International Financial Reporting Standards ("IFRS") represents the future of financial accounting and reporting in the United States. Most of the world already communicates with investors and stakeholders about corporate financial performance in the language of IFRS. The International Accounting Standards Board (IASB) and their U.S. equivalent (the FASB) have made commitments towards the convergence U.S. GAAP and IFRS and are working to eliminate as many differences between the two Standards as possible. The Securities and Exchange Commission has endorsed the outright adoption of IFRS in the United States. This growing acceptance of IFRS as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession.
This course provides an introductory overview of International Financial Reporting Standards, including detailed discussions of the impact that IFRS will have on U.S. businesses. This course also includes comprehensive reviews of the IASB structure and its standard-setting process, the basic framework that serves as the foundation for IFRS and the differences that exist between U.S. GAAP and IFRS.
Delivery Method: Online Interactive Self Study
Advanced Preparation: None
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Michael J. Walker
Category: Accounting and Auditing
Field of Study: Accounting
Passing Score: 70%
For More Detail:
Chapter 1: Introduction to IFRS
1. Define "IFRS".
2. Describe the IASB Structure and the roles that each governing body serves within the Structure.
3. Explain the due process followed by the IASB when developing and issuing IFRS.
For More Objectives:
CPA: Suitable for all CPAs
IRS: Enrolled Agents Program Number