International versus U.S. Accounting: What is the Difference? [IUSA Anc]

Full Description

International versus U.S. Accounting: What in the World is the Difference?

August 26, 2010
Anchorage, Alaska

$295 AKCPA Member Fee
$370 Non Member Fee
$30 Discount for AICPA Members

In 2002, IASB and FASB agreed to harmonize their agenda and work toward reducing differences between IFRS and U.S. GAAP. FASB is working hard on this goal as recent pronouncements of both the FASB and the IASB are bringing the standards more in line with one another. In addition, the SEC recently removed the reconciliation requirement for foreign issuers to reconcile their financial statements from IFRS to U.S. GAAP. With the fast pace of the convergence project, understanding the differences between IFRS and U.S. GAAP is becoming more important for businesses of all sizes. This course outlines the major differences between IFRS and U.S. GAAP.

Objectives
Upon completion of this course, participants will be able to:
Recognize the significant differences and similarities between U.S. GAAP and IFRS
Analyze financial statements prepared in accordance with IFRS
Standardize reporting in an international environment

Highlights
Why accounting standards differ internationally
History and organization of the International Accounting Standards Board
How relevant international accounting standards differ from U.S. GAAP for balance sheet and income statement areas and disclosures
Accounting changes, discontinued operations and segment reporting
Business combinations and consolidation issues
Hands-on examination of four sets of financial statements and footnotes prepared under IFRS

Who Will Benefit
CPAs, accountants and analysts in industry and practice who manage financial accounting and reporting
Auditors (staff through partner)

Level: Basic

CPE Credit Hours: 8 (Accepted for CMA and CFM continuing education credit)

NASBA Field of Study: Accounting

Prerequisite: Experience in financial reporting

Acronym: IUSA

Discussion Leader: Robert W. Walter, J.D.
Denver, Colorado

Bob Walter has for over 10 years served as an instructor for AICPA in the U.S. and internationally, and speaks on securities, finance, business ethics, business law and accounting topics. Mr. Walter has authored five 8-hour continuing education courses for AICPA, including Tough Economic Times, Current Issues, and Critical Ethical Judgments (May 2009 and updated annually), AICPAs Annual Business Law Update (May 2005 and updated annually), Real World Business Ethics: How Will You React? (May 2003 and updated annually), AICPAs Guide to Financing the Small Business: Sources, Strategies and Disclosures (May 2002), and Public Reporting Responsibilities: Putting Your Best Foot Forward (Sept. 2000).
Mr. Walter served on the faculty of AICPAs SEC and PCAOB Update Webcast in June and December 2009, AICPAs National Advanced Auditing and Accounting Technical Symposium in July 2009, the instructional sections of the 2009 annual meetings of the Alabama and North Carolina Societies of CPAs, the National AICPA SEC and PCAOB Conference in 2005, and served on the faculty of the securities conference sponsored by the Securities and Exchange Commissions Central Regional Office in each year from 2003 through 2007. At these conferences, he spoke on corporate governance, IFRS and convergence, expanded disclosure obligations of public companies, denials of coverage and rescission of directors and officers liability insurance policies, ethical duties of professionals, and current issues in corporate finance. Since 2002, Mr. Walter has authored five books on these and related topics published by AICPA, Commerce Clearing House, Barrons Business Library, and Aspen Publishers.
Mr. Walter has over 25 years experience as counsel representing corporate clients and investment banking firms in a wide variety of public and private financing transactions. He represents clients in venture and private equity investments, bridge financings, initial and follow-on public offerings, and other short and long-term financing arrangements. He also represents public and private companies in business combinations, asset sales, and change of control transactions, and conducts internal investigations on behalf of audit committees.

In 2004, the Public Company Accounting Oversight Board (PCAOB) appointed Mr. Walter to a two year term as a member of its Standing Advisory Group. Mr. Walter holds a B.S. degree in business from Colorado State University and a Juris Doctor degree from the Duke University School of Law. Mr. Walter is a member of the Colorado Bar and the District of Columbia Bar, and is admitted before a variety of Federal and State Courts, including the U.S. Supreme Court.

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