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 online overview course is designed to guide you step by step through important IFRS technical issues. We explain the principles clearly and simply and provide real-world examples. Our specialist instructors also help delegates with the practicalities of implementation.

The program also includes an overview of the requirements for first-time adoption of IFRSs.

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?

• What issues are involved in moving from existing GAAP to IFRSs?

• Which accounting standards allow alternative treatments when 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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• Overview
• International Accounting Standards Board (IASB) – structure and work program
• Content of IFRS Financial Statements
• Presentation of financial statements (IAS 1) (including the 2011 amendments)
• 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) (including the 2011 amendments)
• Provisions, contingent liabilities and contingent assets (IAS 37)
• Share-based payment (IFRS 2)
• Financial Instruments
• Financial assets and liabilities (IAS 39 and IAS 32)
• Disclosures (IFRS 7)
• Replacing IAS 39 (IFRS 9)
• Revenue Recognition (IAS 18)
• Group Accounting
• Consolidated financial statements (IFRS 10)
• Business combinations (IFRS 3)
• First-time Adoption of IFRSs (IFRS 1)
• Fair Value Measurement (IFRS 13)

Course Benefits

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• Explain how the recognition and measurement principles of the IASB’s Conceptual 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 IFRSs, the new standards for 2013 and 2015 and the proposed changes for the future, including prospects for global convergence of 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
• Interactive participation is encouraged through discussion forums

Continuing Professional Education (CPE)

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16 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. .