PART V: IFRS COMPARISONS AND ADVANCED APPLICATIONS

In this section

• Chapter 25: IFRS Overview and Key Differences from U.S. GAAP
  • Conceptual Framework Differences (IFRS vs. GAAP)
    A comprehensive examination of the conceptual frameworks under IFRS and U.S. GAAP, highlighting key definitions, fundamental principles, and qualitative characteristics for CPA exam readiness.
  • Financial Statement Presentation and Terminology Under IFRS
    Discover the key differences in financial statement presentation under IFRS, including standard naming conventions and layouts, and learn how global accounting principles shape transparency, comparability, and consistency in financial reporting.
  • Major Recognition/Measurement Differences (Inventory, PP&E, Impairment, Leases, Going Concern, etc.)
    Explore key recognition and measurement differences between U.S. GAAP and IFRS in areas such as inventory costing, property, plant and equipment, impairment testing, lease accounting, and going concern assessments.
  • IFRS vs. GAAP Disclosure Variations and Convergence Efforts
    Explore the key disclosure differences between IFRS and U.S. GAAP, ongoing convergence efforts, and practical examples highlighting main expansions in financial statement notes.
• Chapter 26: Complex Illustrations, Case Studies, and Practice Scenarios
  • Consolidated Financial Statements (Advanced Topics, Eliminations)
    Explore advanced consolidation issues including variable interest entities, partial ownership changes, and intercompany transaction eliminations, with practical examples, diagrams, and best practices for the CPA FAR Exam.
  • Business Combinations (Purchase Accounting, Goodwill, Noncontrolling Interests)
    Explore the acquisition method’s comprehensive steps, goodwill measurement, and noncontrolling interest accounting under US GAAP and IFRS, featuring practical examples and diagrams for deeper clarity.
  • Foreign Currency Transactions, Translation, and Remeasurement (Overview)
    Master foreign currency transactions, from initial recognition to financial statement translation and remeasurement. Explore how functional and reporting currencies differ, learn best practices, and understand the impact on OCI.
  • Additional Advanced Topics: Pushdown Accounting Revisited, Quasi Reorganizations
    Explore in-depth guidance on pushdown accounting after control changes and understand quasi reorganizations, including rare steps, best practices, and illustrative examples.
  • Comprehensive Exercises Integrating Multiple FAR Topics
    Explore final capstone scenarios that seamlessly integrate revenue recognition, inventory valuation, property, plant, and equipment transactions, intangible assets, and other advanced FAR concepts into cohesive practice exercises.