IFRS Essentials with GAAP Comparison: Building a Solid Foundation

The United States is engaged in a significant project with the IASB to converge IFRS and U.S. GAAP. And this project is having a major influence on the way in which IFRS will develop for the world as a whole. But recent developments suggest that IFRS may start to be permitted in the United States itself—something that could scarcely have been contemplated, even a few years ago. It will be some years before answers become clear. Nevertheless, it is clear that there has been a major strategic shift in international accounting as a result ofthe SEC actions.

This course prepares accountants for these upcoming changes and will help solidify your knowledge of the similarities and differences between IFRS and U.S. GAAP. You will also learn to apply specific IFRS standards to the impacted financial statement elements. Walk away with a greater understanding of what you need to know as the acceptance of International standards continues to grow.

Objectives: 

• Readily focus on the differences between IFRS and U.S. GAAP
• Recognize and review the similarities between IFRS and U.S. GAAP
• Apply the specific IFRS standards to impacted financial statement elements

Prerequisite: Completion of AICPA course International versus U.S. Accounting: What in the World is the Difference (in any available format) or a high-level understanding of the conceptual differences between IFRS and U.S. GAAP.

Advanced Preparation: None

In this 211-min video, Rama Ramamurthy, CPA, Clinical Professor of Accounting at the College of William and Mary, discusses IFRS issues with Anne M. Marchetti, President of Account-Ability Consulting and AICPA course instructor; Paul Munter, CPA, Audit Partner with KPMG LLP and lead partner and practice leader for U.S. firm’s IFRS activities, Jennifer M. Myers, CPA, Senior Vice President of Integration Operations at inVentiv Health, Inc., and George I. Victor, CPA, Director of Quality Control of Gaimbalvo, Giammarese & Stalzer, CPAs, PC and member of the International Accounting and Auditing Committee of the New York State Society of CPAs.

*The DVD contains the video presentation.  A CD contains a viewable copy of the Manual.