Financial Reporting Standards (GAAP/IFRS)

INTRODUCTION:

Maintaining transparency and consistency in financial reporting is essential for businesses operating across various industries and jurisdictions. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) serve as the primary frameworks that govern financial statements, ensuring uniformity, accuracy, and compliance with regulatory requirements. A deep knowledge of these standards enables finance professionals to prepare, analyse, and interpret financial information effectively.

International organizations, publicly traded companies, and regulatory agencies rely on these frameworks to assess financial performance, facilitate comparability, and enhance investor confidence. While GAAP is primarily used in the United States, IFRS has gained widespread adoption across more than 140 countries. Understanding key differences, convergence efforts, and compliance requirements is crucial for accountants, auditors, and financial analysts responsible for reporting and decision-making.

Recent changes in financial reporting regulations have introduced complexities requiring a structured approach to their implementation. Revenue recognition, lease accounting, and fair value measurement are among the areas where regulatory updates have impacted financial statements. A systematic review of these principles equips professionals with the tools necessary to adjust financial reporting methodologies and align them with evolving requirements.

Adopting best practices in financial reporting is essential for entities looking to enhance operational efficiency and facilitate smoother audits. Leveraging technology for compliance, automation in financial disclosures, and integration with enterprise resource planning (ERP) systems further strengthens an organization’s ability to maintain high reporting standards.

COURSE OBJECTIVES:

• Equip professionals with the ability to apply GAAP and IFRS principles to financial statement preparation and reporting.

• Highlight key distinctions between GAAP and IFRS, ensuring accurate application in cross-border financial activities.

• Provide insights into the latest regulatory updates and how they impact financial disclosures.

• Strengthen expertise in revenue recognition, lease accounting, financial instruments, and fair value measurement.

• Offer practical guidance on compliance strategies, audit preparation, and financial risk mitigation.

COURSE HIGHLIGHTS:

Module 1: Introduction to Financial Reporting Frameworks

• Overview of GAAP and IFRS: Purpose, scope, and global adoption

• The role of standard-setting bodies: FASB, IASB, and regulatory authorities

• Compliance requirements for public and private companies

• Key reporting principles and ethical considerations in financial statements

Module 2: Conceptual Framework and Financial Statement Presentation

• Objectives of financial reporting and qualitative characteristics of financial information

• Elements of financial statements: Assets, liabilities, equity, revenue, and expenses

• Differences in financial statement presentation under GAAP and IFRS

• First-time adoption of IFRS: Transition challenges and key considerations

Module 3: Revenue Recognition and Lease Accounting

• Revenue recognition principles under IFRS 15 and ASC 606

• Contract-based revenue recognition models and performance obligations

• Lease classification and reporting under IFRS 16 and ASC 842

• Implications of lease accounting changes on financial statements

Module 4: Financial Instruments, Fair Value Measurement, and Impairment

• Classification and measurement of financial instruments under IFRS 9 and ASC 825

• Fair value hierarchy and valuation techniques for financial reporting

• Impairment of assets and expected credit loss (ECL) model

• Hedging strategies and accounting for derivatives

• Taxation, Provisions, and Employee Benefits Reporting

Module 5: Consolidation, Business Combinations, and Foreign Currency Transactions

• Principles of consolidation and control under IFRS 10 and ASC 810

• Business combinations and goodwill recognition under IFRS 3 and ASC 805

• Foreign currency translation methods and their impact on financial statements

• Joint ventures and equity method accounting

• Compliance, Disclosures, and Emerging Trends in Financial Reporting

TARGET AUDIENCE:

• Finance professionals 

• Accountants

• Auditors 

• Corporate executives involved in financial reporting standards will gain valuable insights