US GAAP and IFRS Convergence: Bridging the Gap
Category : Consolidation, US GAAP, Accounting, IFRS
Duration: 5 days
US GAAP and IFRS are the two dominant accounting frameworks globally, but they differ in many key areas. This training program focuses on bridging the gap between US GAAP and IFRS by exploring the similarities and differences between the two frameworks. Participants will learn how to handle convergence issues in multinational companies and ensure compliance with both sets of standards.
Learning Objectives
Understand the key differences and similarities between US GAAP and IFRS
Apply US GAAP and IFRS convergence principles in financial reporting
Manage accounting challenges for multinational companies
Ensure compliance with both US GAAP and IFRS standards
Training Program
Introduction to US GAAP and IFRS Convergence
Overview of the convergence process between US GAAP and IFRS
Key areas of divergence and convergence between the two frameworks
Practical case: Identify areas of convergence in a multinational company’s financial statements
Revenue Recognition: ASC 606 vs. IFRS 15
Comparing revenue recognition models under US GAAP and IFRS
Practical case: Apply revenue recognition under both frameworks for a service company
Lease Accounting: ASC 842 vs. IFRS 16
Differences and similarities in lease accounting standards
Practical case: Record lease transactions under both US GAAP and IFRS for a retail chain
Financial Instruments: ASC 320/815 vs. IFRS 9
Key differences in accounting for financial instruments
Practical case: Account for financial instruments under both US GAAP and IFRS for a bank
Best Practices for Handling US GAAP and IFRS Convergence
Strategies for managing financial reporting in multinational companies
Practical case: Prepare a financial report that complies with both US GAAP and IFRS
Key Points
Numerous practical examples illustrating the different studied concepts
Practical cases to draw parallels with the concepts learned
Who Should Attend This Training
Accountants and financial controllers in multinational companies
Auditors and compliance officers
Corporate finance professionals
Financial reporting specialists
Prerequisities
Basic knowledge of both US GAAP and IFRS
Teaching Methods
Training structured around skill transfer
Acquisition of operational skills through practice and experimentation
Collaborative learning during synchronous sessions
Multi-stage learning path to allow engagement, learning, and transfer
Training promoting participant engagement for better anchoring of lessons
Satisfaction and Evaluation
Skill evaluation will be conducted throughout the training by the participant (self-evaluation) and/or the trainer according to the training methods.
Online training evaluation on your participant space:
Immediate evaluation at the end of the training to measure your satisfaction and perception of skill improvement against training objectives. With your agreement, your overall rating and comments will be published on our site via Verified Reviews.
Post-training evaluation 40 days later to validate the transfer of your acquired skills in the workplace
Attendance tracking and issuance of an individual training certificate or a certificate of completion
LONDON
128 City Road, EC1V 2NX London
PARIS
38 Rue Boulard, 75014, Paris