Financial Reporting Standards (GAAP/IFRS)

I. Introduction:

Understanding financial reporting standards is crucial for anyone involved in preparing, analyzing, or interpreting financial statements. This course provides a comprehensive overview of both Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), comparing and contrasting their key differences.

II. Course Objectives:

• Gain a solid understanding of the fundamental concepts and principles underlying GAAP and IFRS.
• Learn how to apply relevant standards to various financial statement elements, including income statement, balance sheet, and cash flow statement.
• Identify key differences and similarities between GAAP and IFRS for critical accounting areas.
• Develop the ability to critically analyze and interpret financial statements prepared under both GAAP and IFRS frameworks.
• Understand the impact of GAAP and IFRS on financial decision-making.

III. Course Highlights:

Conceptual Framework:

Explore the underlying principles and assumptions of GAAP and IFRS frameworks.

Understand the qualitative characteristics of financial information under both standards.

Financial Statement Presentation:

Learn the elements and structure of financial statements under GAAP and IFRS.

Compare and contrast the presentation and disclosure requirements for key financial statement items.

Revenue Recognition:

Analyze the recognition criteria for revenue under both GAAP and IFRS.

Understand the different revenue recognition models and their implications.

Inventory Valuation:

Explore various inventory costing methods (FIFO, LIFO, etc.) under GAAP and IFRS.

Analyze the impact of different methods on financial statements.

Property, Plant, and Equipment (PPE):

Learn the accounting treatment for acquisition, depreciation, and impairment of PPE under both standards.

Identify key differences in depreciation methods and useful lives.

Intangible Assets:

Understand the recognition and subsequent measurement of intangible assets under GAAP and IFRS.

Explore the specific challenges associated with valuing intangible assets.

Leases:

Analyze the classification and accounting treatment of leases under both GAAP and IFRS.

Understand the impact of new lease accounting standards on financial statement presentation.

Financial Instruments:

Learn the classification and measurement of financial instruments under both GAAP and IFRS.

Explore the implications of different accounting approaches for financial instruments.

Comparative Analysis:

Conduct a comprehensive comparison of GAAP and IFRS for various accounting areas.

Develop an understanding of the implications of using different accounting standards for financial statement comparability.

IV. Target Audience:

This course is designed for a diverse audience, including:

• Finance professionals, such as accountants, analysts, and auditors
• Business owners and managers
• Investors and financial analysts
• Individuals seeking a deeper understanding of financial reporting fundamentals