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Introduction to US GAAP

Date: 9th July 2021

Location: Online via zoom (9.30 – 13.00)

Price: £195 + VAT

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Online via zoom (9.30 – 13.00)

Outline

Many organisations are required to report US GAAP numbers which can be daunting.   This interactive and engaging virtual course will aim to demystify US GAAP.

Whilst over times there have been considerable efforts to increase convergence with US GAAP and IFRS (which leads onto FRS102 and OFS accounts direction) differences do still remain, not least the fact that US GAAP is often quoted as being “rule based” as opposed to “principles based”.

This introductory module is aimed at members of finance who are responsible for producing the annual report along with creating the US GAAP “conversion”.  It will ensure that you understand the major accounting differences and areas of risk that need to be focused on (which will be covered in more detail on module 2). 

The course content will include:

  • What does rule based accounting mean?
  • Overview of the regulatory framework
  • Understanding the format of accounts
  • Understanding key accounting “differences” been US GAAP and FRS102 including:
    • Tangible assets
    • Intangible Assets
    • Asset retirement obligations
    • Leases
    • Commitments and contingencies
    • Pensions (introduction)
    • Income recognition (introduction)
    • List above not intended to be exhaustive

Important Notes:

This is the first module in a two part series.  The second module (12th November 2021) is in the process of being developed.  The second module will focus more specifically on the GAAP differences for the HE sector and the supplementary schedule. It will be available to book once we have more details of the module contents and the fee (NB: the fee for the first module does not include the second module, there will be a separate fee).

These modules are not designed to replace the need to work with external advisers – instead they are designed to increase your confidence in US GAAP and understand the main risk areas to make the process smoother and more efficient.

As a “proper” interactive, training course this session will not be recorded, delegates are requested to have their cameras on and come prepared to participate. 

Vivek Mehan, Director, Mehan Training

Vivek graduated in Chemical Engineering at Cambridge University and then went to work at Deloitte where he qualified as a Chartered Accountant in 2002.  Vivek decided to follow his passion and pursued a highly successful career in professional training and development with some of the UK’s leading professional training organisations.  Vivek then set up his own training business to enable us to create a premium training experience working in genuine partnerships with his clients.  He is a strong believer in how effective training has numerous advantages for organisations, such as performance improvement, enhanced communication and staff morale.   He has provided training to a wide range of organisations in both the public and private sector. Vivek is an expert in Financial Reporting and in particular IFRS, US and UK GAAP, having delivered courses to thousands of delegates from a variety of industries over his career.

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