Financial Skills: Financial Reporting in the USA - US GAAP Explained

Course Overview

This course will highlight therequirements ofUS GAAP. It sets US accounting in its international context and then focuses on the major institutions which make accounting and auditing rules in the USA. Following a consideration of the structure and presentation of US financial statements, the course will examine the technical detail of US financial reporting. The main areas of difference in profit measurement and asset valuation between the USA and UK will be outlined and the course will consider the likely changes in US accounting in the future.

Course Outline

• Causes of transatlantic accounting differences
• Sources of US GAAP - the FASB, SEC and AICPA
• Differences in accounting terminology and presentation
• Major areas of technical difference including revenue recognition, consolidation, leasing, pensions, deferred tax, inventory valuation, etc
• Cross-references to specimen sets of US financial statements
• US accounting and the work of the IASB

Financial Skills: Financial Reporting in the USA - US GAAP Explained / CM9453