the SEC continues to explore whether, and if so, when and how to incorporate IFRS Standards into the U.S. financial reporting system. Being financially bilingual in the U.S. is important. This course is designed to identify the significant differences, by accounting area, between US GAAP and IFRS Standards. It discusses key topics, such as conceptual framework and financial statement presentation, revenue recognition, lease accounting, and business combinations.

Course Publication Date: December 22, 2021

This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $55.00!

Author:Delta CPE
Course No:ACT-IFRS-4591
Recommended CPE:5.50
Delivery Method:QAS Self Study
Level of Knowledge:Basic
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Accounting
  
Learning Objectives
  • Recognize the general principles and conceptual framework in US GAAP and IFRS Standards.
  • Identify the benefits of and jurisdictions used IFRS Standards.
  • Recognize the basis of preparation of financial statements in US GAAP and IFRS Standards.
  • Identify requirements for major balance sheet accounts under US GAAP and IFRS Standards.
  • Recognize the differences in special topics such as revenue recognition, lease accounting, and business combinations.

CPE Depot Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Sponsor Number: 109423

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