Content Provider
Mikemorley

Self-Study CPE
FINANCIAL REPORTING AND ANALYSIS - 10 COURSE SERIES
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SEC HOT TOPICS: MD&A AND NON-GAAP FINANCIAL MEASURES
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MANAGEMENT DISCUSSION & ANALYSIS (MD&A) – WHAT YOU NEED TO KNOW
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SEC FORM 8-K: WHEN TO FILE AND WHAT TO DISCLOSE
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DISCLOSURE REQUIREMENTS: REV REC, LEASES, BUSINESS COMBINATIONS, CECL & SEGMENTS
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LESSEE ACCOUNTING: IDENTIFICATION, CLASSIFICATION & RECOGNITION
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ACCOUNTING FOR BUSINESS COMBINATIONS
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ACCOUNTING FOR SOFTWARE – INTERNAL USE AND EXTERNAL SALES
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LEASE ACCOUNTING AND REPORTING - WHAT YOU NEED TO KNOW
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REVENUE RECOGNITION: HOW TO IDENTIFY PERFORMANCE OBLIGATIONS
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Cpe webinars
IFRS First-Time Adoption: Exemptions and Options

IFRS FIRST-TIME ADOPTION: EXEMPTIONS AND OPTIONS

Cost $50.00
CPE Credits 2.0 hours
Subject Area 2.0 - Accounting
CE Credits 0.0 hours
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

IFRS First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements. The IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period. When reporting under IFRS, U.S. Publicly Accountable Enterprises (PAE’s), including the U.S. publicly traded companies, must publish their first comparative financial statements (including quarterly statements) 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. IFRS requires that the PAE’s explain the differences between IFRS and GAAP.

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

Major Topics Covered:


  • 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

  • Practical examples to help develop an understanding of the process and requirements of switching over to IFRS from GAAP

Learning Objectives:


  • List the latest information regarding the First-Time adoption of IFRS

  • Define procedures for transitioning to IFRS and establishing initial policies

  • Demonstrate the initial IFRS Balance Sheet

  • Recognize how to add and remove assets and liabilities as per Standard requirements

  • Identify how to reevaluate assets and liabilities to conform to IFRS

  • Recognize how to prepare the GAAP-IFRS transitional statement and write the appropriate Notes

  • Identify the unique disclosure and presentation requirements of IFRS #1

Mikemorley

Mike Morley is a Certified Public Accountant and a recognized authority in finance with more than 25 years of experience in finance, including SOX and IFRS implementation.

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

“IFRS Simplified” provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

“Sarbanes-Oxley Simplified” 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” 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.

Additional Materials
Webinar Technical FAQs
Frequently Asked Questions
  • To receive CPE credit, you must register for the webinar before it starts.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • To receive CPE for multiple attendees, at least one person must sign up for the webinar. The post-webinar email contains a link to instructions for the proctor letter. Alternatively, you may log in to your account following the webinar and click on the MY ACCOUNT button to find a link to instructions. For paid courses, payment needs to be made for each attendee before credit will be issued.
Handout Materials
Presentation Slides
Nasba

NASBA Approved

CPAacademy.org (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

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About Our Presenter

Mikemorley
Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.