Enrolment

Overview
Progress toward a set of global accounting standards is no longer a goal of the International Accounting Standards Board (IASB)—it is a reality, as many of the world’s largest capital markets require or permit the use of International Financial Reporting Standards (IFRS). Over 125 countries require publicly traded companies to apply IFRS, while many other jurisdictions permit the use of IFRS in some circumstances.
 
Why is IFRS relevant in the US, and for you? Many multinationals corporations are headquartered across the U.S., so you could easily find yourself with a client subject to IFRS requirements, either for itself or a non-U.S. subsidiary. You might increasingly find yourself structuring deals and transactions with IFRS counterparties, including vendors and customers. Understanding the implications of structuring these transactions and reporting on them using IFRS will require you to have more than a passing knowledge of these standards. As both FASB and IASB continue their standard-setting agendas, you will need to assess proposals and be concerned about divergence that could affect your financial reporting or audit responsibilities going forward.

Topic discussed

• Fair Value Measurement.
• Financial Instruments.
• Leases.
• Revenue Recognition.
• Intangible Assets.
• Governance and Conceptual Framework.

Learning Objectives

• Recognize the underlying concepts and principles of IFRS.
• Identify the required format and content of a complete set of financial statements, including required footnote disclosures; and identify the presentation and disclosure requrirements of a statement of cash flows, including the proper classification of operating, financing and investing activities.
• Indicate and applying the requirements of new standards on revenue recognition and leases.
• Identify the classification, recognition, measurement, and disclosure of common financial statement assets and liabilities.
• Identify and account for an inmpairment loss with respect to a nonfinancial asset.
• Recall required disclosures for related parties and events after the reporting period.
• Identify and calculate tax amounts to be recognized in the financial statements.
• Recognize the accounting treatment applied to share-based payments and employee benefits.
• Recall accounting requirements for business combinations, joint arrangements, and investments in associates.
• Recall the accounting requirements applicable to entities that transact in or keep accounting records in foreign currency.
• Indicate how to measure fair value when required by IFRS standards.