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 IFRS. 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. The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are committed to a systematic program of improving and converging their rules.

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
    • Financial assets and liabilities (IAS 32, IAS 39 and IFRS 9)
    • Disclosures (IFRS 7)
  • Revenue (IAS 18)
  • 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 US 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.learningmarket.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 140,000 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 Lagos 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 Nairobi 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.
  • 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.

Instructor(s)

  • Bill Kemp

    Bill Kemp is an IASeminars senior instructor and a consultant specialising in International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS) and the comparison of such standards with UK, US and Canadian Generally Accepted Accounting Principles (GAAP). He has delivered many public and in-house training courses around the world to a diverse audience from sectors including government and non-profit, financial services, retail, real estate, oil & gas, telecoms, and IT. An experienced educator, he was formerly Managing Director of a major London financial training company. Bill's work also includes training and consulting on financial statement analysis and business valuation, and he teaches on the International Accounting MSc programme of the London School of Economics. He is a UK chartered accountant, and was educated at the Edinburgh Academy and at Oxford University.

    Alan Mayo

    Alan Mayo is a highly experienced instructor in the field of international financial reporting, with a particular professional interest in IFRS for oil and gas companies and also in IPSAS for the public sector. He is a UK chartered accountant with over 20 years of experience as an auditor and consultant with PricewaterhouseCoopers in both London and Paris. A founding member of the PwC Client Training business in London, Alan delivered courses on financial reporting and financial management to a wide range of PwC clients. Alan regularly instructs courses on international oil and gas accounting, and he has delivered in-house programmes for such organisations as ENI, Petronas, Kogas, Saudi Aramco, Nigerian Liquefied Natural Gas and the Ugandan Revenue Authority. He previously worked as an auditor on the privatisation of British Gas, and taught financial reporting and financial controllership programmes for Shell. Alan also managed a team within PwC that provided training and change management support to UK public sector agencies as they transitioned from cash to accruals based accounting, including the Foreign and Commonwealth Office and the Ministry of Defence. His current work includes supporting UK local authorities and not for profits in developing the financial management skills of their staff, and he has worked extensively with the UN and other international organisations in their transition to IPSAS. An independent training consultant since 2001, Alan has been a senior instructor with IASeminars since 2004.

  • Alan Mayo

    Alan Mayo is a highly experienced instructor in the field of international financial reporting, with a particular professional interest in IFRS for oil and gas companies and also in IPSAS for the public sector. He is a UK chartered accountant with over 20 years of experience as an auditor and consultant with PricewaterhouseCoopers in both London and Paris. A founding member of the PwC Client Training business in London, Alan delivered courses on financial reporting and financial management to a wide range of PwC clients. Alan regularly instructs courses on international oil and gas accounting, and he has delivered in-house programmes for such organisations as ENI, Petronas, Kogas, Saudi Aramco, Nigerian Liquefied Natural Gas and the Ugandan Revenue Authority. He previously worked as an auditor on the privatisation of British Gas, and taught financial reporting and financial controllership programmes for Shell. Alan also managed a team within PwC that provided training and change management support to UK public sector agencies as they transitioned from cash to accruals based accounting, including the Foreign and Commonwealth Office and the Ministry of Defence. His current work includes supporting UK local authorities and not for profits in developing the financial management skills of their staff, and he has worked extensively with the UN and other international organisations in their transition to IPSAS. An independent training consultant since 2001, Alan has been a senior instructor with IASeminars since 2004.

    Bill Kemp

    Bill Kemp is an IASeminars senior instructor and a consultant specialising in International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS) and the comparison of such standards with UK, US and Canadian Generally Accepted Accounting Principles (GAAP). He has delivered many public and in-house training courses around the world to a diverse audience from sectors including government and non-profit, financial services, retail, real estate, oil & gas, telecoms, and IT. An experienced educator, he was formerly Managing Director of a major London financial training company. Bill's work also includes training and consulting on financial statement analysis and business valuation, and he teaches on the International Accounting MSc programme of the London School of Economics. He is a UK chartered accountant, and was educated at the Edinburgh Academy and at Oxford University.

  • Saket Modi

    Saket Modi is a London-based financial trainer and consultant with over 15 years of professional experience. He specialises in delivering courses on advanced accounting, financial reporting and financial analysis topics, particularly with regards to International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), financial instruments and corporate finance. Saket has spent considerable time working, advising and training on complex IFRS matters - especially in relation to recognition and measurement of financial instruments. He has gained valuable experience working with both FTSE listed companies and also with Big 4 accounting firms. He has designed and facilitated workshops for banks and other financial institutions and also for corporates in the UK, Europe, Africa, Middle East and Asia, and was invited by the International Auditing and Assurance Standards Board® (IAASB®) to present a paper on IFRS 9 Financial Instruments at their board meeting in New York. Saket is a member of the Institute of Chartered Accountants of India, has completed the IFRS certificate course offered by the Institute of Chartered Accountants in England and Wales (ICAEW) and also holds the IPSAS certificate from the Chartered Institute of Public Finance and Accountancy (CIPFA). As well as being a qualified accountant, Saket is also a CFA® charterholder.

    Robert Moulin

    Robert Moulin (United Kingdom) is an international trainer and consultant specialising in International Financial Reporting Standards. He has been designing and delivering IFRS training courses for over 15 years, in such regions as Europe, Africa, the Middle East and Far East. Rob’s teaching work also includes preparing candidates for the final level corporate reporting exams of several global accountancy bodies. An experienced facilitator, Rob also leads workshops for senior managers and owner-entrepreneurs to help develop their business strategy and financial and commercial awareness. He has worked in various senior financial positions for companies large and small, including global players such as Bacardi and Mattel. Also a trained journalist, Rob has produced and presented financial programmes for the UK’s national TV broadcaster. Robert is a fellow of the Association of Chartered Certified Accountants (FCCA).

  • Bill Kemp

    Bill Kemp is an IASeminars senior instructor and a consultant specialising in International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS) and the comparison of such standards with UK, US and Canadian Generally Accepted Accounting Principles (GAAP). He has delivered many public and in-house training courses around the world to a diverse audience from sectors including government and non-profit, financial services, retail, real estate, oil & gas, telecoms, and IT. An experienced educator, he was formerly Managing Director of a major London financial training company. Bill's work also includes training and consulting on financial statement analysis and business valuation, and he teaches on the International Accounting MSc programme of the London School of Economics. He is a UK chartered accountant, and was educated at the Edinburgh Academy and at Oxford University.

  • Isabelle Andernack

    Isabelle Andernack is a French Chartered Accountant (Diplômée d’expertise comptable) and Financial Auditor (Commissaire aux comptes), and a Member of the French financial analysts’ institution (Société française des analystes financiers SFAF). She has some 20 years of professional experience in both the private and public sectors, including such activities as training, accounting, and managing the transition to new accounting systems. She also has significant experience in planning and implementation of an organization's transition to International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS). Isabelle has worked on many high-profile accounting and audit training and consulting engagements in the public and private sectors. For example, she has recently been implementing an ERP (enterprise resource planning) system for an international organization where she had previously led the conversion from cash accounting to accrual accounting under IPSAS, in order to improve its management and long-term financial and business strategy. Isabelle, who is fluent in English and French, is also a lecturer at Paris I Panthéon-Sorbonne University and at CFAF (Training Centre for Financial Analysts). She is the author of "L'essentiel des IFRS", a book on the essentials of IFRS with a foreword by Philippe Danjou, Board Member of the International Accounting Standards Board (IASB).

    Robert Moulin

    Robert Moulin (United Kingdom) is an international trainer and consultant specialising in International Financial Reporting Standards. He has been designing and delivering IFRS training courses for over 15 years, in such regions as Europe, Africa, the Middle East and Far East. Rob’s teaching work also includes preparing candidates for the final level corporate reporting exams of several global accountancy bodies. An experienced facilitator, Rob also leads workshops for senior managers and owner-entrepreneurs to help develop their business strategy and financial and commercial awareness. He has worked in various senior financial positions for companies large and small, including global players such as Bacardi and Mattel. Also a trained journalist, Rob has produced and presented financial programmes for the UK’s national TV broadcaster. Robert is a fellow of the Association of Chartered Certified Accountants (FCCA).

In House

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Course details

Course schedule

Select a start date for more details

17 Mar 2016 London

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

11 Apr 2016 Lagos

Duration:
2 days
Course level:
Overview
CPE / CPD:
16 hours
Start date:
11 Apr 2016
Start time:
09:00
Finish date:
12 Apr 2016
Finish time:
18:00
Location:
Lagos
Price:
USD 1,500

13 Jun 2016 Nairobi

Duration:
2 days
Course level:
Overview
CPE / CPD:
16 hours
Start date:
13 Jun 2016
Start time:
09:00
Finish date:
14 Jun 2016
Finish time:
18:00
Location:
Nairobi
Price:
USD 1,500

12 Sep 2016 Las Vegas

Duration:
2 days
Course level:
Overview
CPE / CPD:
16 hours
Start date:
12 Sep 2016
Start time:
09:00
Finish date:
13 Sep 2016
Finish time:
18:00
Location:
Las Vegas
Price:
USD 2,650

5 Dec 2016 London

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