IFRS Fundamentals - Comprehensive Workshop (5 days)

Course code: 1011

Introduction

International Financial Reporting Standards (IFRSs) are the world’s most widely applied accounting standards. Over 120 countries now require or permit the use of IFRSs. Over 7,000 public companies in the European Union have complied with IFRS since 2005. Most other countries are either adopting IFRSs or have decided to converge their national standards with IFRSs.

This five-day course provides a rigorous and detailed overview of all major technical IFRS requirements, and includes illustrative financial statements, case studies, examples, coverage of the most significant IFRSs, and interactive participation from the delegates. In addition to a review of current IFRSs, course delegates also receive an update on the major new standards on revenue, leases, and financial instruments and the probable impact of their adoption.

This program answers questions such as:

  • What are the current and likely future requirements of IFRSs?
  • How are IFRS recognition and measurement principles applied?
  • Where can up-to-date information about IFRSs be obtained?
  • When are fair value measurements required?

Topics

  • Introduction to IFRSs
    • Brief history of IFRSs
    • Conceptual Framework
    • Fair value measurement (IFRS 13)
  • 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)
    • Related party disclosures (IAS 24)
    • Earnings per share (IAS 33)
    • Interim financial reporting (IAS 34)
    • Discontinued operations (IFRS 5)
  • Assets
    • Inventories (IAS 2)
    • Property, plant & equipment (IAS 16)
    • Borrowing costs (IAS 23)
    • Intangible assets (IAS 38)
    • Investment property (IAS 40)
    • Impairment of assets (IAS 36)
    • Non-current assets held for sale (IFRS 5)
  • Liabilities
    • Leases (IAS 17, SIC-27, and IFRIC 4)
      • Update on IFRS 16 Leases
    • Employee benefits (IAS 19)
    • Provisions, contingent liabilities and contingent assets (IAS 37)
    • Share-based payment (IFRS 2)
  • Financial Instruments
    • Financial assets and liabilities, hedging and derivatives (IAS 32, IAS 39, IFRS 9)
    • Financial instrument disclosures (IFRS 7)
  • Income Taxes
    • Income taxes (IAS 12)
  • Revenue Recognition
    • Revenue (IAS 18, IFRIC 13 and 18)
    • Construction contracts (IAS 11)
    • Revenue from Contracts with Customers (IFRS 15)
  • Foreign Currency Issues
    • The effects of changes in foreign exchange rates (IAS 21)
  • Business Combinations, Consolidations, Associates & Joint Arrangements
    • Business combinations (IFRS 3)
    • Consolidated financial statements (IFRS 10)
    • Separate financial statements (IAS 27)
    • Investments in associates and joint ventures (IAS 28)
    • Joint arrangements (IFRS 11)
    • Disclosure of interests in other entities (IFRS 12)
  • Review of Specialized Areas
    • Accounting for government grants and disclosure of government assistance (IAS 20)
    • Accounting and reporting by retirement benefit plans (IAS 26)
    • Financial reporting in hyperinflationary economies (IAS 29)
  • Transitioning to IFRSs
    • First-time adoption of IFRSs (IFRS 1)
  • Expected Future Developments
    • IASB Work Plan

Teaching method

  • Group live instruction by specialist instructors
  • 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

  • Apply the requirements of the standards to prepare IFRS compliant financial statements, including the determination of appropriate accounting policies and identification of necessary disclosures
  • Define the process of transitioning to IFRS and identify the firsttime adoption exemptions and exceptions relevant to an organization
  • Explain how the recognition and measurement principles of the IASB’s Framework apply within each accounting standard
  • List the 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
  • Apply the new proposed standards on revenue, leases and financial instruments

Testimonials

See what past participants said about this course:

Quite an update on my knowledge on IFRSs and the applications. The opportunity to network with other participants from different parts of the world is also very much appreciated.

Frank Owusu Boateng, Deputy Finance Officer, University of Education, Winneba, Ghana

Great class size. Practical class leader. Good quality participants.

Julian Rolle, Managing Director & CFO
BAF Financial & Insurance (Bahamas) Limited

Highly professional and the instructor gave applications related to the attendees entities. IFRS very diverse. The updates were helpful.

John Wesley, Chief Financial Officer,
Cayman Islands Conference of Seventh-Day Adventist

I am really happy with IASeminars teaching method. Experienced instructor, small group coaching, excellent training material. Everything was perfect.

Nagesh Chavan, Senior Sepcialist - Corporate Accounts
Abu Dhabi Investment Authority (ADIA), UAE

This training is highly rewarding and we will make recommendations to our Management for future training in IFRS.

Austin Dennis, Report & Budget Manager
National Port Authority of Liberia

It has been an absolutely delightful experience in my professional enhancement and I enjoyed every bit of it. I hope to be able to attend a second session.

Vakuma Saa Dukuly, Expenditure and Debt Managerer
National Port Authority of Liberia

The delivery of the course was excellent. A very good course. It helped to improve our knowledge on the application of the standards.

Tanny Maelasi, Accountant,
Solomon Islands Visitors Bureau

I would recommend IASeminars training again and again because IFRS was simplified. It was educational, reflective and fun. It opened my understanding and gave clarity in IFRS issues I have been worried about. My team's reporting will definitely be enhanced now.

Bisola Elias Omobola, Financial Reporting Manager,
AIICO Insurance Plc, Nigeria

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

  • This event will be held at Courtyard by Marriott Miami Downtown / Brickel Area. Detailed Joining Instructions are generally sent to all registered participants approximately one month before the event, which include 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 Cape Town 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 Miami seminars take place in 4 star professional conference facilities, generally in hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are generally sent to all registered participants approximately one month before the event, which include 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 Cape Town 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 (UK) is 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.

    Bill Kemp

    Bill Kemp (UK) is 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.

  • 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.

  • 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.

    Nick Auer

    Nick Auer is an experienced training consultant specialising in Finance and Financial Reporting. A UK chartered accountant with over 16 years’ experience, Nick’s clients include a variety of organisations in both the public and private sectors. In the public sector, Nick specialises in delivering training on financial reporting matters (IFRS and IPSAS), finance training for non-finance managers, and courses on value for money and efficiency, budget management, procurement and contract management. He also has consulting experience on finance transformation projects (e.g. conversion to accruals accounting; conversion from UK GAAP to IFRS etc.). His clients have included the Ministry of Defence, the National Health Service, the Home Office, Foreign and Commonwealth Office, the UK Border Agency, local government etc. Nick also has significant experience in teaching financial reporting and other financial topics to the private sector. He has delivered introductory and advanced training on IFRS topics including group accounts, financial instruments, leasing, assets, intangibles, impairment and pensions as well as industry-specific technical updates. Nick has worked for clients in the oil, financial services, telecoms, medical equipment, transport infrastructure, insurance, construction, manufacturing, beverages, shipping, recycling and information industries.

  • 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

4 Dec 2017 Miami

Course level:
Overview
CPE / CPD:
40 Hours
Start date:
4 Dec 2017
Start time:
08:00
Finish date:
8 Dec 2017
Finish time:
17:00
Location:
Miami
Price:
USD 5,700

19 Feb 2018 London

Course level:
Overview
CPE / CPD:
40 Hours
Start date:
19 Feb 2018
Start time:
09:00
Finish date:
23 Feb 2018
Finish time:
18:00
Location:
London
Price:
GBP 3,950
Subject to UK VAT (Read more)

12 Mar 2018 Cape Town

Course level:
Overview
CPE / CPD:
40 Hours
Start date:
12 Mar 2018
Start time:
09:00
Finish date:
16 Mar 2018
Finish time:
18:00
Location:
Cape Town
Price:
USD 3,750
Subject to No Tax (Read more)

23 Apr 2018 Miami

Course level:
Overview
CPE / CPD:
40 Hours
Start date:
23 Apr 2018
Start time:
09:00
Finish date:
27 Apr 2018
Finish time:
18:00
Location:
Miami
Price:
USD 5,700

7 May 2018 London

Course level:
Overview
CPE / CPD:
40 Hours
Start date:
7 May 2018
Start time:
09:00
Finish date:
11 May 2018
Finish time:
18:00
Location:
London
Price:
GBP 3,950
Subject to UK VAT (Read more)

20 Aug 2018 Cape Town

Course level:
Overview
CPE / CPD:
40 Hours
Start date:
20 Aug 2018
Start time:
09:00
Finish date:
24 Aug 2018
Finish time:
18:00
Location:
Cape Town
Price:
USD 3,750
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