US GAAP vs. IFRS
An introduction to the main differences
that exist in US GAAP in comparision with IFRS
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?
Client Relation Officer
u
Warsaw
Klaudia Pliszka
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.
tel. +48 22 579 82 42
US GAAP course is a 2-day course programme which will comprise :
klaudia.pliszka@pl.ey.com
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.
Academy of Business
EY Academy of Business
Tel. + 48 22 579 8000
academyofbusiness@pl.ey.com
The course will be conducted in English.
The course programme
Day1
Day 2
► Introduction to US GAAP
► Revenue recognition
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
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
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.
The concept of lower of cost and market will be
developed and the accounting requirements in
relation to replacement cost.
► Contingent losses and gains
► 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.
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.
Date and location
27-28 June 2016, Warsaw
Costs
Application
Course fee: PLN 2,750 + 23% VAT
If you are interested in participating
per person.
in the course, please complete the
The price includes course
It is possible to organise “in
participation and materials for
company” training at customers’
individual home-study.
individual request.
Payment should be made on the
basis of a pro-forma invoice. After
payment has been made, each
The courses run from
participant will receive an invoice.
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).
Contact
Klaudia Pliszka
tel. +48 22 579 82 42
klaudia.pliszka@pl.ey.com
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
+48 22 579 8000 or e-mail us at:
academyofbusiness@pl.ey.com
Information about the full range of
our courses is available on our
website at:
www.academyofbusiness.pl
Registration form
We kindly ask you to complete the following form and send it via e-mail to: academyofbusiness@pl.ey.com or fax:
22 579 80 01. All information regarding the course will be sent to the specified e-mail address.
Name and Surname
Job Title
Mailing address
Telephone number:
E-mail
Address for invoice:
I heard about this course from:
o newspapers
o e-mail
o offer sent to my company
o website
o other source …………………………………………
I confirm my participation in the following course
o US GAAP vs. IFRS 27-28 June 2016
I give my consent for an electronic invoice to be sent to:
o Yes (e-mail):
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 e-mail to: academyofbusiness@pl.ey.com or by fax: 22 579 80 01.
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):
61 1280 0003 0000 0031 1251 3031.
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 10. 2 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 email to the above given e-mail, 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, 00-609 Warsaw (according to the Law of
29.08.1997. 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
www.academyofbusiness.pl
© EY. All rights reserved.
Ernst & Young spółka z ograniczoną odpowiedzialnością Academy of Business s.k. | al. Armii Ludowej 26 | 00-609 Warszawa
District Court for the City of Warsaw, Economic Dept. XII of the National Court Register; KRS: 0000530201, NIP: 526-26-970-16, Initial capital: 50,000 zł