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IFRS Learning Module 2 - 2 CPE Credit Hours

IFRS Learning Module 2 - 2 CPE Credit Hours

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Introduction

 

IFRS Learning Modules are a series of courses that provide in-depth overviews of various topics related to International Financial Reporting Standards (“IFRS”). IFRS represents the global accounting principles that provide the foundation for most of the world’s financial reporting. These Standards establish the recognition, measurement, presentation and disclosure requirements for transactions and events reflected in IFRS financial statements.

The growing acceptance of IFRS as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession. The International Accounting Standards Board (IASB) and their U.S. equivalent (the FASB) have made commitments towards the convergence of U.S. GAAP and IFRS and are working to eliminate as many differences between the two Standards as possible. In addition, the Securities and Exchange Commission has endorsed the outright adoption of IFRS in the United States. Therefore it is clear that IFRS represents the future of financial accounting and reporting in the United States.

Module 2 of the IFRS Learning Module series presents an overview of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and discusses the IASB’s and FASB’s efforts towards achieving convergence in these areas of financial reporting.

 

Learning Objectives

After completing this course, participants should be able to:

  • Properly classify accounting changes (i.e. changes in accounting policy, changes in accounting estimates, and error corrections) per the guidelines of IAS 8.
  • Describe the recognition and disclosure requirements for each type of accounting change under IAS 8.
  • Describe the similarities and differences between IFRS and U.S. GAAP in the area of accounting changes.

Field of Study: Accounting (100%)

Prerequisites: None

Level: Overview

Table of Contents

MODULE II:  ACCOUNTING CHANGES AND ERROR CORRECTIONS ....................................... 4

1.0   INTRODUCTION TO IAS 8 .................................................................................................................... 4

1.1   Objective ....................................................................................................................................... 4

1.2   Scope ............................................................................................................................................. 4

1.3   Definitions ..................................................................................................................................... 4

2.0   ACCOUNTING POLICIES ....................................................................................................................... 6

2.1   Selection and application .............................................................................................................. 6

2.2   Changes in accounting policies .................................................................................................... 7

2.3   Disclosures .................................................................................................................................... 8

3.0   ACCOUNTING ESTIMATES ................................................................................................................118

3.1   The use of estimates ...................................................................................................................118

3.2   Changes in accounting estimates ...............................................................................................118

3.3   Disclosures .................................................................................................................................128

4.0   ACCOUNTING ERRORS......................................................................................................................138

4.1   Prior period errors ....................................................................................................................138

4.2   Correcting prior period errors...................................................................................................138

4.3   Disclosures .................................................................................................................................148

5.0   IFRS & U.S. GAAP CONVERGENCE ................................................................................................168

5.1   ASC 250 Accounting Changes and Error Corrections ..............................................................168

5.2   IAS 8 & ASC 250: Similarities and differences ..........................................................................178

6.0   MODULE SUMMARY .......................................................................................................................218

7.0   REVIEW ANSWERS ...........................................................................................................................228

8.0   GLOSSARY .......................................................................................................................................258

9.0   FINAL EXAM ....................................................................................................................................298





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