Learning Center

This is a two part course that explores the background and positions that the Securities and Exchange Commission (SEC), Financial Accounting Standards Board (FASB), and International Accounting Standards Board (IASB) have regarding International Financial. Earn 2 NASBA CPE credits. Part One: Perspectives on the IFRS in America indicates that the International Financial Reporting Standards (IFRS) have been receiving more wide-spread acceptance. However, before the Securities and Exchange Commission (SEC) allows U.S. companies to embrace these standards, several issues must be addressed regarding training and education, consistency of application and lack of uniform audit standards. An interview with Sir David Tweedie provides further input on these issues as well as the benefits of IFRS, the level of awareness among corporate executives in America and challenges surrounding IFRS. Part Two: This part emphasizes some of the major issues for the SEC and its role regarding the adoption of IFRS (International Financial Reporting Standards) in the U.S... Topics include how the IASB and FASB continue toward convergence of IFRS and U.S. GAAP and the differing opinions between these two groups and the SEC regarding how and when convergence or adoption will occur. Although the SEC appears to be taking a wait-and-see approach, many key stakeholders in the financial reporting community want the Commission to set a hard target data for adoption so that many disparate groups - including accounting educators, companies, and auditors - can move forward with their preparations. This part also provides highlights of some recent pronouncements made by the SEC on the subject of U.S. GAAP-IFRS convergence, as well as discusses the potential implications of these pronouncements for management accountants. This course is offered in partnership with Smart Pros Ltd. SmartPros Ltd. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. Web site: www.nasba.org. SmartPros courses are QAS certified and based on 50 min./credit hr. Credits may vary in some states; please check with your State Board of Accountancy.