International Financial Reporting Standards (IFRS): First time adoption

Instructor: Mike Morley
Product ID: 701546
  • Duration: 60 Min

recorded version

1x Person - Unlimited viewing for 6 Months
(For multiple locations contact Customer Care)
Recorded Link and Ref. material will be available in My CO Section

Training CD

One CD is for usage in one location only.
(For multiple locations contact Customer Care)
CD and Ref. material will be shipped within 15 business days

Customer Care

Fax: +1-650-963-2556


Read Frequently Asked Questions

This IFRS training will discuss the procedure of implementing International Financial Reporting Standards and the factors companies should consider in implementation.

Why Should You Attend:
Publicly Accountable Enterprises (PAE’s) will be expected to publish their first comparative financial statements (including quarterly statements) after January 1, 2011 (For Canada) and January 1, 2014 (For USA), based on International Financial Reporting Standards (IFRS). They will need to implement the new standards well in advance of that date 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 PAE’s be able explain the differences between IFRS and GAAP.

This session will outline the procedure for implementation and examine the many factors that companies need to carefully consider when implementing International Financial Reporting Standards.

Areas Covered in the seminar:

  • Scope and applicability of Standard #1.
  • Sizing up the impacts of implementation: questions you need to ask.
  • Planning the approach: accounting policies and decision criteria.
  • Mixed asset valuation model: revaluation and historical cost.
  • Setting up the opening IFRS balance sheet.
  • Exceptions allowed by Standard #1.
  • GAAP/IFRS reconciliation requirement
  • Transitional provisions.
  • 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 who holds the top credit designations in the U.S., Canada, and the U.K. Mike is a recognized authority in the field of finance with more than 25 years experience.

An entertaining and informative speaker and trainer, Mike is the author of:

  • IFRS Simplified, which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.
  • “Sarbanes-Oxley Simplified,” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.
  • “Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.
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