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) have become the most globally applied set of accounting standards, with over 100 countries now requiring or permitting the use of IFRS. The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have committed themselves to convergence.

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.

As a result of this global acceptance, over the next few years many thousands of companies around the world will begin accounting in accordance with IFRS. IFRS is continuing to develop rapidly as a result of the convergence agenda with US GAAP, the need to address new topics and to improve accounting.

This 50-day overview is designed to guide participants through a summary of the important IFRS technical issues, including the IASB's most recent pronouncements. The principles are explained clearly and simply and real-world examples are used, including an overview of the requirements for first-time adoption of IFRS and the practicalities of implementing IFRS.

This course also provides a comparison and review of significant technical differences between US GAAP and IASB accounting standards.

Likely future changes in IFRS and the prospects and timetable for convergence of US GAAP with IFRS are 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?

• How will the prospects for international convergence affect future accounting 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?

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
• Content of IFRS Financial Statements
• Presentation (IAS 1)
• Statements 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)
• Discontinued operations (IFRS 5)
• Earnings per share (IAS 33)
• Interim financial reporting (IAS 34)
• Assets
• Inventories (IAS 2)
• Property, plant and 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 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 (IAS 39 and IAS 32)
• Financial instrument disclosures (IFRS 7)
• Revenue Recognition Issues
• Revenue (IAS 18 and IFRIC 13, 15 and 18)
• Effect of Changes in Foreign Exchange Rates (IAS 21)
• Business Combinations, Consolidations, Associates & Joint Ventures
• Business Combinations (IFRS 3 revised 2008)
• Consolidated and separate financial statements, including special purpose entities (IAS 27)
• Investments in associates (IAS 28)
• Interests in joint ventures (IAS 31)
• Transitioning to IFRS
• First-time adoption of IFRS (IFRS 1)
• 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
• Expected Future Developments
• Update on the IASB-FASB convergence project
• Status of global accounting convergence
• Current Exposure Drafts
• Other IASB projects and work agenda

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 prospects for convergence with US GAAP and other major 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
• Our group internet based platform and our unique 'download-able' e-learning client means you can view all course materials and collaborate with your classmates without being connected to the Internet.

Continuing Professional Education (CPE)

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40 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.

Our group internet based platform and our unique 'download-able' e-learning client means you can view all course materials and collaborate with your classmates without being connected to the Internet.