IFRS & US GAAP: Foundational Differences & Framework Trends Webinar

To provide CPAs and finance professionals with an in-depth understanding of the conceptual frameworks underpinning IFRS and US GAAP, highlighting the key differences between principles-based and rules-based approaches and their implications for financial reporting, standard-setting, and global comparability.

• Conceptual Framework Comparison
  – Purpose and role of a conceptual framework
  – Objectives of financial reporting under IFRS and US GAAP
  – Overview of the IASB and FASB frameworks
  – Qualitative characteristics of useful financial information
  – Differences in fundamental and enhancing qualitative characteristics
• Principles-Based vs. Rules-Based Standards
  – Core attributes of principles-based systems (e.g., IFRS)
  – Core attributes of rules-based systems (e.g., US GAAP)
  – Strengths and weaknesses of each approach
  – How conceptual frameworks influence standard-setting philosophy
• Converting from US GAAP to IFRS and vice versa
  – First-time adoption of IFRS
  – First-time adoption of US GAAP
• IFRS 18 – Presentation and Disclosure in Financial Statements
  – Objective, scope and effective date
  – The structure and categorization of the statement of profit or loss (income/expenses)
  – Principals of aggregation and disaggregation 
  – Management-defined Performance Measures (MPMs)
  – Transition 
• Select differences between IFRS and US GAAP
  – Business combinations 
  – Consolidation
  – Intangible assets
  – Impairment 
  – Leases
  – Revenue recognition
• Looking forward – ongoing projects and priorities of IASB

Shane Classen, Assurance Professional Practice Director, IFRS, BDO

Shane is part of the Global Offerings & SEC Services (GOSS) group at BDO USA with a focus on International Financial Reporting Standards (IFRS). Shane carries over 12 years of public accounting experience, spanning across three continents having worked for BDO South Africa, BDO UK, and BDO USA over the course of his career. 

Shane’s primary objective is to help clients with their IFRS reporting and accounting advisory needs, including adopting new IFRS standards, full IFRS conversions and preparing IFRS financial statements.

Internally, as part of his role within the GOSS group, Shane also regularly prepares and delivers training materials to internal and external audiences on IFRS matters; performs quality control reviews of IFRS financial statements and reporting packages; and assists BDO USA & BDO Alliance firms’ assurance engagement teams with technical IFRS accounting consultations.

Shane has strong financial reporting technical experience, having worked with clients who prepare their financial statements under various reporting frameworks including IFRS, UK GAAP (FRS 101 and 102), IFRS for SMEs and US GAAP (including under PCAOB standards). 

He has experience of working with a wide range of clients and ownership structures including public companies, owner-managed / family-owned businesses, groups of varying sizes and complexities, and businesses with private equity investment. 

Andrew Moore, Practice Principal, IFRS, BDO

Andrew works as part of the Global accounting group at BDO, He has more than 20 years of public accounting experience, predominately in the mid-tier. Andrew initially joined BDO in the UK in 2011 and moved to BDO USA, in Chicago in 2015. 

Andrew’s primary focus at BDO is IFRS related work including reviewing IFRS financial statements and reporting packages and completing consulting engagements, including IFRS conversions projects.

Andrew has strong financial reporting technical experience, having worked with clients who prepare their financial statements under various reporting frameworks including IFRS, USGAAP and UKGAAP. 

He has experience of working with a wide range of clients and ownership structures including public companies, owner managed / family owned businesses, groups of varying sizes and complexities, and businesses with private equity investment. 

To provide CPAs and finance professionals with an in-depth understanding of the conceptual frameworks underpinning IFRS and US GAAP, highlighting the key differences between principles-based and rules-based approaches and their implications for financial reporting, standard-setting, and global comparability.

DETAILED LEARNING OBJECTIVES

• Identify the organization responsible for establishing IFRS Accounting Standards

• Explain the general approach required when an entity adopts IFRS for the first time under IFRS 1

• Identify the mandatory effective date of IFRS 18

• Explain how the operating category is defined under IFRS 18

• Identify the mandatory subtotals introduced by IFRS 18

• Identify the requirements for presenting additional subtotals under IFRS 18

• Determine which measures qualify as management-defined performance measures under IFRS 18

• Identify the disclosure requirements for management-defined performance measures

• Explain the IFRS accounting treatment for development costs under IAS 38

• Describe the IFRS lessee-accounting model

• Conceptual Framework Comparison
  – Purpose and role of a conceptual framework
  – Objectives of financial reporting under IFRS and US GAAP
  – Overview of the IASB and FASB frameworks
  – Qualitative characteristics of useful financial information
  – Differences in fundamental and enhancing qualitative characteristics
• Principles-Based vs. Rules-Based Standards
  – Core attributes of principles-based systems (e.g., IFRS)
  – Core attributes of rules-based systems (e.g., US GAAP)
  – Strengths and weaknesses of each approach
  – How conceptual frameworks influence standard-setting philosophy
• Converting from US GAAP to IFRS and vice versa
  – First-time adoption of IFRS
  – First-time adoption of US GAAP
• IFRS 18 – Presentation and Disclosure in Financial Statements
  – Objective, scope and effective date
  – The structure and categorization of the statement of profit or loss (income/expenses)
  – Principals of aggregation and disaggregation 
  – Management-defined Performance Measures (MPMs)
  – Transition 
• Select differences between IFRS and US GAAP
  – Business combinations 
  – Consolidation
  – Intangible assets
  – Impairment 
  – Leases
  – Revenue recognition
• Looking forward – ongoing projects and priorities of IASB

Shane Classen, Assurance Professional Practice Director, IFRS, BDO

Shane is part of the Global Offerings & SEC Services (GOSS) group at BDO USA with a focus on International Financial Reporting Standards (IFRS). Shane carries over 12 years of public accounting experience, spanning across three continents having worked for BDO South Africa, BDO UK, and BDO USA over the course of his career. 

Shane’s primary objective is to help clients with their IFRS reporting and accounting advisory needs, including adopting new IFRS standards, full IFRS conversions and preparing IFRS financial statements.

Internally, as part of his role within the GOSS group, Shane also regularly prepares and delivers training materials to internal and external audiences on IFRS matters; performs quality control reviews of IFRS financial statements and reporting packages; and assists BDO USA & BDO Alliance firms’ assurance engagement teams with technical IFRS accounting consultations.

Shane has strong financial reporting technical experience, having worked with clients who prepare their financial statements under various reporting frameworks including IFRS, UK GAAP (FRS 101 and 102), IFRS for SMEs and US GAAP (including under PCAOB standards). 

He has experience of working with a wide range of clients and ownership structures including public companies, owner-managed / family-owned businesses, groups of varying sizes and complexities, and businesses with private equity investment. 

Andrew Moore, Practice Principal, IFRS, BDO

Andrew works as part of the Global accounting group at BDO, He has more than 20 years of public accounting experience, predominately in the mid-tier. Andrew initially joined BDO in the UK in 2011 and moved to BDO USA, in Chicago in 2015. 

Andrew’s primary focus at BDO is IFRS related work including reviewing IFRS financial statements and reporting packages and completing consulting engagements, including IFRS conversions projects.

Andrew has strong financial reporting technical experience, having worked with clients who prepare their financial statements under various reporting frameworks including IFRS, USGAAP and UKGAAP. 

He has experience of working with a wide range of clients and ownership structures including public companies, owner managed / family owned businesses, groups of varying sizes and complexities, and businesses with private equity investment.