Introduction to USGAAP v IFRS local GAAP

Course Aim/Overview

This course aims to help all those involved in the financial reporting process, whether auditors or accountants, to better understand the process and complete the task effectively. The course will compare the requirements of USGAAP with those of IFRS (and other EU or local GAAP) and will concentrate on those areas of greatest divergence.

The course will concentrate on some of the most topical issues for 2022/23.

This course is available at our London campus or online.

What you will learn

• The Regulatory Context of US and EU Accounting:
  • National GAAP based on EU Directives
  • EU Regulation on IFRS

• The Regulatory Context of US GAAP:
  • Federal law and state law
  • The role of the Securities and Exchange Commission and the requirements for Public Business Entities (PBEs)
  • Standard setters, including FAS
  • The significance of Sarbanes Oxley Act and regulators such as the PCAOB

• The Influence of Tax:
  • The importance of tax reporting in the US especially for subsidiary entities
  • Key differences between tax and USGAAP requirements

• SEC filing requirements in overview, including:
  • Regulation S-X
  • Form 10-K
  • Form 8-K
  • Form 20-F
  • And summary of requirements for non-SEC registered entities

• The Codified content of USGAAP including:
  • FASB and SEC pronouncements
  • Recent significant Accounting Standard Updates
  • How to research USGAAP issues
• Presentation of Financial Statements USGAAP compared with IFRS:
  • The balance sheets
  • The income statements
  • Other comprehensive income and recycling items to Income and earnings
  • Unusual and extraordinary items
  • Statement of changes in equity
  • The cash flow statement and what is meant by ‘cash’’ under USGAAP

• Accounting policies – what makes it different to IFRS
  • How a rules-based system such as USGAAP works in practice
  • The focus on earnings and the significance of the balance sheet

• Summary of significant recent changes and areas where USGAAP differs from IFRS
• Revenue recognition under USGAAAP v IFRS 15
• Lease accounting
• Property, plant, and equipment – historic cost accounting and when the revaluation is allowed
• Reporting intangible assets and goodwill and impairment testing under USGAAP
• Provisions and contingencies

Who is the course for?

The course is aimed at professional accountants and auditors who already have practical experience in preparing financial statements being either qualified or part qualified.  This course is designed to update and improve their knowledge.

Course materials

The course will provide supporting notes and slides including examples and solutions to examples.  Cross-references to important authoritative guidance and regulation will also be provided.