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IFRS vs. GAAP: What are the Differences?

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As world economies become increasingly interdependent, professionals within the financial industry will be responsible for understanding the standards that govern multinational organizations. The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have been working to increase consistency of the application of accounting policies and procedures globally, increasing the need to understand accounting rules under both sets of standards. This course gives you an introduction to International Financial Reporting Standards (IFRS) and discusses the similarities and key differences between IFRS and GAAP. As the acceptance of global standards continues, your understanding of these changes is essential.

Topics Discussed:

  • Introduction to international accounting
  • Introduction to financial statements prepared in accordance with IFRS
  • IFRS vs. GAAP for specific financial statement line items
  • IFRS vs. GAAP for accounting changes, discontinued operations, derivatives, and hedging
  • IFRS vs. GAAP for segment reporting and interim financial statements

Learning Objectives:
When you complete this course, you will be able to:

  • Recognize the significant similarities and differences between U.S. GAAP and IFRS.
  • Analyze financial statements in accordance with IFRS.
  • Standardize reporting in an international environment.

Who Will Benefit?
CPAs, accountants, and analysts in industry and practice who manage or audit financial accounting and reporting. Auditors - staff through partner

Prerequisite: None.

Advanced Preparation: None.

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NASBA Field of Study: Accounting
Level: Basic
Recommended CPE Credit: Text - 8; On-Demand - 6
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