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.

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.

CFA Institute

IASeminars is an approved Continuing Education training provider of the CFA Institute (the global association of investment professionals) and an official IFRS training partner of that institute. IASeminars is also an approved training provider of the New York Society of Security Analysts, the CFA Society of the UK and of various other CFA societies around the world. As a participant in the CFA Institute Approved-Provider Program, IASeminars has determined that this program qualifies for 14 credit hours. Please use promotion code "CFACPE" when booking via this website, to ensure that CE credit for your participation will be automatically recorded in your CE Diary.

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 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 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 Zanzibar seminars take place in 4 star hotels. 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 Dubai 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 New York City 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 Mombasa 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.

  • 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.

  • Susan Thetford

    Susan Thetford is an international instructor and consultant specialising in the implementation and application of International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). A specialist in bank accounting issues with some 35 years of experience, Susan has presented conferences, seminars and workshops in more than 30 countries around the globe, including the US and Canada, UK and EU, Central Asia, South America, and a number of African countries. As well as teaching for IASeminars and others, Susan has written IFRS technical material for a major US publisher. She is a US Certified Public Accountant (CPA) and was the Regional Accountant for a Federal banking regulator in the USA for ten years. Prior to that she was a Senior Audit Manager with Deloitte & Touche, working with clients in a variety of industries, including real estate, financial institutions, manufacturing, hospitality, broker/dealers, and oil and gas exploration and development. Susan is a former Vice President and member of the Board of Directors of the Dallas Chapter of the Texas Society of CPAs.

  • Michelle McKechnie

    Michelle McKechnie a qualified South African Chartered Accountant, with knowledge and experience in International Financial Reporting Standards (IFRS). She has delivered courses on ACCA, CPA and CIMA as well as teaching the ICAEW IFRS diploma. Michelle graduated Top 5 in the Accounting Honours degree (cum laude) at the University of Johannesburg in South Africa. After completing 3 years auditing and assurance experience at KPMG, Michelle was transferred to KPMG’s Department of Professional Practice, specializing in IFRS advisory services to clients. In 2010, Michelle relocated to Dubai where she worked as Corporate Finance Manager for a global property developer listed on the Dubai Financial Market.

    Daniel Pharaon

    Daniel Pharaon heads the internal audit department and the merger and acquisition activity of a large IT group with operations in 27 countries throughout the Middle East, Europe and Africa. He previously worked at KPMG in Lebanon, where he was the manager in charge of the international banking practice serving clients such as HSBC, Standard Chartered and Citibank. He also worked on international clients in other sectors (e.g. manufacturing), and was regularly involved in IFRS issues. Daniel is a US Certified Public Accountant (CPA.), a Certified Internal Auditor (CIA) and he has an IFRS Certificate from the Institute of Chartered Accountants in England and Wales. He is a part-time instructor with Morgan International for courses leading to the CPA, CIA, CMA, and CFA credentials. Daniel has been involved in the preparation and delivery of many other training courses on topics such as IFRS, internal controls, financial statement analysis and fraud management, and is fluent in English, Arabic and French.

  • Instructor TBC

    The instructor for this course will be drawn from one of our core faculty of subject matter experts. Further details will be published at the earliest opportunity.

  • Instructor TBC

    The instructor for this course will be drawn from one of our core faculty of subject matter experts. Further details will be published at the earliest opportunity.

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

8 Jun 2015 Lagos

Duration:
2 days
Course level:
Overview
CPE / CPD:
16 hours
Start date:
8 Jun 2015
Start time:
09:00
Finish date:
9 Jun 2015
Finish time:
18:00
Location:
Lagos
Price:
USD 1,000

21 Jul 2015 London

Duration:
2 days
Course level:
Overview
CPE / CPD:
16 hours
Start date:
21 Jul 2015
Start time:
09:00
Finish date:
22 Jul 2015
Finish time:
18:00
Location:
London
Price:
GBP 1,550
Subject to UK VAT (Read more)

17 Aug 2015 Zanzibar

Duration:
2 days
Course level:
Overview
CPE / CPD:
16 hours
Start date:
17 Aug 2015
Start time:
09:00
Finish date:
18 Aug 2015
Finish time:
18:00
Location:
Zanzibar
Price:
USD 1,000

6 Sep 2015 Dubai

Duration:
2 days
Course level:
Overview
CPE / CPD:
16 hours
Start date:
6 Sep 2015
Start time:
09:00
Finish date:
7 Sep 2015
Finish time:
18:00
Location:
Dubai
Price:
GBP 1,550

16 Nov 2015 New York City

Duration:
2 days
Course level:
Overview
CPE / CPD:
16 hours
Start date:
16 Nov 2015
Start time:
09:00
Finish date:
17 Nov 2015
Finish time:
18:00
Location:
New York City
Price:
USD 2,550

23 Nov 2015 Mombasa

Duration:
2 days
Course level:
Overview
CPE / CPD:
16 hours
Start date:
23 Nov 2015
Start time:
09:00
Finish date:
24 Nov 2015
Finish time:
18:00
Location:
Mombasa
Price:
USD 1,000
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