IFRS Fundamentals - Comprehensive Workshop (5 days)

Introduction

International Financial Reporting Standards (IFRSs) are the world’s most widely applied accounting standards. More than 130 countries now require or permit the use of IFRSs. Over 7,000 public companies in the European Union have complied with IFRS since 2005. Most other countries are either adopting IFRSs or have decided to converge their national standards with 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. This program answers questions such as:

• What are the current and likely future requirements of IFRSs?
• How are IFRS recognition and measurement principles applied?
• Where can up-to-date information about IFRSs be obtained?
• When are fair value measurements required?

Learning Objectives

• Apply the requirements of the standards to prepare IFRS compliant financial statements, including the determination of appropriate accounting policies and identification of necessary disclosures
• Define the process of transitioning to IFRS and identify the firsttime adoption exemptions and exceptions relevant to an organization
• Explain how the recognition and measurement principles of the IASB’s Framework apply within each accounting standard
• 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
• Apply the new standards on revenue, leases and financial instruments

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)
  • 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)
  • Share-based payment (IFRS 2)
• Financial Instruments
  • Financial assets and liabilities, hedging and derivatives (IAS 32, IAS 39, IFRS 9)
  • Financial instrument disclosures (IFRS 7)
• Income Taxes
  • Income taxes (IAS 12)
• Revenue
  • Revenue from Contracts with Customers (IFRS 15)
• Foreign Currency Issues
  • 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)
• Transitioning to IFRSs
  • First-time adoption of IFRSs (IFRS 1)
• Expected Future Developments
  • IASB Work Plan

Teaching Method

• Group live instruction by specialist 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

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.