Presentation Date: Sunday August 2, 2009
  Presentation Time: 8:00 am-12:00 pm

CPE Session 34

Understanding IFRS - US GAAP Differences

Sponsored By: International Accounting

Presented By:

David Cairns, London School of Economics

Ian Hague, Accounting Standards Board Canada

Steve Krohn, KPMG US Capital Markets Group

Cheryl Linthicum, University of Texas at San Antonio and former SEC Academic Fellow

Paul Munter, KPMG Department of Professional Practice

Mary Tokar, KPMG International Financial Reporting Group

Description: With International Financial Reporting Standards (IFRS) becoming more and more important in the United States, as well as globally, it is essential that academics have an understanding of the key areas where IFRS differ from US GAAP. Increasingly, research and teaching activities will need to incorporate consideration of IFRS, and if IFRS replaces US GAAP at some time in the future, the academic community will be at the forefront of preparing for the change. This session would provide an overview of key similarities and differences between IFRS and US GAAP – including a focus on those differences that are presently being eliminated and those that could be expected to remain for the next several years. Presenters Presenters with standard setting, audit, regulatory (SEC) and academic experience will outline and provide examples of key IFRS/US GAAP differences. In addition, participants will be provided with suggestions for integrating IFRS into existing accounting courses, including possible case studies.

Field of Study: Accounting
Program Level: Basic

Intended Audience: Academics with an interest in understanding IFRSs and how they differ from US GAAP.

Format/Structure: Presentation and interactive discussion including consideration of practical examples and case studies.

Learning Objective: be familiar with significant similarities and differences between IFRS and US GAAP, so as to be aware of the implications of those differences for accounting research and to be able to introduce those differences into the classroom. The attendee will also be familiar with those differences which are being eliminated in the next few years.

Prerequisites: Basic understanding of US GAAP

Advanced Preparation Required: None

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