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 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 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 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 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)

  • Bill Kemp

    Bill Kemp (UK) 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.

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

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

16 Mar 2017 Las Vegas

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:
Las Vegas
Price:
USD 2,650

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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