IFRS Fundamentals - Comprehensive Workshop (5 days)

Introduction

This face to face IFRS course is available as a virtual, online training! View the details of the Virtual classroom or our Virtual Classroom schedule to see what else is being delivered live in our online classrooms.

International Financial Reporting Standards (IFRSs) are the world’s most widely applied accounting standards. More than 140 countries now require or permit the use of IFRSs.

This five-day course provides a rigorous and detailed overview of all major technical IFRS requirements, and includes illustrative financial statements, case studies, examples, coverage of the most significant IFRSs, and interactive participation from the delegates.

For many entities, disruption caused by the Covid-19 pandemic has presented particular challenges in applying IFRSs. Where relevant, the course will highlight how preparers have developed practical approaches in response.

This program answers questions such as:

• How should IFRS recognition and measurement requirements be applied in practice?
• What are the disclosure requirements of IFRSs and how can preparers ensure that they meet users’ needs?

Learning Objectives

• Apply the requirements of IFRSs to prepare compliant financial statements, including determining accounting policies and drafting required disclosures
• Apply IFRS fair value measurement and impairment testing requirements
• Learn how to recognise and measure liabilities in accordance with relevant IFRSs
• Implement the standards dealing with business combinations and the treatment of interests in other entities
• Develop methods of presenting information clearly in IFRS financial statements

Who Should Attend

• Accountants in finance and reporting teams that prepare IFRS financial statements
• External and internal auditors
• Financial and credit analysts who review financial statements

Topics

• Introduction to IFRSs
  • IFRS standard setting – the bodies and due process
  • 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)
  • 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)
• Liabilities
  • Leases (IFRS 16)
  • Employee benefits (IAS 19)
  • Provisions, contingent liabilities and contingent assets (IAS 37)
• Financial Instruments
  • Financial assets and liabilities, hedging and derivatives (IAS 32, IFRS 9)
  • Disclosures (IFRS 7)
• Income Taxes
  • Income taxes (IAS 12)
• Revenue
  • Revenue from contracts with customers (IFRS 15)
• Government Grants and Assistance
  • Accounting for government grants & disclosure of government assistance (IAS 20)
• Foreign Currency Issues
  • Effects of changes in foreign exchange rates (IAS 21)
• Business Combinations and Interests in Other Entities
  • Business combinations (IFRS 3)
  • Consolidated financial statements (IFRS 10)
  • Investments in associates and joint ventures (IAS 28)
  • Joint arrangements (IFRS 11)

• First-time Adoption of IFRSs (IFRS 1)

Teaching Method

• Group live instruction by specialist instructors
• 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

Instructors

Venue

CPE/CPD Accreditation

IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org .

 

Field of study: Accounting

Prerequisites

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