IFRS: Introduction and Conceptual Framework

Overview/Description
Target Audience
Prerequisites
Expected Duration
Lesson Objectives
Course Number

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Overview/Description
Because of increasing globalization and interaction among corporations and national economies, the various users of financial information require a single set of high-quality accounting standards. IFRS (International Financial Reporting Standards) was developed to meet this need. This course gives the learner a well-rounded understanding about IFRS and its purposes. It distinguishes between IFRS and generally accepted accounting principles (GAAP), and it explains the convergence between the two accounting systems. It also presents the conceptual framework for IFRS. This framework is used as a reference for standards development and in the convergence process, as well as in the preparation and interpretation of financial statements.

Target Audience
Executives, managers, departmental leaders, professionals, and anyone who is interested in gaining background knowledge of International Financial Reporting Standards (IFRS)

Prerequisites
Proficiency with current accounting standards (national GAAPs), accounting process, and financial statements as used in an organization

Expected Duration (hours)
1.0

Lesson Objectives

IFRS: Introduction and Conceptual Framework

describe the implications of adopting IFRS

distinguish between set-level convergence and standard-level convergence

define the terms associated with the different types of IFRS

determine what an organization may need to do in response to the introduction of IFRS

match components of the conceptual framework for IFRS with statements that describe them

match statements about the underlying principles and assumptions component of the IFRS framework with the principle or assumption it describes

Course Number:
fin_04_a01_bs_enus