US GAAP a MSSF - główne różnice - szkolenie w języku angielskim
About the course
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. The course is conducted in English.
To evaluate and apply the requirements of US GAAP, insofar as they differ from International Financial Reporting Standards (IFRS).
The course program
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.
US GAAP has the most developed guidance on software costs. There are also differences in relation to research and development costs.
There is a myriad of guidance under US GAAP dealing with franchise fee revenue, sale or return transactions, the installment sales method, multiple-deliverable arrangements and the SEC have issued guidance.
The concept of lower of cost and market will be developed and the accounting requirements in relation to replacement cost.
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.
There are different criteria to IFRS for deciding if a lease is a capital lease and the sale and leaseback provisions also differ.
The completed contract method is allowed under US GAAP under certain circumstances while under IFRS revenue is recorded at the same amount as costs incurred.
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.