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 50-day e-learning course provides a detailed review of all significant technical IFRS requirements. It includes case studies, examples, exercises, coverage of IFRSs, and interactive hands-on participation from the participants. This all-inclusive workshop helps participants 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.

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.

The program includes coverage of Exposure Drafts and the IASB’s future plans, giving participants up-to-date information and an opportunity to foresee how anticipated 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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Understanding of basic accounting principles based on any national standards. No 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 (IFRS13)
• 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 Issues
• 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 and Joint Arrangements
• Business combinations (IFRS 3)
• Consolidated financial statements (IFRS 10)
• 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
• Other 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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• Be able to confidently 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 needed in deciding which of the optional treatments allowed 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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• Online learning
• 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 through discussion forums

Continuing Professional Education (CPE)

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64 hours

Venue

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Our e-learning course allows you to interact with our expert instructors while covering the same materials as our highly popular live training courses. .