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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There is an increasing interest amongst public sector bodies worldwide to produce their financial statements according to International Financial Reporting Standards (IFRS) as issued the IASB. While some governments are adopting International Public Sector Accounting Standards (IPSAS), others are adopting IFRS as the basis of accounting by their public sector organizations. Progression towards IFRS/ US-GAAP convergence is adding further impetus to the process of transitioning to IFRS.

This three-day course provides a rigorous and detailed review of all major technical IFRS requirements of relevance to public sector entities, and includes comparison to IPSAS, case studies, examples, and interactive participation from the participants.

The program answers questions such as:

• What are the implications of transitioning to IFRS, including change management issues?

• How are IFRS financial statement requirements applied to public sector entities, including accounting policies and disclosures?

• What are the rules relating to first-time adoption of IFRS?

• When are assets, liabilities, revenues, and expenses recognized under IFRS and how are they measured?

• Where are major differences found between IFRS and IPSAS?

Prerequisites

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Understanding of basic accounting principles based on any national accounting 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)
• Cash flow statements (IAS 7)
• Accounting policies, changes in accounting estimates and errors (IAS 8)
• Events after the reporting period (IAS 10)
• Segment reporting (IFRS 8)
• Related party disclosures (IAS 24)
• Discontinued operations (IFRS 5)
• Assets
• Inventories (IAS 2)
• Construction contracts (IAS 11)
• 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)
• Employee benefits (IAS 19)
• Provisions, contingent liabilities and contingent assets (IAS 37)
• Financial Instruments
• Financial assets and liabilities, hedging and derivatives (IAS 32, IAS 39 and IFRS 9)
• Financial instrument disclosures (IFRS 7)
• Income Taxes (IAS 12)
• Revenue Recognition Issues (IAS 18)
• Foreign Currency Issues
• Foreign currency transactions and financial statement translation (IAS 21)
• Consolidations, Associates and Joint Ventures
• Consolidated and separate financial statements, including special purpose entities (IAS 27)
• Accounting for Business Combinations (IFRS 3)
• Investments in associates (IAS 28)
• Interests in joint ventures (IAS 31)
• Service Concession Arrangements
• Public Finance Initiatives (PFI)
• Public Private Partnerships (PPP)
• Other service concession arrangements
• Transitioning to IFRS
• First-time adoption of IFRS (IFRS 1)
• Expected Future Developments
• Update on the IASB-FASB convergence project
• Exposure drafts
• Draft interpretations
• Discussion papers
• Other IASB projects and work agenda

Course Benefits

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• Appreciate the implications of transitioning to IFRS, including change management issues
• Learn to apply IFRS financial statement requirements to public sector entities, including accounting policies and disclosures
• Understand the rules relating to first-time adoption of IFRS
• Implement the IFRS recognition and measurement rules for assets, liabilities, revenues, expenses, gains and losses
• Comply with IFRS 'fair value' measurement requirements
• Comprehend the major differences between IFRS and IPSAS

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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24 hours

Venue

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All of our Dubai 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.