While the U.S. adoption of International Financial Reporting Standards is uncertain, more and more small businesses are engaging in international business and obtaining credit or capital from international sources, all of which may require them to present their information in accordance with IFRS or review the financial statements of an entity that applies IFRS. You can't afford NOT to understand IFRS.
In addition to the status of the U.S. adoption of IFRS and its implications for nonpublic entities, you also will review key aspects of IFRS as well as significant differences between IFRS and GAAP. Plus, we'll cover other hot accounting topics including:
Variable Interest Entities - Engage in a discussion of the requirements for identifying and consolidating a VIE as well as alternative approaches that may be applied when consolidation is not desirable.
Fair Value - Currently the measurement of fair value is required under many circumstances and in other instances, issuers of financial statements elect to report certain items at fair value. It is likely that the amount of fair value information on financial statements will continue to grow. Understand the requirements for the use of fair value, other applications, and how fair value is measured, reported and disclosed.
Impairments - Certain assets are required to be regularly assessed for impairment, while others may be impaired due to a lingering, slow economy or other factors. Know the requirements for when an asset should be tested for impairment, how it is done and accounting for the recognition of an impairment.
Derivatives and Hedging - Many entities use derivatives, including interest rate swaps and forward exchange contracts. In some cases, they are acquired for speculation purposes but, more frequently, they are acquired as hedges. Review the uses of derivatives and the accounting for them, whether designated as hedges or not.