IFRS International Financial Reporting Standards

Course Overview

International Financial Reporting Standards (IFRSs) are the world’s most widely applied accounting standards. They have been implemented or used by nearly 120 countries worldwide. In the European Union, 7000 public companies have permitted its use. Most of the other companies are also trying to meet IFRSs standards.

This course will enable the participants to learn all major technical IFRSs requirements. The course comprises of illustrative financial statements, case studies, coverage of the most significant IFRSs, and interactive participation from the delegates. The participants will also learn new IFRSs requirements related to revenue, leases and financial instruments.

This course answers the following questions:

  • What are the existing and future requirements of IFRSs
  • How IFRSs measurement principles applied
  • What are the ways to get information about IFRSs
  • What is the appropriate time to have fair value measurements

Course Objectives

  • Apply the standards of preparing IFRS compliant financial statements, including the assessment of essential accounting policies and other necessary disclosures
  • Define the process of transitioning to IFRSs and identify first time adoption exemptions and exceptions relevant to an organization
  • Identify the application of measurement principles of the IASB’s framework
  • Identify the criteria that allows the use of fair value measurement
  • Assess the way to measure fair value and elaborate the fair value changes
  • Apply the proposed standards on revenue, leases and financial instruments

Course Contents

  • Describe 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 and 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)

  •  Liabilities
    • Leases (IAS 17, SIC-27, and IFRIC 4)
    • Update on IFRSs 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 Recognition
    • Revenue (IAS 18, IFRIC 13 and 18)
    • Construction contracts (IAS 11)
    • Revenue from contracts with customers (IFRS 15)

  • Foreign Currency Issues
    •  Effects of changes in foreign exchange rates (IAS 21)

  •  Business Combinations, Consolidations, Associates and 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)

  • Review of Specialized Areas 
    • Accounting for government grants and disclosure of government assistance (IAS 20)
    • Accounting and reporting by retirement benefit plans (IAS 26)
    • Financial reporting in hyper inflationary economies (IAS 29)

  • Transitioning to IFRSs
    •  First-time adoption of IFRSs (IFRS 1)

  • Expected Future Developments
    • IASB work plan

Course Methodology

Finance and accounts personnel, company secretaries and others who are responsible for producing and maintaining IFRS-compliant financial statements.

Target Audience

Finance and accounts personnel, company secretaries and others who are responsible for producing and maintaining IFRS-compliant financial statements.

Duration

05 Days (08:30–14:30) with appropriate breaks for tea/refreshments and lunch.

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