Progress toward a set of global accounting standards is no longer a goal of the International Accounting Standards Board (IASB)—it is a reality, as many of the world’s largest capital markets require or permit the use of International Financial Reporting Standards (IFRS). Over 125 countries require publicly traded companies to apply IFRS, while many other jurisdictions permit the use of IFRS in some circumstances.
Why is IFRS relevant in the US, and for you?
Many multinationals corporations are headquartered across the U.S., so you could easily find yourself with a client subject to IFRS requirements, either for itself or a non-U.S. subsidiary.
You might increasingly find yourself structuring deals and transactions with IFRS counter-parties, including vendors and customers. Understanding the implications of structuring these transactions and reporting on them using IFRS will require you to have more than a passing knowledge of these standards.
As both FASB and IASB continue their standard-setting agendas, you’ll need to assess proposals and be concerned about divergence that could affect your financial reporting or audit responsibilities going forward.
▪ Obtain the necessary proficiency in complex International Financial Reporting Standards (IFRS) areas including financial instruments and business combinations.
▪ Acquire a broad overview of key IFRS definitions and concepts
▪ Apply the fundamental principles of IFRS across a range of accounting topics
▪ Understand the accounting impact of the latest standards and amendments issued by the IASB.
▪ Fair Value Measurement
▪ Financial Instruments
▪ Revenue Recognition
▪ Joint Arrangements
▪ Business Combinations
▪ Foreign Currency
▪ Income Taxes
▪ Intangible Assets
▪ Investment Property
CPAs in Public Practice who perform Audits and Accountants who prepare Financial Reports and work in the following areas:
U.S.-based subsidiaries of foreign parent corporations
U.S.-based parent companies with international subsidiaries that have adopted IFRS
Large private companies
Public practice who serve private, public or international companies with audit, preparation, or advisory service