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The diminishing differences between generally accepted accounting principles (GAAP), principally established by the Financial Accounting Standards Board (FASB), and international financial reporting standards (IFRS), as established by the International Accounting Standards Board (IASB”, is narrowing at a faster pace. IFRS is now the world’s most widely accepted and applied accounting standards in more than 100 countries now requiring or permitting their use.
International Financial Reporting Standards (IFRS)
Introduction, History, and Overview of Existing and Future Standards
Roles of the Various Accounting Standards Setting Bodies
Objectives and Structure of the International Accounting Standards Board (IASB)
Framework, Demand, and Adoption of IFRS
Convergence
Introduction and Historical Overview
Issues, Benefits, and Problems of Convergence
Purpose and Objectives, including Financial Statement Audit Impact
Scope, Structure, and Content of IFRS Financial Statements
Accounting Policies and Underlying Assumptions
Components of Financial Statements, including Qualitative Characteristics
Measurement and Recognition of the Elements of Financial Statements
Transition Concerns and Transition Plan Elements
Structure and Content of Both General and Specific Elements of Financial Statements
IAS 1
Balance Sheet
Income Statement
Presenting Either a Statement of Changes In Equity or a Statement of Recognized Income or Expense (SORIE)
Statement of Cash Flow
Consolidation Criteria and Requirements
Notes tFinancial Statements and Related Disclosures
Revenue Recognition and Reporting Requirements
Examining Substantive Differences in Disparate Accounting Treatments
Inventory
Fixed Assets
Valuation
Revaluation
Depreciation
Deferred Taxes
Contingencies
Performing Thorough Assessments
Technical Accounting and Tax Implications and Risks
Supporting Established Processes and Infrastructure Considerations
Adopting Implementation Plans
Conversion Issues and Concerns
Technical Accounting and Tax Conversion Issues
Designing Supporting Processes and Infrastructure Features
Developing Revised Organization Plans and Change Strategies
Conversion Maintenance
Implementing Support Processes and Infrastructure Features
Change Management Execution Strategies
Conversion Transfers
Comparative Analysis of Companies Adopting or Not Adopting IFRS
International Accounting and Diversity Considerations
Financial Analysis Tools and Techniques
Common Size Statements
Trend Analysis
RatiAnalysis
Dupont Analysis
Investment Ratios
Cash Flow Ratios
Peer Group and Industry Comparisons
Importance of Corporate Governance and Awareness of IFRS Best Practices
Future IFRS Considerations
Averest Training Certificate of Completion or delegates who attend and complete the training course
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