IFRS Academy

Over the course of eight days, delegates will gain a thorough knowledge of not only IFRS but also will have the opportunity to gain a deep knowledge in certain critical areas. An intensive and hands-on 8-day training workshop that will provide delegates with a thorough understanding of current topics, such as: IASB and IFRS The Conceptual Framework Presentation of Financial Statements Accounting Policies and other Disclosures Inventory Property, Plant and Equipment Intangible Assets Fair Value Measurement Impairment of Assets Leases Liabilities Employee Benefits Income Taxes Financial Instruments Revenue Business Combinations Consolidations, Associates and Joint Ventures Foreign Currency Transactions and Translations First-time Adoption Course Level The global acceptance of IFRS as a basis for financial reporting for both publically traded entities and other entities of public interest, such as state-owned entities, nonprofit entities, creates a demand for highly trained financial professionals to implement such standards and principles. Even those with basic knowledge of IFRS and not involved in preparation of financial reports need to stay abreast of the current developments in financial reporting, as changes affect the drafting of sales contracts and lease agreements, to name a few specific hot topics. Currently over 9,000 European companies have converted to IFRS for financial reporting, countries such as Brazil, Canada, China, India, Japan, Malaysia, Nigeria, Russia, and the USA, have adopted or are in the process of adopting or converging their financial reporting standards to IFRS. This workshop is appropriate for both the novice in IFRS financial reporting who needs to be up-to-date quickly, and the veteran financial professional who is looking for not only a refresher course but also an in-depth update course covering the hard-to-understand areas of IFRS. Course Background What this course will enable you to do: Understand IFRS reporting requirements for 2013 and beyond Review and analyse actual recent IFRS financial reports Discuss IASB's proposed models for leases and financial statement presentation Apply the standards on business combinations and consolidations, tangible assets, intangible assets, asset impairment, liabilities, foreign currency, etc. Understand the recently released standard on financial instruments, including hedging and the exposure draft on credit losses Review the industry-specific financial reporting standards (agriculture, mining, insurance) Understand the transition process from national GAAP to IFRS Put theory into practice with real-world financial reports to compare and contrast along with case studies and exercises Who should attend The course will be of value to professionals in the following areas: Accountants Auditors Financial managers Managers of small and medium-sized entities Senior managers Tax accountants Teaching Methodology Live group instruction Detailed practical examples Model IFRS financial statements including required disclosures 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 All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials
Day 1 Introduction – The IASB and IFRS – IASB’s work programme IASB’s Conceptual Framework – The underlying principles – Asset and liability recognition – Income and expense recognition – Fair presentation and compliance with IFRS Financial Statements – Presentation – IAS 01 Presentation of Financial Statements - Statement of Financial Position - Statement of Comprehensive Income - Statement of Changes in Equity - Disclosures – IAS 07 Statement of Cash Flows – Update and discussion of current Financial Statement Financial Statements – Disclosure – IAS 08 Accounting Policies, Changes in Accounting Estimates and Errors – IAS 10 Events After the Reporting Period – IAS 24 Related Party Disclosures – IAS 33 Earnings per Share – IAS 34 Interim Financial Reporting – IFRS 8 Operating Segments Various exercises on financial statement presentation and disclosure. Day 2 Fair Value – IFRS 13 Fair Value Measurement Various practical cases/exercises on fair value determination. Day 3 Assets Other Than Financial Assets – IAS 02 Inventories – IAS 16 Property, Plant and Equipment – IAS 23 Borrowing Costs – IAS 36 Impairment of Assets – IAS 38 Intangible Assets – IAS 40 Investment Property – IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Various exercises on assets other than financial assets. Day 4 Liabilities Other Than Financial Liabilities – IAS 12 Income Taxes – IAS 17 Leases – IAS 37 Provisions, Contingent Liabilities and Contingent Assets – Update and in depth discussion on Exposure Drafts on Leases Various exercises on liabilities other than financial liabilities. Day 5 Continuation of Liabilities Other Than Financial Liabilities – IAS 19 Employment Benefits Revenue – IAS 11 Construction Contracts – IAS 18 Revenue – Detailed update and discussion on the recently released IFRS (if issued) or the Exposure Draft on Revenue From Contracts With Customers Various cases/exercises on revenue including the recently released IFRS. Day 6 Financial Instruments – IAS 32 Financial Instruments: Presentation – IAS 39 Financial Instruments: Recognition and Measurement – IFRS 7 Financial Instruments: Disclosures – IFRS 9 Financial Instruments, including credit losses and hedging – Update and discussion on Financial Instrument project Various cases/exercises on financial instruments, including credit losses and hedging. Day 7 Business Combinations and Consolidations – IAS 27 Separate Financial Statements – IAS 28 Investments in Associates and Joint Ventures – IFRS 3 Business Combinations – IFRS 10 Consolidated Financial Statements – IFRS 11 Joint Arrangements – IFRS 12 Disclosure of Interests in Other Entities Various cases/exercises on business combinations and consolidations. Day 8 Foreign Currency Issues – IAS 21 The Effects of Changes in Foreign Exchange Rates Application of IFRS in Specialised Industries – IAS 41 Agriculture – IFRS 4 Insurance Contracts  Explore the most recently released exposure draft on insurance contracts – IFRS 6 Exploration for and Evaluation of Mineral Resources – Update and discussion on various specialised industries’ projects First-Time Adoption – IFRS 1 First-time Adoption of International Financial Reporting Standards – Update and discussion of first-time adoption amendments and process Various cases/exercises on specialised industries and a comprehensive case on first-time adoption. Course summary and close