IFRS: The Starting Point (IFRS 1)
AICPA's IFRS Certificate Program
This course is part of the IFRS Certificate Program – a comprehensive, integrated curriculum that will give you the basic training, knowledge, and practical guidance in international accounting standards that are necessary in today's global business environment. Credit for individual courses purchased can be applied to the full program. Click here for information on the complete program.
The purpose of this course is to familiarize you with the guidance described in IFRS 1, First-time Adoption of International Financial Reporting Standards. IFRS 1 applies when an entity adopts IFRS for the first time. The standard outlines the guidelines for when to use IFRS 1, exemptions and exceptions for first-time adoption, and presentation and disclosure requirements.
Upon completion of this course, you will be able to:
- Determine whether an entity qualifies as a first-time adopter of IFRS under IFRS 1
- Understand how the key dates in IFRS 1 affect IFRS 1 financial statement preparation
- Identify IFRS 1 mandatory exceptions
- Describe the pros and cons of electing IFRS 1 optional exceptions
- Understand IFRS 1 disclosures
Advance Preparation: None
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