Course Information

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IFRS: First-Time Adoption of International Financial Reporting Standards
Author: David Alexander, Simon Archer

Description:
Recognizing that the wholesale adoption of International Standards, by switching from a national GAAP system, raised issues of a great magnitude, the IASB issued IFRS 1, "First-Time Adoption of International Reporting Standards," effective from January 1, 2004.

IFRS 1 has been regularly updated to take account of new standards as they appear. This increasingly created a disorganized standard. Accordingly, IASB completely redesigned and re-sequenced the material in IFRS 1. The new version was issued in November 2008, and became fully effective from July 1, 2009.

This course reviews this new version and discusses the requirements for first-time adopters.

Upon completion of this course, the user will be able to:

  • Describe what is included in the definition of IFRS
  • Point out the significance of cost in generating an entity's first IFRS financial statements
  • List the requirements for an entity's opening IFRS balance sheet
  • List the situations in which retrospective application is prohibited by IFRS and in which cases it is optional
  • Describe how historical information should be presented under IFRS

Course Details:
Price:  $32.00
Field of Study:  Accounting
Prerequisites:  Basic knowledge of accounting
Level:  Overview
Advanced Preparation:  None
Course was last updated on:  06/01/10
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Library:
Learning Center Core

Technical Requirements:
To view and print downloadable content files available in this program, you will need Adobe Acrobat Reader. You can download the free Reader plugin at Adobe's website by clicking on the icon below, then following the instructions for installation on your computer.
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Credit Available For: Units
CPE 2.0 CPE
QAS 2.0 CPE

Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.

Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.

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