IFRS in the USA - 10 CPE Credit Hours

Title: IFRS in the USA

Credit Hours: 10 Hours

Field of Study: Accounting (100%)

Prerequisites: None

Level: Overview

Learning Objectives

After completing this course, participants should be able to:

• Define “IFRS” and recognize practices consistent with the due process followed when developing and issuing IFRS.
• Recognize the basic concepts by which financial statements are prepared under IFRS.
• Identify the primary differences that exist between IFRS and U.S. GAAP as well as the efforts by the IASB and the FASB to eliminate these differences.
• Recognize the costs and benefits associated with adopting IFRS.

Introduction

International Financial Reporting Standards (“IFRS”) represents the international alternative to U.S. Generally Accepted Accounting Principles. Most of the world already communicates with investors and stakeholders about corporate financial performance in the language of IFRS. 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.

This course provides an introductory overview of International Financial Reporting Standards, including detailed discussions of the impact that adopting IFRS will have on businesses. This course also includes comprehensive reviews of the IASB structure and its standard-setting process, the basic framework that serves as the foundation for IFRS and the differences that exist between U.S. GAAP and IFRS.

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