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Incorporating International Financial
Reporting Standards (IFRS)
into Intermediate Accounting

Revised June 30, 2009

Rebecca G. Fay
John A. Brozovsky
Jennifer E. Edmonds
Patricia G. Lobingier
Sam A. Hicks

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We express our appreciation to the Deloitte Foundation and to Carl Cronin and Greg Aliff, both Deloitte partners and Virginia Tech alums, for the encouragement and financial support that made this project possible. Any errors or omissions are solely the responsibility of the authors and not Deloitte. Preface

The purpose of these materials is to allow the intermediate accounting student and their faculty members to get started incorporating the International Financial Reporting Standards in their course sooner rather than later. The materials are NOT exhaustive; rather the materials cover the basic differences between US GAAP and IFRS for those topics normally discussed in the Intermediate Accounting Course.

The roadmap proposed by the Securities and Exchange Commission (SEC) would allow select U.S. companies the option of adopting IFRS as early as 2009 with mandatory adoption following as early as 2014. While the current chairman of the SEC has expressed skepticism regarding the proposed timeline, she has also affirmed her commitment to work toward a single, universal set of high quality accounting standards. Since most of the developed world has already adopted IFRS, it is important that today’s accounting students have a basic understanding of these standards even if they do not replace US GAAP. We hope these materials help with that process.

We do not plan to update these materials. They will be available on the American Accounting Association’s web site, at http://aaahq.org/commons. If you have comments, have suggestions for improvements or corrections, please contact John Brozovsky [at jbrozovs@vt.edu] or Sam A. Hicks [at shicks@vt.edu]. If you prefer surface mail, contact either at Department of Accounting and Information Systems, Virginia Tech Mail Code 0101, Blacksburg, VA 24061. We will make corrections and add comments until December 31, 2009.

Table of Contents

Table of US GAAP, IFRS and Intermediate Textbook chapters by Topic2 Unit 1 – Introduction3
Unit 2 – Conceptual Framework8
Unit 3 – Income Statement and Other Comprehensive Income10 Unit 3 Appendix A – Current IFRS14
Unit 3 Appendix B – IFRS effective for years beginning after 1/1/200915 Unit 4 – Balance Sheet17
Unit 5 – Statement of Cash Flows21
Unit 6 – Cash and Receivables25
Unit 7 – Inventories: Cost Basis29
Unit 8 – Inventories: Subsequent Valuation32
Unit 9 – Property, Plant and Equipment34
Unit 10 – Depreciation and Impairment38
Unit 11 – Intangible Assets40
Unit 12 – Current Liabilities and Contingencies46
Unit 13 – Long-term Liabilities49
Unit 14 – Stockholders’ Equity53
Unit 15 – Earnings Per Share and Share-Based Compensation55 Unit 16 – Investments62
Unit 17 – Revenue Recognition69
Unit 18 – Income Taxes72
Unit 19 – Pensions75
Unit 20 – Leases80
Unit 21 – Accounting Changes and Errors84
Unit 22 – Disclosures and Segment Reporting86
Conversion Case – Using Form 20-F Reconciliation for Ratio Analysis88 Additional Resources92

|Table of US GAAP, IFRS and Intermediate Textbook chapters by Topic | | | |International Financial |US GAAP Accounting|Intermediate Textbooks | | | |Reporting Standards (IFRS)|Standards | | | | | |Codification (ASC)| | | | |...
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