CE/CPE Course Information

Main Differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP)

CPE Credits: 4
Subject Area: Accounting and Auditing
Field of Study: Accounting
Program Level: Overview
Lesson Version: 12-1
Publication/Revision Date: November 18, 2016
Prerequisites/Advanced Preparation: None
Written By: Michael Kustanovich, CPA

Learning
Objectives
    After completing this course, you will be able to
  • Recognize the main differences between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) in relation to inventory costing and measurement
  • Apply the revaluation model of accounting for PPE items according to IFRS
  • Apply the impairment test for long-lived assets to be held and used and goodwill in accordance with IFRS and U.S. GAAP
  • Account for properties classified as investment properties according to IFRS
  • Recognize the main differences between IFRS and U.S. GAAP in relation to equity-method investments
  • Identify items that are differently presented and classified in financial statements according to IFRS and U.S. GAAP
  • Account for research and development costs under IFRS and U.S. GAAP
Course Topics
  1. Inventories
  2. Property, Plant, and Equipment (PPE); Impairment; and Investment Property
  3. Goodwill Impairment Test
  4. Equity Method of Accounting
  5. Other Accounting and Reporting Differences

This self-study course consists of an Audiovisual presentation, a 20-question True/False Introductory quiz, a Knowledge Transfer Outline with multiple-choice questions for study and review, and a Qualified Assessment of 20 questions.

This course is designed for your convenience. You may log out at any time during the course; your current position and all work will be saved. The next time you log in, you can resume right where you logged off.

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