US GAAP vs IFRS

The course is designed for those who already have knowledge of IFRS or US GAAP standards and now need to expand this knowledge in additional areas. The training focuses on the most important differences. Due to changes in the regulatory framework, an exhaustive list of all differences is impossible.

To evaluate and apply the requirements of US GAAP, insofar as they differ from International Financial Reporting Standards (IFRS).

Selection of significant Differences between IFRS and US GAAP

During this course which will run over two 4 hour sessions, we will discuss the major differences between IFRS and US GAAP. This will allow us to discuss selected topics in depth. In particular, we will cover,

Regulatory Framework and Financial Statements

The source of regulation for both IFRS and US GAAP is different as is the basis of presentation of financial statements.

Property, plant and equipment

The major difference is the basis for calculation of impairment losses. We will discuss component accounting under IFRS, major overhaul costs and provision for decommissioning/asset retirement obligations and what US GAAP says about them. .

Intangible assets

As well as impairment, we will focus on research and development and software costs both for sale and internal use.

Leasing

For the lessee, there is only one type of lease under IFRS while US GAAP has both finance and operating leases on the balance sheet.  Also, sale and leaseback and subleases are treated differently.

Summary of other differences

CPD (Continuing Professional Development) – our training courses meet the requirements of international professional bodies (ACCA, IIA) for the continuing education of their members.