IFRS Immersion Workshop (8 days)

Introduction

Please note that the IFRS Immersion Workshop starting on 12th June in London is Sold Out. We are managing a stand-by list as there may be cancellations. Contact us today to join the list. We can't guarantee you will get in, but we will keep you informed if places become available.

This eight-day dual-instructor workshop provides a detailed review of all significant technical requirements related to International Financial Reporting Standards (IFRSs). It includes coverage of IFRSs, hands-on case studies, examples, exercises, and benefits from the interactive participation of the attendees. Designed as an extended version of IFRS Fundamentals - Comprehensive Workshop (5-day course), the Immersion Course helps participants to acquire the tools necessary to understand and apply IFRSs and prepare IFRS-compliant financial statements. The program includes the latest pronouncements, and participants are brought up-to-date on all topics. In addition, participants are provided with information to assist them in researching accounting issues and monitoring future changes.

Registration fee for this unique event includes:

• 8 days of formal tuition by some of our most senior instructors.
• Full set of course materials (including case studies, illustrations and examples).
• An iPad Mini which you can use for research during and after the course.
• A local sightseeing tour.
• Lunch and refreshments on every teaching day.
• Farewell dinner and class photographs.

This course is ideal for individuals at all levels within an organization who need to have detailed knowledge of IFRSs. In essence, it is an opportunity to transfer a crucial new skill set to those responsible for making accounting decisions and preparing, reviewing or approving IFRS financial statements. The program is generic and does not focus on any single industry.

Presented by two experienced IFRS instructors, this program gives participants the benefit of decades of IFRS experience. Delegates receive the benefit of more than one view of IFRSs and the opportunity to ask questions, receiving thorough answers to their individual questions from the presenters’ past experiences. 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 IFRSs and the practicalities of implementing IFRSs.

The program includes coverage of Standards with future applicability, Exposure Drafts and the IASB’s future plans, giving participants up-to-the-minute information and providing an ability to foresee how anticipated and published changes may affect their organizations.

This course answers questions such as:

• What are the current and likely future requirements of IFRSs?
• What is the probable impact of adopting such requirements?
• How are IFRS recognition and measurement rules applied?
• What are the requirements for presentation of IFRS financial statements and related disclosures?
• Where can up-to-date information about IFRSs be obtained?
• How can complex or unique situations be researched?

Learning Objectives

• Learn how to prepare IFRS financial statements, including statement of financial position, statement of comprehensive income, statement of cash flows and statement of changes in equity
• Compute basic and diluted earnings per share
• Differentiate between changes in estimates and changes in accounting policies
• Comply with IFRS disclosure requirements, including accounting policies
• Identify the optional and mandatory requirements for first-time adoption of IFRSs
• Greater understanding of the considerations when deciding which of the optional treatments in IFRS 1 to apply
• List the IFRS requirements for recognition and measurement of assets, liabilities, revenues, expenses, gains and losses
• Calculate asset impairment using the ‘cash-generating units’ approach in accordance with IAS 36
• Implement IFRS 16’s requirements for lessee accounting
• Explain likely future IFRS changes
• All participants receive an iPad Mini to be used for technical research during and after the course
• City tour and farewell dinner, arranged and paid by IASeminars

Topics

• Introduction to IFRSs
  • Brief history of IFRSs
  • Conceptual Framework
  • Fair value measurement (IFRS 13)
• 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)
  • Discontinued operations (IFRS 5)
  • 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)
• Assets
  • Inventories (IAS 2)
  • 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 (IFRS 16)
  • Employee benefits (IAS 19)
  • Provisions, contingent liabilities and contingent assets (IAS 37)
  • Share-based payment (IFRS 2)
• Financial Instruments
  • Financial assets & liabilities, hedge accounting (IAS 32, IAS 39, IFRS 9)
  • Financial instruments: disclosures (IFRS 7)
• Income Taxes
  • Income taxes (IAS 12)
• Revenue Recognition
  • Revenue from Contracts with Customers (IFRS 15)
• Foreign Currencies
  • The effects of changes in foreign exchange rates (IAS 21)
• Business Combinations, Consolidations, Associates & Joint Arrangements
  • Business combinations (IFRS 3)
  • Consolidated financial statements (IFRS 10)
  • Separate financial statements (IAS 27)
  • Investments in associates and joint ventures (IAS 28)
  • Joint arrangements (IFRS 11)
  • Disclosure of interests in other entities (IFRS 12)
• Review of Specialized Areas
  • Accounting for government grants and disclosure of government assistance (IAS 20)
  • Accounting and reporting by retirement benefit plans (IAS 26)
  • Financial reporting in hyperinflationary economies (IAS 29)
• Transitioning to IFRSs
  • First-time adoption of IFRSs (IFRS 1)
• Expected Future Developments
  • IASB Work Plan

Teaching Method

• The workshop will consist of eight days of instruction and participation, separated by a weekend break. Note the working week in the following locations:
  • Europe & USA: Monday-Friday
  • UAE: Sunday-Thursday
• Group live instruction in a workshop format, cases, examples, group work, open discussions
• 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, exercises, interpretations, and real-world financial statements to illustrate practical application of the standards
• Dual-instructor format, resulting in greater opportunity to have individual questions answered from previous experience
• Interactive participation is encouraged
• All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Instructors

Venue

Prerequisites

Basic knowledge of accounting environment, processes and objectives. No other advance preparation is required for this course.