IAS / IFRS
IFRS Accounting Theory Online Classes Available
IFRS Implementation Group
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Created: April 14, 2010
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Type: Professional Group
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Members: 570+
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Owner: Peter Welch
Convergence Training Classes geared to all Levels and Needs
Principles-Based versus Rules-Based Standards
International (and Integrated) Training Sessions available
FASB and IFRS: Required Changes to Financial Informational Flows
Complete Documentation and Training Manuals Developed
Customized Staff Training geared to all Levels and Needs
The Convergence impact on Sox404 Compliance
Press Release: July 2010
Our Changing Financial World: Are you ready?
What is IFRS, is it GAAP, is it FASB or is it a statutory version within each country. Whether as in Europe having already converted or in the US where within 2-3+ years, IFRS will become mandated for example, financial closings ending in 2016; do you really understand it? How does one measure the economic gains accruing to an organization, i.e., positive NPV or fair-value (very controversial in today’s economy) or on the contrary when the value of a business declines but under what basis or measurement! Are we looking at purchasing power but in which currency and what about exchange-rates and using derivatives as a hedging tool?
As a financial professional you need to understand these concepts. IFRS certainly as far as US accounting professionals are concerned ought today to be attempting to grasp and understand these concepts. Process flow-mapping requiring process reengineering will need to be developed ASAP! Internal control methodologies will have to be revisited and whether under US Sox 404 or other national versions the trigger points will change and continually change. Corporate Sox 404 exemptions are today being considered by Congress, small Cap stocks or higher? But, as a professional do you manage by Congressional direction or by what makes fiduciary sense to control and manage the enterprise. How can a CFO not support full internal control methodologies regardless of a mandated compliance ruling! Exemptions ought to do no more than eliminate certain audit and other costs but the underlying IC structure remains solidly in place. All concepts of risk measurements, a constant WIP will need thorough documentation, detailing the corporate perspective on measuring risk and where within each entity those risks are higher or lower than the corporate guidelines or benchmarks. And, last but certainly not least, IFRS encompasses ALL parts of a business, from legal to HR to sales and anyone involved with outside Users, i.e. Press and Investment analysts. All staff will need thorough training and not just a brief PowerPoint with bullet-points, training that should be embedded within performance reviews and job descriptions. Accountability is the issue, are you ready?
IFRS Web-based Training (FASB & IFRS accounting theory analyzed and discussed)
The financial executives at
ContractualCFO clearly believe that there is a need for a totally different approach.
CCFOSox is offering online (web-based) accounting training classes. Unlike anything else available, these will be geared towards very deeply analyzing all IAS's and IFRS's, line-by-line and comparing directly to existing FASB/GAAP (US & CA). Academically, it'll be the equivalent of undergraduate and graduate studies rolled into a single program.
We will deeply discuss accounting theory, what is the intent behind the standard, why is it worded that way, what did the dissenters say, why they disagreed. We will look at fair value and all derivatives, business combinations etc and examine the thought-process behind the standards as they are worded. We will consider how applicable the standards are to emerging countries and what issues they will confront. While time is on our side, now is the best time to consider this in-depth approach to our profession, no bullet-points, no simple summaries or brief side-by-side comparisons that mask exactly what really underlies the standards, the basis of all financial reporting. We will go through each and every paragraph, discussing in detail, and some topics may take several weeks to critique. CCFOSox will not rush this!! All materials to be discussed will be distributed to registrants before the session so there'll be no guess work. All that is required is to attend and participate and serious/active vocal participation is a critical success factor in this program. Registrants will receive a transcript after each online session.