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US GAAP vs IFRS - Main differences

Sample our training: register for the introductory webinar IFRS vs. US GAAP 

About the course

This two-day 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.

Contact us about organising this course in-house!

  • For whom?
  • Objectives and advantages
  • Programme
  • Date and location
  • Tutors
  • Contact
  • Educational points/units
  • Download course programme in PDF

For whom?

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.

Objectives and advantages

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

Programme

IFRS v US GAAP is a 2-day course programme which will comprise:
  • a mixture of lectures
  • question and answer sessions
  • practical exercises and illustrations
Delegates will receive full course notes in English and Polish.
The course will be conducted in English.

Day 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.
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, 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, 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.

Day 2

Financial Instruments
With the introduction of IFRS 9 and new rules for classification and measurement of investments in equity (ASC 321), IFRS and US GAAP are moving further apart on financial instruments and there are differences in relation to impairment in how and when it is applied. .
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
There are different criteria to IFRS for deciding if a lease is a capital lease and the sale and leaseback provisions also differ. Also, differences will still remain when the new leasing standards (IFRS 16 and ASC 842) come into effect.
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.
This is also a chance for participants to update themselves on recent and upcoming changes to both IFRS and US GAAP especially in relation to financial instruments and leasing.

Contact us about organising this course in-house!

Tutors

Brian Connolly, FCA, ACMA

Brian is an expert trainer with the EY Academy of Business and lectures in US GAAP, ACCA and the International Finance Postgraduate Studies programme. He has co-authored the 12-day EY Diploma in IFRS programme.

Brian graduated from University College Dublin in Ireland. He is professionally qualified with the Institute of Chartered Accountants in Ireland (ACA), the Chartered Institute of Management Accountants (ACMA) and the Institute of Taxation in Ireland (AITI). He has trained clients in many countries, including Germany, Hungary, Poland, Russia, Kuwait, Bahrain and the UAE.

E-mail the Course Co-ordinator

Contact

You are welcome to contact us!

Aleksandra Trych | Mobile: +48 505 171 636

Educational points

Participants will receive 14 CPD (Continuous Professional Development) credit hours.

Our training courses fulfil the requirements of international professional bodies (ACCA, IIA, PMI®) for their members' continuous professional development.