US GAAP vs. IFRS An introduction to the main differences that exist in US GAAP in comparision with IFRS

Transcription

1 US GAAP vs. IFRS An introduction to the main differences that exist in US GAAP in comparision with IFRS Client Relation Officer Warsaw Aleksandra Trych tel Academy of Business EY Academy of Business Tel

2 Objectives u To evaluate and apply the requirements of US GAAP, insofar as they differ from International Financial Reporting Standards (IFRS). Who is it for? u The course is designed for individuals who already have knowledge of IFRS and now need to develop their skills in US GAAP. It will focus on the major differences. It is not possible to draw up an exhaustive list of all the differences due to the changing regulatory framework. US GAAP course is a 2-day course programme which will comprise : u a mixture of lectures u questions and answer sessions u practical exercises and illustrations u Delegates will receive full course notes in English and Polish. The course will be conducted in English.

3 The course programme Day1 Introduction to US GAAP The US regulatory environment will be introduced bearing in mind the US legal system. There will be a discussion on how IFRS have impacted on financial reporting worldwide and how the US views IFRS. Regulatory framework and fundamental concepts US GAAP has evolved since the 1930s so there are many sources, unlike IFRS. There will be a discussion on the differences between the regulatory environments, the US GAAP codification end the issues that arise in relation to enforcement of IFRS. Presentation of financial statements With the issue of the revised IAS 1, the language is becoming more similar between US financial statements and their international equivalents. Nonetheless, there are still some language issues which need to be discussed to assist a reader of US GAAP financial statements. Property plant and equipment We will focus on the differences such as impairment, asset retirement obligations and other issues. Intangible assets US GAAP has the most developed guidance on software costs. There are also differences in relation to research and development costs. Day 2 Revenue recognition There is a myriad of guidance under US GAAP dealing with franchise fee revenue, sale or return transactions, the installment sales method, multipledeliverable arrangements and the SEC have issued guidance. Inventory valuation The concept of lower of cost and market will be developed and the accounting requirements in relation to replacement cost. Contingent losses and gains The US standard focuses on the income statement while IAS 37 is balance sheet focused. The impact of this will be discussed. Leasing There are different criteria to IFRS for deciding if a lease is a capital lease and the sale and leaseback provisions also differ. Construction contracts The completed contract method is allowed under US GAAP under certain circumstances while under IFRS revenue is recorded at the same amount as costs incurred. Summary of other differences between IFRS and US GAAP Throughout the course, as issues arise they will be discussed. There will be a discussion of these sweep issues.

4 Date and location TBA It is possible to organise in-company training at customers individual request. The courses run from 9 am to 4.30 pm. Two breaks for coffee and snacks are scheduled during the day and at 1 pm participants are invited to lunch (included in the price). Costs Course fee: PLN 2, % VAT per person. The price includes course participation and materials for individual home-study. Payment should be made on the basis of a pro-forma invoice. After payment has been made, each participant will receive an invoice. Contact Aleksandra Trych tel aleksandra.trych@pl.ey.com Application If you are interested in participating in the course, please complete the attached Application Form and return it to us by fax at least two weeks before the start of the course. If you would like to receive more detailed information, please call or us at: academyofbusiness@pl.ey.com Information about the full range of our courses is available on our website at:

5 Registration form We kindly ask you to complete the following form and send it via to: or fax: All information regarding the course will be sent to the specified address. Name and Surname Job Title Mailing address Telephone number: Address for invoice: I heard about this course from: o newspapers o o offer sent to my company o website o other source I confirm my participation in the following course o US GAAP vs. IFRS I give my consent for an electronic invoice to be sent to: o Yes ( ): Terms and conditions of taking part in Ernst & Young spółka z ograniczoną odpowiedzialnością Academy of Business sp.k. courses: In order to take part in the course, the above form must be filled out and sent via to: academyofbusiness@pl.ey.com. The payment for the course must be settled at least 5 business days prior to the commencement of the course. The payment should be settled through a bank transfer. Account details are as follows: HSBC Bank Polska account number (PLN): Terms and conditions of cancelling participation in Ernst & Young spółka z ograniczoną odpowiedzialnością Academy of Business sp.k. courses: It is possible to withdraw from the course upon receipt of a written resignation at least 7 days prior to the commencement of the course. If the deadline is missed, the participant must pay the full fee of the course. The cancelation of participation in the course does not result in refund of the payment. However, it is possible to replace the participant unable to attend. Please note that absence at the course training does not provide a basis for reimbursement for training. Ernst & Young spółka z ograniczoną odpowiedzialnością Academy of Business s.k. reserves the right to cancel or reschedule the training. In accordance with art. Paragraph of the Act of 18 July 2002 on electronic services (Journal of Laws No. 144, item. 1204), I agree to receive information from Ernst & Young spółka z ograniczoną odpowiedzialnością Academy of Business s.k., by to the above given , information regarding the course as well as information about other training products. I also agree to the processing of my personal data for purposes of obtaining information from Ernst & Young spółka z ograniczoną odpowiedzialnością Academy of Business sp.k., al. Armii Ludowej 26, Warsaw (according to the Law of Data Protection, Coll. Laws of 2002 No. 101, item. 926, as amended). At the same time I declare that I have been informed of my right to appeal an approval, which will result in the immediate termination of the sending of commercial information. I hereby declare that I have read and accept the above terms and conditions. Date and signature Company stamp EY. All rights reserved. Ernst & Young spółka z ograniczoną odpowiedzialnością Academy of Business s.k. al. Armii Ludowej Warszawa District Court for the City of Warsaw, Economic Dept. XII of the National Court Register; KRS: , NIP: