US GAAP: Financial reporting under US accounting requirements

Summary

This course explains US GAAP for accountants in Ireland who work in US groups. It contains practical guidance on understanding the US rules and preparing US accounting reports.

Venue details:  
Chartered Accountants House, , Dublin
Start date & time:  
21 November 2019 09:30
End date & time:  
21 November 2019 17:00
Price: €300.00  (€240.00 Member price)
By registering for this course you have accepted the terms and conditions
Training ticket cost:  
9.00
CPD hours:  
7.00
Speaker details
First nameLast name
Chris Nobes

Description

Product type:  
CPD course
Category:  
Ethics, Financial reporting

Who should attend

  • Accountants and controllers working in Irish companies with US parents, or those with US subsidiaries
  • Analysts or fund managers who are interested in US annual reports
  • Auditors of companies which have US parents or subsidiaries

Course overview

  • Scale of differences between US, UK/Irish and IFRS accounting
  • The relationships between accounting, law and tax in the US
  • US institutions: SEC, FASB, AICPA
  • SEC regulations / FASB standards
  • Preliminary study of US annual reports
  • Presentation of financial statements, including other comprehensive income
  • New US requirements on revenue recognition and lease accounting
  • US GAAP on asset valuation, depreciation and impairment
  • Other important accounting differences, such as: inventory; intangibles; marketable securities; hedge accounting; currency translation; deferred tax; pensions; share-based payments; goodwill; consolidation
  • Illustrations with US annual reports
  • Summary of important differences between US GAAP and IFRS or UK/Irish GAAP

Learning outcomes

  • Understand the environment and reporting requirements of US groups
  • Have insight into the preparation of financial statements under US GAAP
  • Adjust accounting numbers from local GAAP to US GAAP, or vice versa
  • Better understand instructions coming from group controllers in the US
  • Consolidate, assess, interpret and audit the financial statements of US subsidiaries
  • Avoid the pitfalls for analysis of US annual reports caused by the large accounting differences
  • Have better relations with the US staff

Speaker Bio

Christopher Nobes is Professor of Accounting at Royal Holloway (University of London) and at the University of Sydney. He has held teaching posts in New York and San Diego. He is the author of Financial Reporting in the US, published by the Financial Times. He was one of the two UK representatives on the Board of the International Accounting Standards Committee from 1993 to 2001. He was the 'Outstanding International Accounting Educator' of the American Accounting Association in 2003.