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 (IFRSs) are the world’s most widely applied accounting standards. Over 120 countries now require or permit the use of IFRS. Over 7,000 public companies in the European Union have complied with IFRS since 2005. Many other countries 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 standards.

This five-day overview is designed to guide participants through a summary of the important IFRS technical issues, including the IASB's most recent pronouncements. 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. This course also provides a summary comparison and review of significant technical differences between US GAAP and IASB accounting standards. Real-world examples and model financial statements are used to explain and illustrate these critical accounting differences. Likely future changes in IFRS and the status of joint FASB-IASB projectsare also discussed.

This course answers questions such as:

• What are the current IFRS requirements?

• When and how will upcoming changes affect financial statement presentation, disclosures and financial performance reports?

• What are the critical differences between US GAAP and IASB standards?

• What issues are involved in moving from US GAAP to IFRS?

• When may alternatives be chosen and what options are available for preparing IFRS financial statements?

• What are the most current joint decisions of the IASB-FASB, time-lines for implementation for joint projects and transition guidance.

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
• Brief history of IFRS
• The IFRS hierarchy
• 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 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 and IAS 39)
• Financial instrument disclosures (IFRS 7)
• Replacing IAS 39 (IFRS 9)
• Income Taxes
• Income taxes (including expense and deferred taxation) (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 and Joint Arrangements
• Business combinations (IFRS 3)
• Consolidated financial statements (IAS 27)
• Investments in associates and joint ventures (IAS 28)
• Joint arrangements (IFRS 11)
• Disclosure of interests in other entities (IFRS 12)
• Fair Value Measurement (IFRS 13)
• Transitioning to IFRS
• First-time adoption of IFRS (IFRS 1)
• Expected Future Developments
• Annual improvements to IFRSs
• Current exposure drafts
• Draft interpretations
• Discussion papers
• Update on the IASB-FASB convergence projects, including revenue recognition, leases and financial instruments
• Convergence plans with other national GAAPs
• IFRS / US GAAP Differences
• Conceptual framework
• Financial statement presentation
• Revenue and expense recognition
• Inventory methods and valuation
• Tangible and intangible assets
• Assets held for sale and discontinued operations
• Impairment testing
• Liabilities
• Leases
• Employee benefits
• Equity items
• Financial instruments
• Business combinations
• Consolidated and separate financial statements
• Other significant differences

Course Benefits

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• Understand and apply IFRS requirements, including accounting policies and disclosures
• Appreciate the major technical differences between US GAAP and IFRS requirements
• Evaluate the impact of these differences through the use of real-world and model financial statements
• Understand the requirements and options relating to first-time adoption of IFRS
• Implement the IFRS recognition and measurement rules for assets, liabilities, income, and expenses
• Comply with IFRS 'fair value' measurement requirements
• Apply the most recent new and revised IFRS standards
• Increase planning opportunities through awareness of likely future IFRS changes, including the status of joint projects with the FASB and convergence with other major national accounting standards

Teaching Method

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• 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 and comparison to US GAAP in clear and simple language
• Use of case studies and real-world examples to illustrate practical application of the standards
• Presentation and comparison of current and likely future critical technical differences between accounting principles under IFRS and US GAAP
• Use of real-world and model financial statements and case studies to illustrate differences
• 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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40 hours

Venue

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All of our Miami 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 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. .