Understanding the essentials of IFRS
About this course
International Financial Reporting Standards (IFRSs) has become the world’s most widely applied accounting standards. More than 130 countries now require or permit the use of IFRSs. Millions of public and private companies globally have complied with IFRSs since 2005. Some jurisdictions commit to converge their national standards with IFRSs. Our two-day overview is designed to guide you step-by-step through important IFRS technical issues. We explain the principles clearly and simply. Our specialist instructors also help delegates with the practicalities of implementation. Participants will also have an opportunity to network and exchange ideas with other professionals.
The course answers questions such as:
- What are the current IFRS requirements?
- What are the main areas to be considered that affect most companies?
- Which accounting standards allow alternative treatments when preparing IFRS financial statements?
- How are these main standards applied when IFRSs are first adopted?
- International Accounting Standards Board (IASB) – structure and work program
- Content of IFRS Financial Statements
- Presentation of financial statements (IAS 1)
- Statement of cash flows (IAS 7)
- Accounting policies, changes in accounting estimates and errors (IAS 8)
- Events after the reporting period (IAS 10)
- Operating segments (IFRS 8)
- Inventories (IAS 2)
- Property, plant and equipment (IAS 16)
- Borrowing costs (IAS 23)
- Intangible assets (IAS 38)
- Impairment of assets (IAS 36)
- Employee benefits (IAS 19)
- Provisions, contingent liabilities and contingent assets (IAS 37)
- Share-based payment (IFRS 2)
Financial Instruments and Leases
- Financial assets and liabilities (IAS 32, IAS 39 and IFRS 9)
- Leases (IAS 17)
- Update on IFRS 16 Leases
Revenue (IAS 18)
- IFRS 15 Revenue from Contracts with Customers
- Group Accounting
- Consolidated financial statements (IFRS 10)
- Business combinations (IFRS 3)
- First-time Adoption of IFRSs (IFRS 1)
- Relevant IFRS updates since inception of adoption.
- Group live instruction, cases, examples, group work, open discussions
- Review of the rationale and objective for IASB standards
- Description and explanation of IFRS technical requirements in clear and simple language
- Use of case studies and real-world examples to illustrate practical application of the standards
- Interactive participation is encouraged
- All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials.
- Explain how the recognition and measurement principles of the IASB’s Framework apply within the key accounting standards
- Apply the requirements of the standards to prepare IFRS-compliant financial statements
- Identify an appropriate accounting policy for a given accounting issue and suggest necessary disclosures
- List the major standards that require or permit the use of fair value measurement, identify how fair value is measured and specify where the fair value changes are recognized
- Assess the impact of major new standards on revenue, leases and financial instruments