IFRS Learning Module 3: Events after the Reporting Period

  • Credits: 2
  • Format: Self-Study eBook
  • Field of Study: Accounting
  • Author/Speaker: Michael Walker
Course ID: Advanced Preparation: Experience Level:
MW-109 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© August 2020 General Understanding of Accountancy Self-Study eBook
COURSE DESCRIPTION

IFRS Learning Modules are a series of courses that provide in-depth overviews of various topics related to International Financial Reporting Standards (“IFRS”). IFRS represents the global accounting principles that provide the foundation for most of the world’s financial reporting. These Standards establish the recognition, measurement, presentation, and disclosure requirements for transactions and events reflected in IFRS financial statements.

The growing acceptance of IFRS as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession. The International Accounting Standards Board (IASB) and their U.S. equivalent (the FASB) have made commitments towards the convergence of U.S. GAAP and IFRS and are working to eliminate as many differences between the two Standards as possible. In addition, the Securities and Exchange Commission has endorsed the outright adoption of IFRS in the United States. Therefore it is clear that IFRS represents the future of financial accounting and reporting in the United States.

Module 3 of the IFRS Learning Module series presents an overview of IAS 10 Events after the Reporting Period (a topic commonly referred to as “subsequent events” under U.S. GAAP) and discusses the IASB’s and FASB’s efforts towards achieving convergence in this area of financial reporting.

Topics include:
  • Chapter 1: INTRODUCTION TO IAS 10
  • Chapter 2: RECOGNITION AND MEASUREMENT
  • Chapter 3: GOING CONCERN
  • Chapter 4: DISCLOSURES
  • Chapter 5: IFRS & U.S. GAAP CONVERGENCE

Learning Objectives:

After reading the course material, you will be able to:

  • Define “events after the reporting period” per the guidelines of IAS 10.
  • Describe the recognition and disclosure requirements for events after the reporting period under IAS 10.
  • Describe the similarities and differences between IFRS and U.S. GAAP in the area of events after the reporting period (a.k.a. “subsequent events”).

Who Should Attend:
  • All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA