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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International Financial Reporting Standards (IFRS) are the world’s most widely applied accounting standards. More than 100 countries now require or permit the use of IFRS. Over 7,000 public companies in the European Union have complied with IFRS since 2005. Brazil, China, Canada, Japan, India, South Korea and other countries, are either adopting IFRS or have decided to converge their national standards with IFRS. 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.

In 2008 the US Securities and Exchange Commission (SEC) abolished the requirement for foreign registrants to reconcile their financial statements to US GAAP if they file under IFRS. In February 2010 the SEC confirmed its support for a single set of global accounting standards and nominated IFRS as best placed to fulfill that role. It has instituted a ‘Work Plan’ that will lead to a decision in 2011 about mandatory application of IFRS for US domestic registrants.

This four-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 IFRS, course delegates also receive information on likely future pronouncements and the probable impact of their adoption.

This program answers questions such as:

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

• How are IFRS recognition and measurement principles applied?

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

• When are fair value measurements required?

• What are the prospects and timetable for convergence of US GAAP and IFRS?

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 IFRS
• Framework for the Preparation and Presentation of Financial Statements
• Presentation of Financial Statements and Disclosures
• 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)
• Related party disclosures (IAS 24)
• Earnings per share (IAS 33)
• Operating segments (IFRS 8)
• Discontinued operations (IFRS 5)
• Revenue Recognition
• Revenue (IAS 18, IAS 11, IFRIC 13, 15 and 18)
• Assets
• Inventories (IAS 2)
• Property, plant and equipment (IAS 16)
• Borrowing costs (IAS 23)
• Investment property (IAS 40)
• Intangible assets (IAS 38)
• Impairment of assets (IAS 36)
• Liabilities
• Employee benefits (IAS 19 and IFRIC 14)
• Provisions, contingent liabilities and contingent assets (IAS 37)
• Share-based payment (IFRS 2)
• Leases (IAS 17, IFRIC 4 and SIC15)
• Financial Instruments
• Financial assets and liabilities (IAS 39 and IAS 32)
• Financial instrument disclosures (IFRS 7)
• Replacing IAS 39 (IFRS 9)
• Business Combinations, Consolidations, Associates & Joint Ventures
• Business combinations (IFRS 3)
• Consolidated and separate financial statements, including special purpose entities (IAS 27 and SIC12)
• Investments in associates (IAS 28)
• Interests in joint ventures (IAS 31)
• Effects of Changes in Foreign Exchange Rates (IAS 21)
• Income Taxes (IAS 12)
• Interim Financial Reporting (IAS 34)
• Transitioning to IFRS
• First-time adoption of IFRS (IFRS 1)
• Expected Future Developments
• Update on the IASB-FASB convergence project
• Current exposure drafts
• Other IASB projects and work agenda

Course Benefits

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• 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 first time adoption exemption 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
• Differentiate between the requirements of current IFRS and proposed changes for the future, including prospects for global convergence of major national accounting standards

Teaching Method

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• Live group instruction by expert 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

Continuing Professional Education (CPE)

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32 hours

Venue

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All of our Lagos seminars take place in 4 star professional conference facilities, usually in hotels like Sheraton, Sofitel, Eko or Protea brands.