ACCOUNTING AND COMPARISON OF IFRS AND GAAP
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1 ACCOUNTING AND COMPARISON OF IFRS AND GAAP SECTOR / ACCOUNTING AND FINANCE NON-TECHNICAL & CERTIFIED TRAINING COURSE The training program outline is up to date and pertinent to marketplace requirements, thus catering well to all analytical prediction of training needs in the specified area.
2 INTORDUCTION The courser offers a deep insight into the differences between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). It also extends capability building in applying accounting methods, and analysing different accounting framework. The training program outline is up to date and pertinent to marketplace requirements, thus catering well to all analytical prediction of training needs in the specified area. A customised proposal can also be arranged, to suit the training requirement of your team. COURSE OBJECTIVES: By the end of the program, participants will be able to: Determine the major differences in the accounting and reporting between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) Properly account for assets, liabilities, equity, revenues and expenses under both IFRS and GAAP Apply the different accounting methods allowed under IFRS and GAAP to multiple situations Recognize the need for standardized reporting and accounting in the twenty-first century Identify the effect of the convergence efforts of global accounting standards on company s financial statements
3 THE COURSE OUTLINE ntroduction and Key Financial Statements Overview of the Creation of IASB and FASB and their Role in Setting Accounting Standards The Latest Update on the Convergence Efforts Future Milestones on the Road to Convergence Comparison of Conceptual Framework IFRS versus GAAP: Principles-Based versus Rules-Based Comparison of Presentation of Financial Statements, Classification and Requirements Statement of Financial Position Statement of Income and the Comprehensive Income Statement of Cash Flows Statement of Changes in Owners Equity Comparison of Current Assets Cash and Cash Equivalent Receivables and Factoring of Receivables Inventory Costing Methods Inventory Valuation Approaches Comparison of Long Lived Assets Measurement: Historical Cost versus Revaluation Model Accounting for Subsequent Costs Capitalizing Borrowing Costs Decommissioning Costs and Asset Retirement Obligation Depreciation Concepts and Methods Impairment of Long Lived Assets Investment Property under IFRS Accounting for Research and Development Costs Recognizing Intangible Assets
4 Comparison of Financial Instruments Classification of Equity Investments Classification of Debt Investments Measurement at Fair Value The Amortized Cost Valuation The Equity Method Comparison of Lease Accounting Recent Developments in Lease Accounting Lease Classification Criteria Accounting for Capital or Finance Leases Accounting by the Lessee Accounting by the Lessor Required Disclosures Comparison of Liabilities and Equities Accounting for Contingent Liabilities Convertible Debt and Preferred Stocks Accounting Changes and Discontinued Operations Accounting for Changes in Estimate Accounting for Changes in Accounting Principle Accounting for Correction of Error Comparison of Accounting for Discontinued Operations Accounting for Assets to be Disposed of Fair Value Measurement Hierarchy of Inputs Fair Value Measurement Process Valuation Techniques Comparison of Fair Value Measurement and Disclosures
5 THANK YOU BOOSTUAE.COM ACCOUNTING AND COMPARISON OF IFRS AND GAAP SECTOR / ACCOUNTING AND FINANCE NON-TECHNICAL & CERTIFIED TRAINING COURSE
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