Why Should You Attend:
This 4 hour course will provide the attendees with a solid foundation and understanding of International Financial Reporting Standards. The SEC is currently committed to US adoption of IFRS including a published implementation timeline. Therefore it is necessary for all organizations to understand IFRS requirements as well as the short and long term affect that implementation will have on the financial reporting and disclosure process.
The discussion will include the current status of convergence and adoption. The course explores the major differences, both cosmetic and substantive, between U.S. GAAP and IFRS. Learn the Standards requirements associated with financial statement preparation and presentation as well as assets, liabilities and revenue. A sample financial statement will be presented. In addition, private entity options will be discussed. IFRS adoption presents numerous potential challenges. The aforementioned will be offered for deliberation. Transition considerations and implementation risks will be presented which will allow participants to consider the implications for their organization.
4 hours of instruction, 15 min break
Agenda: Eastern (Pacific)
1.Introduction to International Financial Reporting (0:50)
Interactive discussion that builds the foundation for IFRS including:
2.Adoption Considerations and Challenges (0:50)
Interactive discussion that details the perceived benefits and challenges associated with U.S. adoption including:
3.Introduction to IFRS Financial Statement Presentation (0:40)
Interactive discussion that details the Standard requirements for financial statement preparation and presentation including:
4.Assets and Liabilities (0:40)
Interactive discussion that outlines the substantive differences in accounting treatment of the following:
Interactive discussion that summarizes revenue recognition and reporting requirements including:
6.IFRS for SMEs (0:30)
Interactive discussion that summarizes private entity IFRS adoption options and requirements including:
Anne M. Marchetti, Anne M. Marchetti has 25 of years of finance and accounting experience in both private industry and public accounting. She is a Sarbanes-Oxley subject matter expert focused on the design, implementation, analysis and optimization of internal control systems and corporate governance and risk management programs. As a thought leader in this area, she developed a compliance methodology in conjunction with a delivery framework and has spoken at numerous conferences as well as published several articles on this particular subject. Ms. Marchetti has worked globally with both public and private entities in most industries as well as organizations of all sizes. She regularly interacts with Big Four, middle market and local external audit firms as a liason on behalf of these organizations.
Ms. Marchetti served as the Global Service Line Director – Governance and Risk Management Practice at Parson Consulting. As the Practice Director she worked with numerous clients on Sarbanes-Oxley compliance initiatives and frequently collaborated as well as presented to Board’s of Directors in regard to Sarbanes-Oxley compliance, Corporate Governance and Enterprise Risk Management. Ms. Marchetti leverages this experience with a unique blend of technical skills which include management of ERP software implementations from a technology, process and accounting perspective. She has designed training programs for Board of Directors and Audit Committees as well as end users and consultants on various business software applications, Sarbanes-Oxley compliance, ERM in addition to IFRS and has conducted over 200 formal training seminars.
Anne is a member of the AICPA faculty and regularly provides instruction on the following:
Ms. Marchetti served as an assistant controller for a manufacturing company and held positions in public accounting as well as provided expertise in consolidation and financial reporting with Hyperion Solutions.
Anne currently operates Account-Ability Consulting and provides advisory and consulting services in the areas of Sarbanes-Oxley compliance, internal controls optimization, corporate governance, enterprise risk management, IFRS, financial system implementation and training/education.
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