Accounting and Comparison of IFRS and GAAP

If you're investing in emerging markets, you need to know about the world's two main accounting systems: Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). GAAP is used principally in the United States, although the Security and Exchange Commission is looking to switch to IFRS by 2015, the system used in the European Union and many other countries. Many countries have their own accounting systems, although most conform to one main system or the other as they work to keep their markets modern.

All accounting systems follow double-entry practices that categorize transactions as revenue or expenses, assets or liabilities. The two primary accounting systems have a few differences between them that may affect the results. If you understand a little about both GAAP and IFRS, you can make a better evaluation of numbers from companies that follow neither system.

Staff accountants, senior accountants, chief accountants, accounting managers, controllers, internal auditors, and other professionals in the accounting and finance functions.

Certificate

By the end of the program, participants will be able to:

• Determine the major differences in the accounting and reporting between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).
• Properly account for assets, liabilities, equity, revenues and expenses under both IFRS and GAAP.
• Apply the different accounting methods allowed under IFRS and GAAP to multiple situations.
• Recognize the need for standardized reporting and accounting in the twenty-first century.
• Identify the effect of the convergence efforts of global accounting standards on company's financial statements.

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