Overview
Venture into comprehensively exploring the two predominant accounting frameworks: the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (U.S. GAAP). Dissect the key similarities and differences between IFRS and U.S. GAAP and develop the tools to navigate the complexities of global financial reporting. Through practical examples, in-depth analyses, and practical applications, enhance your fluency in both frameworks, grasp the underlying reasons for divergences and gain insights into convergence efforts. As businesses increasingly operate globally, proficiency in understanding and reconciling these two frameworks becomes indispensable for today's CPA.
Objectives
- Understand the governing bodies that develop and implement U.S. GAAP and IFRS standards
- Identify major differences between IFRS and U.S. GAAP
- Identify areas of convergence and agreement between U.S. GAAP and IFRS
- Understand how to reconcile U.S. GAAP financial statements with statements prepared under IFRS
