Presentation Date: Sunday August 2, 2009
  Presentation Time: 1:00 pm-5:00 pm

CPE Session 54

Incorporating International Financial Reporting Standards [IFRS] in Intermediate Financial Accounting -- How to Proceed

Sponsored By: International Accounting

Presented By:

John Brozovsky, Virginia Tech

Jennifer Edmonds, Virginia Tech

Rebecca Fay, Virginia Tech

Patty Lobingier, Virginia Tech

Description: The SEC has announced its Roadmap to Adopting IFRS as the accounting standards for listed companies. One stated milepost is that accounting education is able to produce students who are knowledgable of IFRS. This workshop was very successfully presented at the 2008 meeting and is design to address that issue by discussing 1. reasons for incorporating IFRS in Intermediate Accounting; 2. sources of information on IFRS and IASB, their histories and the status of convergence; 3. IFRS and how they differ from US GAAP, organized by topics typically included in the Intermediate Accounting course; [Participants will work exercises designed to focus on these differences.] 4. Teaching materials including problems, exercises, cases, and test bank updated from the 2008 version on AAA Commons, will be distributed.

Field of Study: Accounting
Program Level: Intermediate

Intended Audience: Professors responsible for the intermeidate finanical accounting courses at their school are encouraged to attend. Knowledge of IFRS will not be expected.

Format/Structure: The workshop will include lecture to cover the reasons for incorporating IFRS in the intermediate accountin couse and the sources of information on IFRS and IASB, their histories, and the status of convergence. Then the standards will be presented organized by the topics in the intermediate accounting course accompanied by exercises, problems, cases, and a test bank that focuses on differences from US GAAP. Participants will work on some of the cases in groups during the workshop.

Learning Objective: After attending this session, the participants will be able to 1. Discuss the reasons for incorporating IFRS in the Intermediate Accounting course 2. Indentify the sources of information on the standards, the organizations supporting them, and the status of convergence with GAAP 3. Explain the differences between IFRS and GAAP for at least on topic typically covered in Intermediate Accounting 4. Discuss teaching materials available in the workshop and other sources.

Prerequisites: It is assumed that the participants have a knowledge of intermediate financial accounting.

Advanced Preparation Required: No advance preparation.

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