Gain an understanding of the key differences between IFRS and USGAAP and walk through the key considerations when adopting IFRS.
International Financial Reporting Standards (IFRS) is the accounting framework accepted in over 168 countries around the world. For US based entities applying IFRS for the first time and on an on-going basis, this can be challenging given the differences between IFRS accounting principles generally accepted in the United States (USGAAP). This presentation will help attendees understand the key differences between IFRS and USGAAP and walk through the key considerations when adopting IFRS for the first time. In addition, the presentation will take some time to consider the upcoming changes to IFRS, in particular the new standard: IFRS 18 Presentation and Disclosure in Financial Statements, which will lead to additional differences between the IFRS and USGAAP, when it becomes effective.
Learning Objectives
- You will be able to describe timely IFRS guidance, and its impact on global accounting and financial reporting and how IFRS compares with the equivalent guidance included in US Generally Accepted Accounting Practice.
- You will be able to discuss updates to IFRS 18 and how it supersedes IAS 1.
- You will be able to explain Be able to explain the approach to first time adoption of IFRS.
- You will be able to identify Key differences between the IFRS and US GAAP.
Agenda
Introduction
- Learning Objectives
- Background
Key Differences Between the IFRS and US GAAP
- Key Differences Between the IFRS and US GAAP
- Balance Sheet Items
- Income Statement Items
IFRS 18
- IFRS 18
- New Standard
- Key Changes
What First-Time Adopters Need to Know
- IFRS 1 - First Time Adoption
- Strategies for a Smooth Transition
Q and A
Speakers
Shane Classen, CA(SA),
BDO USA, P.C.- Senior Manager, Professional Practice Group – IFRS Services at BDO USA, P.C.
- More than 10 years of public accounting experience, spanning across three continents, having worked for BDO South Africa, BDO UK, and BDO USA
- Primary focus is to help clients with International Financial Reporting Standards (IFRS) accounting advisory needs, including adopting new IFRS standards, full IFRS conversions and preparing IFRS financial statements
- Has strong financial reporting technical experience, having worked with clients who prepare their financial statements under various reporting frameworks including IFRS, UK GAAP (FRS 101 and 102), IFRS for SMEs and US GAAP (including under PCAOB standards)
- Regularly prepares and delivers training materials to internal and external audiences on IFRS matters; performs quality control reviews of IFRS financial statements and reporting packages; and assists BDO USA & BDO Alliance firms’ assurance engagement teams with technical IFRS accounting consultations
- Chartered Accountant (South Africa)
- P.G.D. in Accounting, University of Cape Town; B.A. Degree, University of Cape Town
Andrew Moore,
BDO USA, P.C.- Director, Professional Practice Group, IFRS Services at BDO USA, P.C.
- More than 20 years of public accounting experience, predominately in the mid tier
- Primary focus at BDO is IFRS related work, such as reviewing IFRS financial statements and reporting packages and completing consulting engagements, including IFRS conversion projects
- Worked with numerous companies applying IFRS in the US, across various industries
- Presenter and developer of BDO’s IFRS Quarterly webinar series for 5 years, these webinars typically include updates to IFRS, case studies and comparison of USGAAP & IFRS accounting matters
- Presenter at numerous non-BDO webinars including for CAWUSA and at the BDO Alliance conference on IFRS related matters
- Certified Public Accountant in Virginia and Illinois
- Fellow of the Association of Chartered Certified Accountants
- IFRS certifications from Institute of Chartered Accountants in England and Wales and Association of Chartered Certified Accountants
Who Should Attend
This live webinar is designed for Accountants, CPAs, controllers, CFOs, tax managers and officers, presidents, vice presidents, business owners and managers, business analysts, bookkeepers, and accounts payable professionals.
