Course detail

 

Course detail

Course 1030
IFRS Basics (2 days)

Booking Information

Duration: 2 days

Timing: 09:00 - 18:00

Location: London
(see other locations for this course)

Price: GBP 1,425
Promo codes may be applicable. If you are planning to make a group booking, please contact us.
Prices are subject to UK VAT (more information)
You can also pay in CAD, EUR, USD - you will be given this option later in the booking process

Date(s):

17 Feb - 18 Feb 2011
Instructor(s): Instructor TBC
15 Aug - 16 Aug 2011
Instructor(s): Instructor TBC

Related courses

Read our full Terms & Conditions

E-mail a friend with details of this course.
Download a printable pdf of this page.

Contents


Introduction

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.

Our two-day overview is designed to guide you step by step through important IFRS technical issues, including the IASB's most recent pronouncements. We explain the principles clearly and simply and provide real-world examples. Our expert instructors also help delegates with the practicalities of implementation.

Likely future changes in IFRS are also covered.

The course answers questions such as:

  • What are the current IFRS requirements?
  • When will upcoming changes be effective, and what impact will these have on financial statement presentation, disclosures and financial performance reports?
  • Which accounting standards allow alternative treatments when preparing IFRS financial statements?

Prerequisites

Understanding of basic accounting principles based on any national standards. No advance preparation is required for this course.

Course Level

Overview

Topics

  • Overview
  • International Accounting Standards Board (IASB) – structure and work program
  • 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)
  • Related party disclosures (IAS 24)
  • Events after the reporting period (IAS 10)
  • Operating segments (IFRS 8)
  • Discontinued operations (IFRS 5)
  • Assets
  • Inventories (IAS 2)
  • Property, plant and equipment (IAS 16)
  • Borrowing costs (IAS 23)
  • Intangible assets (IAS 38)
  • Impairment of assets (IAS 36)
  • Non-current assets held for sale (IFRS 5)
  • Liabilities
  • Employee benefits (IAS 19)
  • 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 (IAS 18)
  • Group Accounting
  • Consolidated and separate financial statements, including special purpose entities (IAS 27 and SIC 12)
  • Business combinations (IFRS 3)
  • First-time Adoption of IFRS (IFRS 1)
  • Other New Developments

Course Benefits

  • Explain how the recognition and measurement principles of the IASB’s Framework apply within each accounting standard
  • Apply the requirements of the standards to prepare IFRS compliant financial statements
  • Identify an appropriate accounting policy for a given accounting issue and suggest necessary disclosures
  • 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

  • Live group instruction
  • 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)

16 hours

Venue

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.

Course Summary


This two-day course is an introduction to key technical issues involved in understanding and applying IFRS.

The program, presented through the use of case studies and real-world examples, include:

  • Financial statement presentation and specific disclosure requirements (operating segments, events after the reporting period, statement of cash flows, related parties, changes in accounting policies, changes in accounting estimates, correction of errors, and discontinued operations)
  • Revenue recognition
  • Recognition and measurement of assets (property, plant & equipment, intangible assets and inventories) including the accounting treatment of impairment and assets held for sale

Also included are discussions of:

  • Provisions and other liabilities (including employee benefits)
  • Share-based payment
  • Consolidated financial statements (including Special Purpose Entities)
  • Business combinations
  • Financial instruments
  • Discussion of new developments


CFA Institute has approved this program for 14 credit hours. Please use promotion code "CFACPE" when booking, to ensure that CE credit for your participation will be automatically recorded in your CE Diary.
This IASeminars training course is an ideal part of your preparation for the IFRS Certificate offered by The Institute of Chartered Accountants in England and Wales (ICAEW).
The American Institute of Certified Public Accountants has teamed up with IASeminars to offer CPAs and other financial professionals a comprehensive range of IFRS training solutions.