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THE DIFFERENCE ANALYSIS AND APPLICATION OF CAS AND U.S. GAAP

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.


Training Objectives

This training course will make financial personnel (especially those who work in American owned companies, Sino-American joint ventures, companies already or planning to list in the American stock market and other companies which apply CASs and the U.S. GAAP) understand the key points of the U.S. GAAP and application in daily work, it will also improve your accounting accomplishment and financial ability, thus you can leverage this knowledge to build up a more solid and promising career in the finance sector.

 

Training Attendees

Accounting, financial, tax, internal control and auditing managers or supervisors, financial controllers, CFOs and other senior managers
 
 
       
Training Outline
 


U.S. GAAP Briefing
 
  • Composition of the U.S. GAAP
    •  
  • Problems the U.S. GAAP are faced with
    		•
     
  • Norwalk Agreement
    		•


    CASs Briefing
     
  • Construction of PRC accounting statutes
    		•
     
  • New CASs content introduction
    		•
     
  • Characteristics of CASs
    		•


    Comparison between CASs and the U.S. GAAP
     
  • CAS No. 1 ──Inventories
    •   - Concept of Net Realizable Value (NRV)
      - Subsequent measurement at the lower of cost and NRV（CAS）VS. Subsequent measurement at the lower of cost and market price（U.S. GAAP）
      - Initial measurement for inventories acquired in special ways
      - Accounting treatment for allocation of fixed indirect expenses
     
  • CAS No. 4 ──Fixed Assets (F/A)
    		•
      - Recognition and measurement of initial cost and subsequent expenses related to a fixed asset
      - Capitalization of loan cost
      - Costs of fixed assets disposal (CAS) vs. Asset Retirement Obligations（U.S. GAAP）
      - Recognition and measurement for F/A held for sale
     
  • CAS No. 8 ──Impairment of Assets
    		•
      - What is impairment of assets and its impact?
      - External and internal sources of information indicating assets impairment
      - What is recoverable amount, fair value less costs to sell, value in use (VIU)?
      - Adoption of discounting rate in calculating VIU
      - Different accounting treatment on impairment of assets（CAS vs. U.S. GAAP）
      - Reversal of impairment loss
      - Concept of Cash Generating Unit and corporate assets as well as their application in impairment of assets
     
  • CAS No. 14──Revenue
    		•
      - Scope of Revenue
      - Revenue recognition conditions - significant transfer of risks and rewards
      - Revenue measurement
      - Accounting treatment for deferred collections - introduction on actual rate
      - Accounting for cash discount, trade discount and sales return
     
  • CAS No. 18──Income taxes
    		•
      - Concept and determination of the tax base of an asset, tax base of a liability
      - The significance of adopting the balance sheet liability method
      - Difference between temporary difference and time difference, concept of taxable temporary difference and deductible temporary difference
      - Calculation of deferred tax asset/liability, current and deferred tax expense/income
      - Different accounting treatment for income taxes（CAS vs. U.S. GAAP）
     
  • CAS No. 19──Foreign Currency Translation
    		•
      - What is bookkeeping standard money/ functional currency?
      - Factors to be considered to determine functional currency
      - Reorganization of functional currency for companies operating abroad
      - Subsequent measurement of foreign currency transactions
      - Translation methods of financial statement（CAS vs. U.S. GAAP）
     
  • CAS No. 30 ──Presentation of Financial Statements（CAS vs. U.S. GAAP）
    		•
      - Comparative difference: items on the face of Financial Statements
      - Introduction of the statement of change of owners’ equity
     
  • CAS No. 38 First Adoption of New CASs
    		•
      - Reporting scope in the first adoption of the new accounting standards
    		 
                         
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