Course detail

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Contents

• Introduction
• Prerequisites
  
• Course Level
  
• Topics
  
• Course Benefits
  
• Teaching Method
  
• Continuing Professional Education
  
• Venue
  
  

Introduction

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This eight-day dual-instructor workshop provides a detailed review of all significant technical IFRS requirements. It includes coverage of IFRSs, hands-on case studies, examples, exercises, and benefits from the interactive participation of the attendees. Designed as an extended version of IASeminars Course 1010: IFRS Fundamentals (4-day course), this comprehensive workshop helps participants to acquire the tools necessary to understand and apply IFRSs and prepare IFRS financial statements. The program includes the latest pronouncements, and participants are brought up-to-date on all topics. In addition, participants are provided with information to assist them in researching accounting issues and monitoring future changes.

This course is ideal for individuals at all levels within an organization who need to have detailed knowledge of IFRSs. In essence, it is an opportunity to transfer a crucial new skill set to those responsible for making accounting decisions and preparing, reviewing or approving IFRS financial statements. The program is generic and does not focus on any one particular industry.

Presented by two experienced IFRS instructors, this program gives participants the benefit of decades of IFRS experience. Delegates receive the benefit of more than one view of IFRS and the opportunity to ask questions, receiving thorough answers to their individual questions from the presenters’ past experiences. Our specialist instructors explain the principles clearly and simply and provide real-world examples, including an overview of the requirements for first time adoption of IFRS and the practicalities of implementing IFRS.

The program includes coverage of Standards with future applicability, Exposure Drafts and the IASB’s future plans, giving participants up-to-the-minute information and providing an ability to foresee how anticipated and published changes may affect their organizations.

This course answers questions such as:

• What are the current and likely future requirements of IFRSs?

• What is the probable impact of adopting such requirements?

• How are IFRS recognition and measurement rules applied?

• What are the requirements for presentation of IFRS financial statements and related disclosures?

• Where can up-to-date information about IFRSs be obtained?

• How can complex or unique situations be researched?

Prerequisites

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Basic knowledge of accounting environment, processes and objectives.
No other advance preparation is required for this course.

Course Level

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Overview

Topics

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• Introduction to IFRSs
• Brief history of IFRSs
• The GAAP hierarchy
• 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 and IFRIC 10)
• Discontinued operations (IFRS 5)
• Assets
• Inventories (IAS 2)
• Construction contracts (IAS 11 and IFRIC 15)
• 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)
• Employee benefits (IAS 19, including the 2011 amendments, and IFRIC 14)
• 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, 15 and 18)
• Construction contracts (IAS 11)
• Foreign Currency Issues
• The effects of changes in foreign exchange rates (IAS 21)
• Business Combinations, Consolidations, Associates & Joint Arrangements
• Business combinations (IFRS 3 revised 2008)
• 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
• Annual improvements to IFRSs
• Current exposure drafts
• Draft interpretations
• Discussion papers
• Update on the IASB-FASB convergence project
• Convergence plans with other national GAAP
• IASB Work Plan
• IFRS Interpretations Committee projects

Course Benefits

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• Learn how to prepare IFRS financial statements, including statement of financial position, statement of comprehensive income, statement of cash flows and statement of changes in equity
• Compute basic and diluted earnings per share
• Differentiate between changes in estimates and changes in accounting policies
• Comply with IFRS disclosure requirements, including accounting policies
• Identify the optional and mandatory requirements for first-time adoption of IFRSs
• Greater understanding of the considerations when deciding which of the optional treatments in IFRS 1 to apply.
• List the IFRS requirements for recognition and measurement of assets, liabilities, revenues, expenses, gains and losses
• Calculate asset impairment using the ‘cash-generating units’ approach in accordance with IAS 36
• Differentiate between finance and operating leases
• Explain likely future IFRS changes, including prospects for convergence with national accounting standards

Teaching Method

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• Live group instruction in a workshop format, 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, exercises, interpretations, and real-world financial statements to illustrate practical application of the standards
• Dual-instructor format, resulting in greater opportunity to have individual questions answered from previous experience
• Interactive participation is encouraged
• All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Bring This Course In House

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

Continuing Professional Education (CPE)

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64 hours

Venue

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All of our London seminars take place in 4 star professional conference facilities, usually in city-centre downtown 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 .