International Standards for Financial Accounting Principles IFRS and GAAP Updates #252006

Upon successful completion of this course, participants will be able to:

• Identify the latest updates, amendments, and new standards issued by the IASB (IFRS) and the FASB (U.S. GAAP).

• Analyze the key similarities and differences between IFRS and U.S. GAAP in critical accounting areas.

• Apply the updated standards to complex, real-world financial reporting scenarios.

• Evaluate the financial and operational impact of new accounting pronouncements on their organization.

• Prepare for the implementation of upcoming standards and manage the transition process effectively.

• Enhance the quality of financial reporting and disclosures in accordance with the latest requirements.

This course is essential for professionals responsible for the preparation, analysis, audit, or use of financial statements in a global context:

• Financial Accountants and Controllers

• Chief Financial Officers (CFOs) and Finance Directors

• Auditors (Internal and External)

• Financial Analysts and Investment Bankers

• Corporate Lawyers and Advisors dealing with financial compliance

• Accounting Academics and Researchers

• Professionals in companies undergoing IPO or cross-listing

• Anyone requiring a current and comprehensive update on IFRS and U.S. GAAP

• Pre-assessment
• Live group instruction
• Use of real-world examples, case studies and exercises
• Interactive participation and discussion
• Power point presentation, LCD and flip chart
• Group activities and tests
• Each participant receives a binder containing a copy of the presentation
• slides and handouts
• Post-assessment

Day 1: Foundations and Framework Updates

• Morning Session: The Standard-Setting Landscape

  • Overview of the IASB and FASB: Structure, Due Process, and Current Agendas.

  • The Conceptual Framework: Key Differences between IFRS and U.S. GAAP.

  • Major Ongoing Projects and Future Convergence Efforts.

• Afternoon Session: Presentation of Financial Statements

  • IAS 1 and ASC 205: Update on Disclosure Initiatives and Materiality Judgments.

  • Statement of Cash Flows (IAS 7/ASC 230): Classification and Recent Clarifications.

  • Workshop: Identify and correct presentation and disclosure errors in a sample set of financials.

Day 2: Revenue, Leases, and Key Transaction Updates

• Morning Session: Revenue from Contracts with Customers

  • In-Depth Review of IFRS 15 and ASC 606: Practical Application Challenges.

  • Updates on Implementation Guidance and Industry-Specific Issues (e.g., software, construction).

• Afternoon Session: Leases

  • IFRS 16 vs. ASC 842: A Comparative Analysis post-implementation.

  • Dealing with Lease Modifications, COVID-19-related Rent Concessions, and common pitfalls.

  • Case Study: Account for a complex lease modification under both standards.

Day 3: Financial Instruments and Fair Value

• Morning Session: Financial Instruments I: Classification and Measurement

  • IFRS 9 vs. ASC 825 and ASC 320: Classification, Amortized Cost, and FVTPL/FVOCI.

  • Hedge Accounting (IFRS 9 / ASC 815): Updates on Simplified Hedge Accounting and Effectiveness Testing.

• Afternoon Session: Financial Instruments II: Expected Credit Losses (ECL)

  • The IFRS 9 Impairment Model vs. the CECL Model (ASC 326).

  • Practical Modelling of ECL for Financial Assets.

  • Workshop: Calculate and journalize expected credit losses for a loan portfolio under both models.

Day 4: Complex Standards: Taxes, ESG, and Business Combinations

• Morning Session: Income Taxes and ESG Reporting

  • Income Taxes (IAS 12 / ASC 740): Updates on tax law changes and digital taxes.

  • The Rise of ESG: IFRS S1/S2 and the SEC’s Climate-Related Disclosure Rules.

• Afternoon Session: Business Combinations and Consolidation

  • Business Combinations (IFRS 3 / ASC 805): PPE and Intangible Assets, including crypto-assets.

  • Consolidation (IFRS 10 / ASC 810): Identifying Variable Interest Entities (VIEs) and control.

  • Case Study: Account for a business combination, recognizing and measuring intangible assets and goodwill.

Day 5: Implementation, Transition, and Capstone

• Morning Session: First-Time Adoption and Transition Guidance

  • Practical guide to implementing a new standard (IFRS 1 / ASC 250).

  • Selecting Transition Methods and Managing Project Timelines.

  • Communicating the Impact to Management, Auditors, and Stakeholders.

• Afternoon Session: Capstone and Review

  • Comprehensive Case Study: Analyze the financial statements of a multinational corporation, identifying reporting issues under both IFRS and U.S. GAAP and proposing correct treatments.

  • Open Forum: Discussion of participant-specific challenges and questions.

  • Final Review: Key takeaways and resources for staying updated.

  • Course Conclusion and Certification.