International Financial Reporting Standards

1.5 units

The early part of this course will cover an overview of International Financial Reporting Standards and the International Accounting Standards Board; advantages and disadvantages of adopting IFRS from the viewpoints of users, preparers, auditors, developing countries, developed countries, and others. The course will also provide an overview of the SEC staff's findings and observations regarding certain issues in adopting IFRS in the United States and related observations from the perspective of the IFRS Foundation and staff. The remainder of the course will be devoted to the key differences between IFRS and GAAP in such areas as revenue recognition; inventories; and long-term assets, including property, plant, and equipment, intangible assets, research and development costs, borrowing costs, and impairment.