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Financial Reporting in the USA

To be able to understand and apply the main requirements of US ‘generally accepted accounting principles’, as used (i) by US groups which have UK or other European subsidiaries, or (ii) by US subsidiaries within UK groups.

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Learning Objectives

WHO SHOULD ATTEND

Accountants working for UK or other European groups which have US subsidiaries, or accountants working for UK subsidiaries of US groups. No prior knowledge of US GAAP is assumed, but a working knowledge of either UK or IFRS financial reporting is assumed.

Course Content

CONTENT

  • Causes and scale of transatlantic differences
  • Sources of US GAAP: FASB, SEC
  • Accounting terminology and presentation
  • Revenue recognition:  US GAAP
  • Inventory accounting
  • Property, plant and equipment, including new lease accounting standard
  • Intangibles and impairment
  • Financial instruments
  • Provisions and contingencies
  • Pensions and share-based payments
  • Deferred tax
  • Foreign currency translation
  • Mergers and acquisitions
  • Summaries of differences from UK and IFRS accounting

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