US GAAP vs IFRS – a 2-day course
An introduction to the main differences that exist in US GAAP in comparison with IFRS
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 not possible to draw up an exhaustive list of all the differences due to the changing regulatory framework and depending on clients’ questions as the course progresses. The course is conducted in English.
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).
Part 1
- Introduction to US GAAP
The US regulatory environment will be introduced bearing in mind the US legal system. There will be a discussion on how IFRS have impacted on financial reporting worldwide and how the US views IFRS. As IFRS are applied worldwide, there is no one regulatory environment.
- Regulatory framework and fundamental concepts
US GAAP has evolved since the 1930s so there are many sources, unlike IFRS. There will be a discussion on the differences between the regulatory environments , the US GAAP codification end the issues that arise in relation to enforcement of IFRS.
- Presentation of financial statements
With the issue of the revised IAS 1 and the new proposed IFRS 18 to be finalized in April 2024, the language is becoming more similar between US financial statements and their international equivalents. Nonetheless, there are still some language issues which need to be discussed to assist a reader of US GAAP financial statements.
- Property plant and equipment
We will focus on the differences such as impairment of property, plant and equipment and intangible assets, revaluations, component accounting and depreciation, asset retirement obligations and other issues.
- Intangible assets
US GAAP has the most developed guidance on software costs. There are also differences in relation to research and development costs.
Part 2
- Contingent losses and gains
The US standard focuses on the income statement while IAS 37 is balance sheet focused. The impact of this will be discussed.
- Leasing
Even though both IFRS and US GAAP have issued new leasing standards, the US in ASC 842 still retain two types of leases for the lessee. We will go through these differences and how to account for operating leases under US GAAP.
- Summary of other differences between IFRS and US GAAP
Throughout the course, as issues arise they will be discussed. There will be a discussion of these “sweep” issues such as non-controlling interests in business combinations and goodwill impairment, inventory valuation and the use of the LIFO method and replacement cost in some instance under US GAAP.
Brian Connolly - Brian has been providing ACCA exam preparation training courses since 1996. He is also the author of many training programmes, including a 12-day programme on IFRS. Since 2001, he has been a trainer of courses on US GAAP.
CPD (Continuing Professional Development) – our training courses meet the requirements of international professional bodies (ACCA, IIA) for the continuing education of their members.