IFRS Basics (2 days)

Course code: 1030

Introduction

International Financial Reporting Standards (IFRSs) are the world’s most widely applied accounting standards. Approximately 120 countries now require or permit the use of IFRSs. Over 7,000 public companies in the European Union have complied with IFRSs since 2005. Argentina, Brazil, China, Canada, Japan, India, Mexico and the Republic of Korea are either adopting IFRSs or have decided 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.

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?

Topics

  • Overview
  • 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)
    • Related party disclosures (IAS 24)
    • Events after the reporting period (IAS 10)
    • Operating segments (IFRS 8)
    • Discontinued operations (IFRS 5)
  • Assets
    • Inventories (IAS 2)
    • Property, plant and equipment (IAS 16)
    • Borrowing costs (IAS 23)
    • Intangible assets (IAS 38)
    • Impairment of assets (IAS 36)
    • Non-current assets held for sale (IFRS 5)
  • Liabilities
    • 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)
    • Update on 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)

Teaching method

  • Live group 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.

Prerequisites

Understanding of basic accounting principles based on any national standards. No advance preparation is required for this course.

Course benefits

  • Explain how the recognition and measurement principles of the IASB’s Framework apply within each accounting standard
  • 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
  • Differentiate between the requirements of current IFRSs and proposed changes for the future, including prospects for global convergence of major national accounting standards

CPE / CPD Accreditation

NASBA

IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. 


Field of study: Accounting

ICAEW Partner in Learning

IASeminars is proud to have been named as an ICAEW Partner in Learning, working together to offer the ICAEW IFRS Certificate to our clients worldwide. ICAEW (The Institute of Chartered Accountants in England and Wales) is a world leading professional membership organisation that promotes, develops and supports over 145,000 chartered accountants worldwide. CPE certificates obtained from attending IASeminars courses are an ideal way for ICAEW members and others to demonstrate their continuing professional development, provided that the topic is relevant to their learning and development needs.

New York State Board of Public Accountancy

IASeminars is registered with the New York State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: 002546. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

Texas State Board of Public Accountancy

IASeminars is registered with the Texas State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: 009689. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

Venue

  • Our London seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.
  • Our London seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.
  • Our Las Vegas seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered participants by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.

Instructor(s)

  • KC Rottok Chesaina

    KC Rottok Chesaina (Kenya / South Africa) obtained his BCom from Oxford Brookes University with Distinction in 2003. He went on to obtain the Higher Diploma in Accountancy from Wits University in 2004 and qualified as a Chartered Accountant – CA (SA) and Registered Auditor in 2008. He joined RSM Betty and Dickson in 2005 and has since worked for several RSM International member firms including RSM Bird Cameron in Australia and RSM McGladrey in the USA. He was appointed Technical Partner responsible for IFRS training and consulting in September 2009. He has significant experience on the African continent having worked in several countries. KC was the duly appointed national representative to the IFRS Panel of RSM International, an international network of firms with 700 offices in over 100 countries. He travelled annually as a participant and presenter to the RSM regional IFRS conference in London for the five years preceding his resignation as a partner to form his own IFRS consulting firm. He has written several technical opinions which have formed the basis of reporting for a number of large companies listed on the Johannesburg Stock Exchange and has been published in a number of platforms including The Accountancy SA, The African Professional, Business Daily Africa and the Practical Accountancy Looseleaf.

  • Linda Hayes

    Linda Hayes (Canada) is a Chartered Accountant who teaches many courses on intermediate and advanced financial accounting topics under IFRS. Her previous experience at ATB Financial (an Alberta Financial Institution) included external reporting under IFRS, accounting for derivatives and hedging, foreign exchange and general ledger management. Linda has been teaching at both the undergraduate and MBA level for over 15 years, and has also been involved in training candidates for the Canadian Chartered Accountant designation. Her work experience also includes six years of public accounting at Deloitte and Grant Thornton, as well as other industry experience. Linda has a degree in Business Administration and a Master’s in Business Administration.

In House

To bring this course in-house please contact us and we will be pleased to assist

Course details

Course schedule

Select a start date for more details

24 Nov 2016 London

Duration:
2 days
Course level:
Overview
CPE / CPD:
16 hours
Start date:
24 Nov 2016
Start time:
09:00
Finish date:
25 Nov 2016
Finish time:
18:00
Location:
London
Price:
GBP 1,750
Subject to UK VAT (Read more)

16 Mar 2017 London

Duration:
2 days
Course level:
Overview
CPE / CPD:
16 hours
Start date:
16 Mar 2017
Start time:
09:00
Finish date:
17 Mar 2017
Finish time:
18:00
Location:
London
Price:
GBP 1,750
Subject to UK VAT (Read more)

12 Sep 2017 Las Vegas

Duration:
2 days
Course level:
Overview
CPE / CPD:
16 hours
Start date:
12 Sep 2017
Start time:
09:00
Finish date:
13 Sep 2017
Finish time:
18:00
Location:
Las Vegas
Price:
USD 2,650
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