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Executive Education

IFRS Course Description and Agenda

The headlines tell the story.  Asia turning to IFRS – China, India, Japan and Korea are all on their way; Canada and Mexico are going to IFRS this year.  The SEC has already removed the reconciliation requirement for foreign registrants using IFRS and its “roadmap” proposes the eventual mandatory use of IFRS by U.S. companies.  IFRS is here!  Are you prepared?  With more than 100 countries requiring or permitting the use of or converging with IFRS the “other GAAP” cannot be ignored.  This two-day workshop is for executives, analysts, accountants and others responsible for financial reporting/analysis that understand U.S. GAAP and need to know about IFRS to function in the global marketplace.

This workshop is divided into two parts.  Part I is a ½-day seminar titled “IFRS is coming to America.  What business leaders need to know!”  This seminar will give participants an overview of IFRS, the most significant GAAP differences and their impact on U.S. companies and conversion considerations when adopting IFRS for the first time.  Part II is a 1 ½-day workshop titled “Bridging the GAAP to IFRS.”  Participants will learn about selecting IFRS accounting policies and review IFRS financial statement requirements.  The workshop will then explore, in detail, the significant recognition, measurement, presentation, valuation and disclosure differences between U.S. GAAP and IFRS in key areas using an example-driven and interactive approach.

Part I (½-day):  IFRS is coming to America.  What business leaders need to know.

Introduction to IFRS and the status of its mandatory/optional adoption in the U.S.

  • Headlines and history
  • What does “in accordance with IFRS” mean?
  • Financial impact of adopting IFRS and general differences with U.S. GAAP
  • Proposed SEC “roadmap” and its current status

Overview of the most significant GAAP differences (Top 10) and their impact on U.S. companies

  • Inventories
  • Depreciation of PP&E
  • Consolidation
  • Impairment testing
  • Securitizations and SPEs
  • Provisioning
  • Debt vs. equity classification
  • Pension and post-retirement benefits expense
  • Leasing
  • Research & development costs

Adoption of IFRS and conversion considerations

  • Requirements of IFRS 1 “First-time Adoption of IFRS”
  • Overview of conversion process
  • Where do U.S. companies currently stand with respect to their conversion efforts?
  • Next steps

Part II (1 ½-day):  Bridging the GAAP to IFRS

IFRS accounting policies

  • Benchmark vs. allowed alternatives; choosing accounting policies
  • Consistency of and changes to accounting policies
  • IASB’s Framework
  • No rules? – IFRS “hierarchy”

IFRS financial statements

  • Overview of financial statement requirements under IFRS
  • Review of IFRS financial statements
  • Fair value
  • Disclosure of key sources of estimation uncertainty
  • Events after the balance sheet date
  • Discontinued operations
  • Segment reporting

Detailed analysis of significant differences between U.S. GAAP and IFRS

  • Revenue recognition
  • Business combinations and non controlling interests
  • Consolidation and accounting for investments in associates, joint ventures and SPEs
  • Property, plant and equipment, assets held for sale, investment property and related impairment issues
  • Foreign exchange
  • Financial instruments
  • Intangible assets and related impairment issues
  • Inventories
  • Classification of instruments as debt or equity
  • Leases
  • Restructuring provisions, asset retirement obligations, guarantees and contingencies
  • Share-based payment
  • Pension and post-employment benefits
  • Income taxes

WVU Center for Executive Education is now offering the IFRS Program onsite to companies and organizations, customized to fit current and future workforce training needs. For additional information or to schedule a program, please contact Martina Bison-Huckaby.