Whether a financial statement preparer or user is more familiar with IFRS or U.S. GAAP, it is important to be familiar with the important differences between the two financial reporting frameworks. This course highlights some of the more significant differences between the standards.

Learning Objectives
  • Explore major differences in the design and structure of IFRS vs. U.S. GAAP.
  • Discover significant differences in financial statement presentation and disclosure principles, including:
    • Periods required to be reported
    • Interim financial reporting
    • Debt classification, and more
  • Recognize significant differences in initial recognition and subsequent measurement standards, including:
    • Consolidation
    • Equity method investments
    • Business combinations
    • Financial instruments
    • Inventory
    • Leases
    • Revenue recognition
    • Share-based payments
    • Income taxes
    • Employee benefits
    • Provision for contingencies, and more
Last updated/reviewed: March 7, 2024

Included In Certifications

This course is included in the following Certification Programs:

17 CoursesInternational Financial Reporting Standards (IFRS) Certification

  1. General Considerations for Preparing Financial Statements in Accordance with IFRS
  2. IFRS vs. U.S. GAAP - Major Differences in Accounting
  3. 2022 IFRS Update
  4. IFRS for Small and Medium-Sized Entities Compared to Full IFRS
  5. Accounting for Revenue from Contracts with Customers per IFRS 15
  6. Accounting for Leases under IFRS 16
  7. IFRS - Accounting for Share-Based Payment Awards per IFRS 2
  8. Accounting for Financial Instruments under IFRS 9
  9. Accounting for Nonfinancial Assets under IFRS
  10. Accounting for Business Combinations under IFRS 3
  11. IFRS - Accounting for Employee Benefits per IAS 19 and IFRIC 14
  12. Accounting for Investments in Other Entities, Including Consolidation, under IFRS
  13. IFRS - Accounting for Income Taxes per IAS 12
  14. IFRS - Derivatives and Hedge Accounting under IFRS 9
  15. IFRS - Special Accounting Topics
  16. IFRS - Special Financial Reporting Issues
  17. IFRS - General Financial Statement Disclosures
35 Reviews (147 ratings)

Reviews

3
Anonymous Author
The presentation was hard to follow sometimes because it is very static and generalized that its was hard to understand what the differences are between these two set of guidance. It would be helpful if there were some examples to visually demonstrate how they differ rather than relying on the generic definitions provided by these two accounting bodies
5
Member's Profile
A well-organized course that is broken down into discreet segments which are easy to understand. The slides are helpful and assist in understanding. Presenter is well spoken and easy to understand. I enjoyed being able to click on one section at a time, easy to fit into life.
5
Anonymous Author
This course provides a great highlevel overview of the differences between IFRS and GAAP. This is not all encompassing, but it points out the main differences, and is a great introductory course about the foundations of IFRS and GAAP.
4
Member's Profile
A good overview, but presumes knowledge of consolidation accounting, lease accounting, intangible assets, so a brush up course in GAAP would be helpful first before taking this course to give it more meaning.
4
Anonymous Author
The lecturer was clear and concise with her presentation. However, quite of bit of information is covered at one sitting and can be somewhat overwhelming. Need to review certain parts multiple times.
4
Member's Profile
A fairly broad but concise presentation of differences between GAAP and IFRS. This is fairly high level material which the average corporate accountant or auditor probably has little exposure to.
5
Anonymous Author
This course is the perfect length, scope and amount of detail. It is understandable and leaves the viewer understanding the basics and more regarding the differences between IFRS and US GAAP.
4
Anonymous Author
Very high level overview. Seemed like a lot of uncommon topics were discussed. Some examples of financial statements would have been nice and probably easier to follow.
4
Member's Profile
Course was very good and easy to follow. Despite IFRS and USGAAP have different accounting treatments, they also have many similarities which makes it easier to follow.
4
Member's Profile
The presenter was excellent, but I thought there were too many topics addressed for a two hour course. More focus or a longer course might have been more effective.
4
Anonymous Author
This instructor is easy to listen to in terms of balancing their tone so that it is not dry but nor is it overwhelming. Good material covered. Thanks!
5
Member's Profile
Great overview of main differences between IFRS and US GAAP. This is not intended to be an in depth review but it gives a great intro to the concepts.
3
Anonymous Author
This course was ok. I wish it skipped some of the consolidation and employee benefit topics as those are not relevant to all companies.
4
Anonymous Author
Informative course that can be used and referenced in the future. it was helpful to see the differences in the two types of reporting.
4
Anonymous Author
Good basic description of differences for a preliminary understanding. Quiz follows slides easily for reference, much appreciated.
3
Anonymous Author
It's in a very high level . The slides are good but very difficult to understand for ppl without accounting background.
4
Anonymous Author
This course provides an excellent foundation for understanding the major differences in these accounting frameworks.
4
Member's Profile
This course contained a lot of information. Perhaps more charts instead of bullet points would have been helpful.
5
Member's Profile
Great course- Goes in depth and in detail differentiating the differences between the two reporting standards.
4
Anonymous Author
Overall the course was very informative. I was distracted in the later sections by the microphone bumping.
5
Anonymous Author
Jennifer speaks very clearly, which makes it easier to understand. This course covered a lot of ground.
5
Member's Profile
Love the presentor but would like more practical examples as there is a lot of material covered here.
5
Anonymous Author
It was a good review of major differences between the two principles. More examples would be helpful.
5
Member's Profile
Very informative, the speaker was clear and the course content was well laid out and detailed.
5
Member's Profile
Very informative course. Lots of complex information. Very well organized and presented.
5
Anonymous Author
It is a high level overview but was pretty comprehensive for the time allotted.
5
Anonymous Author
Very good, in depth, review of the major differences between US GAAP and IFRS.
5
Anonymous Author
Thorough course on the differences between GAAP and IFRS. Good overall course.
4
Anonymous Author
It was a good high level review of major difference. Informative course.
5
Anonymous Author
Appropriate level of detail for a two-hour discussion of differences.
4
Anonymous Author
Instructor provided easy to follow comparisons between IFRS vs GAAP.
5
Anonymous Author
Super helpful overview. Thanks so much. Additional words for review.
5
Anonymous Author
Nice course and overview of the differences between GAAP and IFRS
5
Anonymous Author
I enjoyed the course very much and found it to be informative.
5
Member's Profile
Hope there are more follow up series to go into more details.
show all reviews
Prerequisites
Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to IFRS vs. U.S. GAAP - Major Differences in Accounting1:21
  Overview9:17
  Financial Statement Presentation4:00
  Consolidation, Equity Method, and Joint Venture Accounting6:16
  Business Combination5:36
  Financial Instruments7:21
  Inventory and Other Assets12:52
  Leases - After Adoption of ASC 842 IFRS 166:09
  Provisions for Contingencies4:48
  Revenue Recognition After the Adoption of ASC 606 and IFRS 167:15
  Share-Based Payments9:24
  Employee Benefits7:10
  Income Taxes 5:18
  Other Matter and Conclusion12:06
CONTINUOUS PLAY
  IFRS vs. U.S. GAAP - Major Differences in Accounting Full Video1:38:53
Supporting Materials
  Slides: IFRS vs. U.S. GAAP - Major Differences in AccountingPDF
  IFRS vs. U.S. GAAP - Major Differences in Accounting Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam