IFRS Fundamentals Comprehensive Workshop
International Financial Reporting Standards (IFRSs) are the world’s most widely applied accounting standards. Over 120 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. In addition to a review of current IFRSs, course delegates also receive an update on the major new standards on revenue, leases, and financial instruments and the probable impact of their adoption
· 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 first time adoption exemptions and exceptions 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 proposed standards on revenue, leases and financial instruments
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)
· 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)
· Discontinued operations (IFRS 5)
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)
· Fixed Assets
Liabilities
· Leases (IAS 17, SIC-27, and IFRIC 4)
Update on IFRS 16 Leases
· 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 Recognition
· Revenue (IAS 18, IFRIC 13 and 18)
· Construction contracts (IAS 11)
· Revenue from Contracts with Customers (IFRS 15)
· Foreign Currency Issues
The effects of changes in foreign exchange rates (IAS 21)
All levels of Management, Executives and Team Leaders, who manage work teams or employees and who are responsible for creating conducing work environment infused with positive culture to engage employees.