IFRS #1: First Time Adoption of International Financial Reporting Standards

Instructor: Mike Morley
Product ID: 701198
  • Duration: 60 Min

recorded version

1x Person - Unlimited viewing for 6 Months
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Recorded Link and Ref. material will be available in My CO Section

Training CD

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Read Frequently Asked Questions

This IFRS (International Financial Reporting Standards) will provide you with some easy-to-follow guidelines that will help you in complying with IFRS Standard # 1.


International Financial Reporting Standards are changing how companies present their financial statements. Effective January 1, 2014, accountants working for “publicly accountable enterprises” will be expected to continue to prepare US GAAP statements, but in addition will have to prepare IFRS financial statements using IFRS Standard # 1. IFRS Standard # 1 was specifically issued to help companies with the transition from GAAP. In addition, a reconciling financial statement which bridges the gap between the two will be required. In effect, IFRS requires that the accountant be able to understand and explain the differences between IFRS and US GAAP. This hands-on workshop will provide you with some easy-to-follow guidelines that will help you in complying with IFRS Standard # 1.

Areas Covered in the seminar:

  • Scope and applicability of Standard #1.
  • Opening IFRS balance sheet.
  • Accounting policies.
  • Transitional provisions.
  • Business combinations.
  • Fair value or revaluation.
  • Cumulative translation differences.
  • Exceptions.
  • Disclosure requirements.
  • Financial statement presentation.

Who will benefit:

  • If you are an accounting professional you need to become familiar with exactly what these new standards consist of, and what these changes mean for companies.
  • This workshop will help you become acquainted with the latest information regarding IFRS and will include an opportunity to practice applying these standards.

Instructor Profile:

Mike Morley, is a Certified Public Accountant and author of several books including “Sarbanes-Oxley Simplified.” A frequent consultant on SOX and IFRS projects, Mike is a recognized authority in the field of finance. An entertaining and informative speaker, Mike’s presentations help financial professionals stay on top of the latest developments in their field.

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