International Financial Reporting Standards (IFRS)
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International Financial Reporting Standards (IFRS) Course
Introduction:
The adoption of International Financial Reporting Standards (IFRS) on a global scale is rapidly accelerating, with an increasing number of countries requiring the use of IFRS for financial statement preparation. This applies not only to large corporations but also medium-sized companies. Consequently, there is a growing demand for financial professionals who possess a comprehensive understanding of IFRS, both in terms of the fundamentals and the intricacies of its application. Additionally, the IFRS landscape is constantly evolving, necessitating the need for professionals to stay updated.
This 5-day program aims to provide participants with a thorough and up-to-date overview of IFRS reporting requirements. The course covers the standards from a practical, technical, and commercial perspective, incorporating real-life company challenges. Excel models will be utilized to demonstrate various commercial concepts, and participants will receive these models as valuable take-away resources.
The course is specifically designed to enhance participants' knowledge and skills in comprehending and applying accounting standards and the theoretical framework for the preparation of financial statements for entities, including groups. It also focuses on analyzing and interpreting financial statements. While exploring some of the more complex International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), participants will develop a broader and more in-depth understanding of accounting and financial reporting. This comprehensive understanding will better prepare them to navigate the challenges they may encounter in the world of finance.
By completing this course, participants will gain the expertise necessary to navigate the complexities of IFRS and effectively apply them in practice. The combination of theoretical knowledge, practical examples, and the provision of useful excel models ensures a comprehensive learning experience. Participants will be equipped with the skills needed to interpret financial statements accurately and make informed decisions based on the information presented.
Course Objectives:
At the end of this International Financial Reporting Standards (IFRS) Training Course, participants will be able to:
- Understand the IFRS standards with practical explanations and examples.
- Understand how a consolidation of financial statements works with the application of IFRS 10.
- Understand the new Revenue standard (IFRS 15).
- Obtain the actual IAS and IFRS standards used in this course to read and go through whilst the lecturer explains the concept
Who Should Attend?
This International Financial Reporting Standards (IFRS) Course ideal for:
- Financial Analysts
- Accountants
- Portfolio Managers
- Securities Analysts
- Credit / Investment Analysts
- Pension Fund Managers
- Auditors
Course Outlines:
Introduction to IFRSs
- Brief history of IFRSs
- Conceptual Framework
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)
- value measurement (IFRS 13)
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
- ASB Work Plan