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Aviation Finance Finuas Network

 We are pleased to be able to offer a limited number of free places for jobseekers on our network programmes subject to funding being available

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Date: 7th October 2015

Location: Dublin

Times: 9.00 am – 5.00 pm

Cost: €395  funding applied

Programme Overview

This course explains the requirements of US GAAP, with special reference to aviation finance companies. Comparisons with IFRS and Irish GAAP are made. Annual reports of real companies in the industry are used for illustration. The major imminent changes to US GAAP on lease accounting are discussed.

Programme Objectives

The objectives are:

  • To explain all the major features of US GAAP, as applied in the aviation finance industry
  • To illustrate US GAAP practice using real company examples
  • To apply the US GAAP rules to practical examples
  • To examine the important differences between US GAAP and IFRS and Irish GAAP

 

 

Target Audience

Accountants working in aviation finance companies, and auditors of such companies.

 

Programme Content

9.00  Scale of International Differences-  Examples of differences between US  GAAP, IFRS and Irish GAAP•     The Regulatory Context of US GAAP -  Federal law and state law-  The Securities and Exchange Commission-  Standard setters, including FASB-  Audit bodies•     Outline of SEC Requirements, including:-  Regulation S-X-  Form 10-K-  Form 8-K10.15   Break

10.30   The Sources of US “GAAP”, including:

-  APB Opinions

-  FASB Standards

-  SEC Staff Accounting Bulletins

-  Interpretations

-  Statements of Position

-  Codification of 2009

 

11.30  Break

11.40  Presentation of Financial Statements by aviation finance companies in US GAAP and IFRS

    The balance sheet

-  The income statement

-  Other comprehensive income

-  Statement of changes in equity

-  The cash flow statement

•     Revenue Recognition

-  Present rules and practice in general and in aviation

-  New US/IFRS rules

•    Tangible Assets

-  Property, plant and equipment

-  Impairment

-  Interest capitalization

13.00  Lunch

14.00  •     Lease accounting

-  Current rules of US GAAP and IFRS

-  New rules in US GAAP

-  IFRS comparison

•     Intangible Assets

-  R & D

-  Software costs

•     Financial Instruments

-  Presentation issues

-  Measurement issues

-  Hedge accounting

15.00                  Brea

 

15.15                  •        Liabilities

-  Provisions, accruals, prepayments

-  Contingencies

-  Post-retirement obligations

-  Share-based payments

-  Deferred tax

•     Group Accounting

-  Business combinations

-  Goodwill

-  Subsidiaries and variable interest entities

                                 -  Currency translation

•     Summary comparisons of US GAAP with Irish GAAP and IFRS

16.30                  Close

 

Trainer Profile Qualification & Relevant Experience

Dr. Chris Nobes is Professor of Accounting at the University of London and at the University of Sydney, and an adjunct professor of the Norwegian Business School. He has held temporary posts at US universities in San Diego and New York. He has been a visiting professor at universities in Venice, Amsterdam and Barcelona.Prof. Nobes is author or co-author of fourteen books, including The Economics of Taxation (latest edition, 2015), An International Introduction to Financial Accounting (2013), Comparative International Accounting (2012). He was named the ‘Outstanding International Educator’ of the American Accounting Association in 2002.Prof. Nobes was a member of the Accounting Standards Committee of the UK and Ireland from 1987 to 1990, and one of the two UK representatives on the Board of the International Accounting Standards Committee from 1993 to 2001. He is now a member of the ICAEW Financial Reporting Committee and of the Academic Panel of the UK’s Accounting Standards Council.

Skillnets funded from the National Training Fund through the Department of Education and Skills

The Aviation Finance Finuas Network is funded by member companies and the Finuas Networks Programme, an initiative of Skillnets funded from the National Training Fund through the Department of Education and Skills.

Click here for Finuas Network website www.finuas.ie

 


 

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