us gaap vs. ifrs - academyofbusiness.pl · us gaap vs. ifrs an introduction to the main differences...
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US GAAP vs. IFRSAn introduction to the maindifferencesthat exist in US GAAP incomparision with IFRS
Client Relation OfficerWarsawAleksandra Trychtel. 48 505 171 [email protected]
Academy of BusinessEY Academy of BusinessTel. +48 22 579 80 [email protected]
Objectives
u To evaluate and apply the requirements of US GAAP, insofar as they differ fromInternational Financial Reporting Standards (IFRS).
Who is it for?u The course is designed for individuals who already have knowledge of IFRS and now
need to develop their skills in US GAAP. It will focus on the major differences. It is notpossible to draw up an exhaustive list of all the differences due to the changingregulatory framework.
US GAAP course is a 2-day course programme which will comprise :
u a mixture of lectures
u questions and answer sessionsu practical exercises and illustrations
u Delegates will receive full course notes in English and Polish.
The course will be conducted in English.
Day1
► Introduction to US GAAP
The US regulatory environment will be introducedbearing in mind the US legal system. There will be adiscussion on how IFRS have impacted on financialreporting worldwide and how the US views IFRS.
► Regulatory framework and fundamental concepts
US GAAP has evolved since the 1930s so there aremany sources, unlike IFRS. There will be adiscussion on the differences between the regulatoryenvironments , the US GAAP codification end theissues that arise in relation to enforcement of IFRS.
► Presentation of financial statements
With the issue of the revised IAS 1, the language isbecoming more similar between US financialstatements and their international equivalents.Nonetheless, there are still some language issueswhich need to be discussed to assist a reader of USGAAP financial statements.
► Property plant and equipment
We will focus on the differences such as impairment,asset retirement obligations and other issues.
► Intangible assets
US GAAP has the most developed guidance onsoftware costs. There are also differences in relationto research and development costs.
Day 2
► Revenue recognition
There is a myriad of guidance under US GAAPdealing with franchise fee revenue, sale or returntransactions, the installment sales method, multiple-deliverable arrangements and the SEC have issuedguidance.
► Inventory valuation
The concept of lower of cost and market will bedeveloped and the accounting requirements inrelation to replacement cost.
► Contingent losses and gains
The US standard focuses on the income statementwhile IAS 37 is balance sheet focused. The impact ofthis will be discussed.
► Leasing
There are different criteria to IFRS for deciding if alease is a capital lease and the sale and leasebackprovisions also differ.
► Construction contracts
The completed contract method is allowed under USGAAP under certain circumstances while under IFRSrevenue is recorded at the same amount as costsincurred.
► Summary of other differences between IFRS andUS GAAP
Throughout the course, as issues arise they will bediscussed. There will be a discussion of these“sweep” issues.
The course programme
Date and location
7-8 December
It is possible to organise
in-company training at customers’
individual request.
The courses run from
9 am to 4.30 pm. Two breaks for
coffee and snacks are scheduled
during the day and at 1 pm
participants are invited to lunch
(included in the price).
Costs
Course fee: PLN 2,750 + 23% VAT
per person.
The price includes course
participation and materials for
individual home-study.
Payment should be made on the
basis of a pro-forma invoice. After
payment has been made, each
participant will receive an invoice.
Contact
Aleksandra Trychtel. +48 797 305 [email protected]
Application
If you are interested in participating
in the course, please complete the
attached Application Form and
return it to us by fax at least two
weeks before the start of the course.
If you would like to receive moredetailed information, please call+48 22 579 8000 or e-mail us at:[email protected]
Information about the full range ofour courses is available on ourwebsite at:www.academyofbusiness.pl
Registration form
We kindly ask you to complete the following form and send it via e-mail to: [email protected] or fax:22 579 80 01. All information regarding the course will be sent to the specified e-mail address.
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