IFRS Essentials (2 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 IFRSs since 2005. Some jurisdictions commit to converge their national standards with IFRSs. Our two-day overview is designed to guide you step-by-step through important IFRS technical issues. We explain the principles clearly and simply. Our specialist instructors also help delegates with the practicalities of implementation.

The course answers questions such as:

• What are the current IFRS requirements?
• What are the main areas to be considered that affect most companies?
• Which accounting standards allow alternative treatments when preparing IFRS financial statements?
• How are these main standards applied when IFRSs are first adopted?

Learning Objectives

• Explain how the recognition and measurement principles of the IASB’s Framework apply within the key accounting standards
• 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 major 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
• Assess the impact of major new standards on revenue, leases and financial instruments

Topics

• International Accounting Standards Board (IASB) – structure and work program
• 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)
  • Events after the reporting period (IAS 10)
  • Operating segments (IFRS 8)
• Assets
  • Inventories (IAS 2)
  • Property, plant and equipment (IAS 16)
  • Borrowing costs (IAS 23)
  • Intangible assets (IAS 38)
  • Impairment of assets (IAS 36)
• Liabilities
  • Employee benefits (IAS 19)
  • Provisions, contingent liabilities and contingent assets (IAS 37)
  • Share-based payment (IFRS 2)
• Financial Instruments and Leases
  • Financial assets and liabilities (IAS 32, IAS 39 and IFRS 9)
  • Leases (IAS 17)
    • Update on IFRS 16 Leases
• Revenue (IAS 18)
  • IFRS 15 Revenue from Contracts with Customers
• Group Accounting
  • Consolidated financial statements (IFRS 10)
  • Business combinations (IFRS 3)
• First-time Adoption of IFRSs (IFRS 1)

Teaching Method

• Group live instruction, 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 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.