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Navigating IFRS for U.S. SMEs
 
COURSE DESCRIPTION

IFRS for SMEs has arrived in the U.S. In 2008, the American Institute of Certified Public Accountants (AICPA) paved the way for privately-held U.S. companies to adopt IFRS by recognizing the International Accounting Standards Board (IASB) as an official standard-setting body. If your company has been considering adopting IFRS for SMEs, you will not want to miss out on this course. In this course, you will improve your understanding of accounting issues surrounding IFRS for SMEs. The major differences between IFRS for SMEs and U.S. GAAP will be reviewed. In addition, a more in-depth coverage of specific IFRS standards will be provided. Although IFRS for SMEs is a mere 230-page document, subtle complexities of adoption should be carefully considered beforehand. We will provide you with insights into the costs and benefits of IFRS for SMEs that will help you in your decision whether or not to adopt IFRS for SMEs.

LEARNING OBJECTIVES

• Understand which US companies can adopt IFRS for SMEs
• Learn how U.S. GAAP and IFRS for SMEs are different
• Obtain a basic knowledge of the reporting requirements for private entities under IFRS
• Understand the advantages and disadvantages to companies adopting IFRS for SMEs

MAJOR TOPICS

• Understand the advantages and disadvantages to companies adopting IFRS for SMEs
• Detailed discussion of specific accounting topics most commonly encountered including asset impairments, financial instruments,
   revenue recognition, and income taxes
• Potential issues to consider before adopting IFRS for SMEs
• Transitional guidance for IFRS for SMEs
• Impacts on debt covenants and earnings volatility under IFRS for SMEs
• Mandatory and optional transition exceptions
• Reporting issues in the first year after adoption (presentation and disclosure)

DESIGNED FOR

Accountants with financial reporting responsibilities in privately held companies and auditors

PREREQUISITE

None

ADVANCED PREPARATION

None

CPE Sponsors
The Center for Corporate Reporting & Governance at California State University, Fullerton 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.