Course Description

Synopsis:

US GAAP and IFRS share a similar framework and have been significantly converged over the past two decades. Still, major differences remain in relation to recognition and measurement. We will look at key conceptual differences, differences in terminology, and specific examples of recognition and measurement differences that are commonly faced by reporting entities and auditors. 

In this module, the following topics will be covered:

1. Conceptual differences – Impairment, Revaluation and Industry Focus
2. Terminology – "Probable" concept and Contingents (Liabilities vs Losses)
3. Specific examples
   • Inventory Methods and Write-Down Reversals
   • Fixed Assets – Revaluation and Components Approach
   • Lease Accounting – ROU Asset and Cash Flows
   • Financial Instruments – Credit Losses and SPPI Model
4. Recent standards creating differences

Stay tuned for the module on US GAAP and IFRS: Presentation and Disclosure, also led by Thomas Egan. 

Intended For:

• Audit Professionals / PAIP
• Finance Professionals  / PAIB
• Public Sector Finance
• C-suite & Directors 

Competency Mapping: 

• CPE Category 1 = 1.0 CPE Hour