FMN Accounting

FMN - 2021/December, Seg 3 - IFRS vs. U.S. GAAP - Major Differences

International Financial Reporting Standards (IFRS) are followed in the European Union as well as many countries in Asia and South America but not in the United States. Understanding similarities and differences between IFRS and U.S. GAAP is highly relevant to financial reporting and disclosures for stakeholders. John Fleming, a Kaplan Financial Education discussion leader, covers those standards that most people talk about when they refer to the differences between IFRS and U.S. GAAP.

Learning Objectives:

  • Identify the current IFRS standards most relevant to financial reporting and disclosure;
  • Identify major accounting differences between IFRS 15 and U.S. GAAP Topic 606;
  • Understand the fair value definition and the differences between IFRS 13 and U.S. GAAP Topic 820; and
  • Understand the objective of IAS 19 on employee benefits and identify the available areas under FASB relevant to employee and retirement benefits.

Prerequisites/Advanced Preparation:

Work experience in financial reporting or accounting, or an introductory course in accounting.

Speaker / Author:

John M. Fleming, licensed as a CPA in Pennsylvania, has served as the President and Director of Accounting and Auditing for Kaplan Financial Education, powered by Loscalzo Institute and also as the Director of Content Development for Kaplan Financial Education, powered by SmartPros. John retired from Kaplan in October of 2017. In retirement, John continues to provide seminars as a discussion leader for Kaplan Financial Education on a part-time basis.

John's prior practice experience includes audit, tax, consulting, office management, and human resource responsibilities with Deloitte LLP, Richard Eisner & Company LLP, and Ernst & Young LLP. John is a graduate of LaSalle and Drexel Universities with degrees in accounting and finance.

John served as the 1999/2000 President of the 8,300 member Greater Philadelphia Chapter of the Pennsylvania Institute of Certified Public Accountants (PICPA). In 2006, the PICPA recognized John as a Joseph E. Sterrett Fellow for his contributions to the accounting profession and in 2007, the Philadelphia Chapter recognized John with their Champion Award for his contributions to the PICPA, Chapter, profession and community. John has also served as the 2002/2003 President of the American Accounting Association's Mid-Atlantic Region.


Price (USD)

Standard: $69.90


Course Code : FMN1426-FM

Release Date : 12/09/2021
Expire Date : 07/14/2023
Credits :
CPE 2.00
QAS 2.00

Length : 1hr 40min
Course Level : Update
Course Type : QAS Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Accounting

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