IFRS Training
International Financial Reporting Standards Training will help you better prepare for global preparations and reporting.
What is IFRS?
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.
How widespread is the adoption of IFRS around the world?
Approximately 120 nations and reporting jurisdictions permit or require IFRS for domestic listed companies, although approximately 90 countries have fully conformed with IFRS as promulgated by the IASB and include a statement acknowledging such conformity in audit reports
Progranme Overview
The course will contain a detailed review of the most decisive techniques within IFRS. The course aims to give people the necessary knowledge to enable them to understand and apply IFRS efficiently on a practical platform. Our trainers use real life examples in order to make the learning more pragmatic and the trainers carefully nurture your understanding with incremental progression through the syllabus.
Who should attend?
The Programme is aimed at Accountants, Auditors, Financial controllers, Finance staff, Treasury accountants and Senior Managers
Programme Outcomes
By the end of the Programme you will have a greater understanding of and have developed the following key attributes:
Analysis of the complete IFRS structure.
Investigating financial statements
Concepts of capital and capital maintenance.
Key Course Highlights
The IFRS regulatory environment
The format and contents of IFRS financial statements
Commonly encountered balance sheet issues
Commonly encountered income statement issues
Disclosure issues
Day 1
Welcome and Orientation
Team Building Session
Personal SWOT
Day 2
Becoming familiar with IFRS as basis for the preparation of financial statements
Introduction to IFRS
The IASB and its IFRS
Application of IFRS
Update on current projects of the IASB
IFRS basic principles
Framework for the preparation and presentation of financial statements
Becoming familiar with IFRS as basis for the preparation of financial statements:
Introduction to IFRS:
The IASB and its IFRS
Application of IFRS
Update on current projects of the IASB
IFRS basic principles:
Framework for the preparation and presentation of financial statements
Financial statement elements:
Assets, liabilities, equity, income and expenses
Measurement and recognition principles
Reflective Diary
Day 3
Financial statement presentation
Balance sheet
Income statement
Statement of changes in equity or Statement of Recognized Income
and Expenses (SORIE)
Cash flow statement: choice between direct and indirect method
Disclosure issues:
Events after the balance sheet date
Changes in accounting policies, estimates and accounting errors
Related parties
Discontinued operations
Operating segments
Revenue recognition and non-financial assets
Revenue recognition from:
Sale of goods
Services
Interest, royalties and dividends
Inventories:
Cost components and valuation issues
Identifying and accounting for inventory impairment
Non-current assets: Recognition and measurement
Property, plant and equipment
Measurement of the cost of an asset, including asset retirement obligations
Borrowing costs
Component approach
Depreciation
Revaluation
Non-current assets held for sale issues
Reflective Diary
Day 4
Contingent liabilities acquired in a business combination
Disclosures restructurings
Share-based payment
Equity settled share-based payments
Cash settled share-based payment
Financial instruments
Classifying financial assets
Initial and subsequent
measurement of financial instruments
Financial asset impairment
Derecognition
Difference between equity and liabilities
Accounting for financial liabilities
Disclosure requirements
Reflective Diary
Day 5
Application of IFRS for group transactions
Business combinations: Application of the purchase method
Identifying the acquirer
Measuring the cost of the business combination
Recognition and valuation of the acquired assets, liabilities and contingent liabilities
Calculation of goodwill
Changes to provisional values
Reflective Diary
Day 6
Overview of consolidation requirements, associates and joint ventures
Consolidated and separate financial statements (including special purpose entities)
Determining control
Summary of consolidation procedures
Investments in associates
Determining significant influence
Overview of the equity method
Interests in joint ventures
Jointly controlled;
Assets
Operations
Entities
Foreign currency issues
Foreign currency transactions
Overview of foreign currency
financial statement translation
Reflective Diary
Day 7
Income taxes, first-time adoption of IFRS:
Accounting for income taxes: current and deferred taxes
Temporary and permanent differences
Recognition and measurement of deferred taxes
Treatment of tax loss carry forwards and tax credits
Overview of IFRS I first-time adoption of IFRS
Basic requirements of IFRS I
Preparing the opening balance sheet
Mandatory exceptions from other IFRS
Optional exemptions
Presentation and disclosure
Reflective Diary
Day 8
Non-financial liabilities and financial instruments
Leases
Classification of lease contracts
Accounting for lease contracts
Operating lease incentives
Employee benefits
Short-term employee benefits
Pension plans, defined benefit and defined contribution plans
Termination benefits
Provisions, contingent liabilities and contingent assets
Recognition requirements
Measurement of provisions
Future operating losses and onerous contracts
Contingencies
Reflective Diary