UK, IFRS and US GAAP Compared

In addition to your class tuition and study materials, you will receive the following:


Case Study

• Two sets of listed company financial statements to act as live case studies for the course

Exercises

• Exercises to practise the key skills in class
• - Recalculation of reported profit and net assets as an entity moves between UK, IFRS and US GAAP
• - Prepare an interpretation of GAAP transition disclosures

Other Extras

• Certificate of attendance

Level: Intermediate


Synopsis:
The accountancy profession has long looked forward to the day when there will be a single set of global accounting standards used by all companies.The last decade has seen huge strides taken towards this aim, but sadly complete uniformity remains in the future and hence knowledge of the key differences between the world's leading accounting systems (UK GAAP, IFRS and US GAAP) is essential for those taking a worldwide perspective.


At the end of the course participants will be able to: Understand the impact of global accounting harmonisation . Identify the impact of transition between leading GAAP on the reported financial position and performance . Understand the disclosures related to GAAP transition .


Prerequisites:
A basic familiarity with the contents and layout of non-group financial statements.


Suitable For:
Anyone who currently uses or intends to use the financial statements of global companies or makes comparisons between business entities located in geographically diverse areas.This is also the course for those who want to gain a snapshot awareness of accounting rules currently in use.


Introduction

• Global harmonisation - the big picture
• The IASB-FASB convergence process

The regulatory environment

• Law vs. principles

Formats and presentation

• The format of the primary financial statements
• Presentation rules
• The link to true and fair

Assets

• Tangible non-current assets
• Intangible non-current assets
• Impairment
• Construction contracts
• Inventory

Liabilities

• Provisioning
• Deferred taxation
• Leasing
• Employee benefits

Other key areas of interest

• Revenue recognition
• Group financial statements
• Subsidiaries
• Associates
• Joint ventures