U.S. GAAP and IFRSs are currently the most influential accounting principles in the world. The Chinese Accounting Standards issued on Feb 2006 are tending to convergence with the IFRSs except for some specific content. Hence this course is actually the comparison, analysis and application between U.S. GAAP and IFRSs.
In September 2002, Along with the signing of the Norwalk Agreement, the FASB and IASB have cooperated with each other, promoting the convergence of these two accounting standard systems. But due to historical and practical reasons, the convergence time schedule has not been ensured, meaning discrepancies will be existing for a long period of time. In addition, the U.S GAAP is oppugned by its “Standard Overload”, but it has some specific guidance which offers meaning of reference on professional judgment when executing CAS.
Our training will have an emphasis on the following aspects: firstly the accounting standards most corporations use are in the discrepancy of American and International Accounting Standards; secondly the emendation of the CAS, especially the parts borrowed from IFRSs; and lastly some difficult points in accounting.