International Financial Reporting Standards

International Financial Reporting Standards

Euromoney Training
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Description

Through class discussions, numerous examples, analysis of financial statements and brief cases you will: Receive a comprehensive review of the most important IFRS standards and SIC / IFRIC interpretations Understand the requirements and choices for IFRS financial statements Analyse and interpret IFRS financial statements Apply newly applicable IFRS amendments effective in the current year Be prepared to implement upcoming new requirements that will be effective in future years Receive information on the latest developments and anticipated changes in IFRS in order to plan ahead Become familiar with internet sources in order to maintain up-to-date knowledge Understand the progress to date on t…

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Didn't find what you were looking for? See also: Report Writing, IFRS, Financial Reporting, International Economics, and Persuasion & Influencing.

Through class discussions, numerous examples, analysis of financial statements and brief cases you will: Receive a comprehensive review of the most important IFRS standards and SIC / IFRIC interpretations Understand the requirements and choices for IFRS financial statements Analyse and interpret IFRS financial statements Apply newly applicable IFRS amendments effective in the current year Be prepared to implement upcoming new requirements that will be effective in future years Receive information on the latest developments and anticipated changes in IFRS in order to plan ahead Become familiar with internet sources in order to maintain up-to-date knowledge Understand the progress to date on the convergence of local standards to IFRS throughout the world Put theory into practice with practical company case study exercises Course background The move to IFRS is sweeping the world. Examples of this trend include: As of 2005 listed entities in the European Union apply IFRS The US Securities & Exchange Commission (SEC) is considering a mandatory transition to IFRS for US companies Canada requires IFRS for its listed companies as of 2011 Australia and Hong Kong require listed companies to use IFRS Japan is converging with IFRS India is in the process of adopting IFRS Several Middle Eastern and South American countries have adopted IFRS and several more are considering it Accurately applying IFRS is a demanding process that requires planning and thought. The standards are principles-based and require a good understanding of the underlying concepts as well as the application of extensive professional judgement. This course will help delegates to understand the significant issues to address when applying IFRS. Participants will also receive information on the latest developments and anticipated changes to IFRS. Using real-world company financial statements and other case studies, delegates will learn how to put IFRS accounting principles into practice.
Day 1 Introduction to IFRS Brief background of IFRS history and development Currently issued pronouncements and their effective dates Standards: IAS and IFRS Interpretations: SIC and IFRIC The IFRS framework: elements, recognition and measurement Applying the hierarchy of international standards Current status of global convergence – worldwide IFRS application U.S. convergence projects and their impact on IFRS How to research and stay up to date on IFRS Case study: Applying the IFRS Framework Principles in Real-world Situations Financial Statements and Presentation Issues Presentation IAS 1 Presentation of Financial Statements Statement of Financial Position Statement of Comprehensive Income Statement of Changes in Equity IAS 7 Statement of Cash Flows IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Policies and Adjustments IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 10 Events after the Reporting Period Other Disclosure and Reporting Issues IFRS 8 Operating Segments Case studies: Review the New Disclosure and Presentation Requirements using Real World Financial Statements Determine the Treatment of Events after the Reporting Period Day 2 Revenue Recognition IAS 18 Revenue Definitions Revenue measurement, including gross vs. net reporting Exchange transactions (barter) Revenue from sale of goods, including recent recognition issues Revenue from services – recognition criteria and applications Revenue from interest, dividends and royalties Case study: Practical Revenue Recognition and Application Scenarios Inventory IAS 2 Inventory Definition Inventory measurement – determining cost Allocating overheads Write-downs to net realisable value and reversal considerations Tangible and Intangible Assets IAS 16 Property, Plant and Equipment IAS 23 Borrowing Costs IAS 38 Intangible Assets IAS 40 Investment Property IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Initial recognition and measurement, including asset retirement costs Treatment of subsequent expenditures Valuation methods Depreciation, including composite asset accounting Assets held for sale Interest capitalisation, including NEW requirements Investment property identification and accounting, including alternatives Treatment of internally generated intangible assets, including exceptions Accounting for research and development Case studies: Property, Plant and Equipment – Recognition, Measurement and Revaluation Accounting for Asset Retirement Obligations Investment Property – Recognition, Valuation and Changes in Use Intangible Assets –Recognition, Measurement, and Subsequent Expenditures Day 3 Impairment of tangible and intangible assets IAS 36 impairment of assets Identifying an asset that may be impaired Determining the recoverable amount Measuring and recognising an impairment loss Identifying cash-generating units (CGU) and assigning assets Allocating losses to individual assets Reversing impairment losses Case study: Evaluating the Impairment Testing of Goodwill and Determining Whether Impairment Should be Recognised Provisions and contingencies IAS 37 provisions, contingent liabilities and contingent assets Understanding liabilities, contingencies and commitments Recognising and measuring provisions, including changes in estimate Applying contingency disclosure requirements Case studies: Distinguishing Between Liabilities, Provisions and Contingent Liabilities Applying Recognition and Measurement Concepts to Determine Appropriate Accounting Treatment Calculating the Correct Amount of Provision to Record in Various Situations Employee benefits IAS 19: Employee benefits Short-term employee benefits Post-employment benefits – identifying plan types Accounting for defined contribution plans Accounting for defined benefit plans Recognising actuarial gains and losses, including the NEW alternative treatment Financial statement recognition and requirements Case study: Defined Benefit Plan Accounting Leases IAS 17 Leases What is a lease according to IFRS? Classifying leases Accounting for lessee finance leases Accounting for lessee operating leases Accounting for lessor finance leases Accounting for lessor operating leases Operating lease incentives Case studies: Identifying, Classifying and Accounting for Leases Day 4 Financial Instruments IAS 32 Financial Instruments: Presentation IAS 39 Financial Instruments: Recognition and Measurement IFRS 7 Financial Instruments: Disclosures Overview of NEW IFRS 9 Financial Instruments: Classification and Measurement Classifying financial instruments Recognising and measuring financial instruments, both initially and subsequently Determining fair value Applying reclassification rules Derecognising financial assets and liabilities Recognising, calculating and reversing impairment losses Accounting for derivatives Identifying and classifying debt and equity instruments Meeting the disclosure requirements – IFRS 7 requirements Case studies: Accounting for Financial Instruments – Classification Identifying Liabilities vs. Equity Applying the De-recognition Model Recognising and Calculating Impairment Applying the Effective Interest Method: Transaction Costs, Amortisation and Premiums/Discounts Consolidations IAS 27: Separate financial statements IFRS 10: Consolidated Financial Statements IFRS 12: Disclosures of Interests in Other Entities - Consolidated financial statement requirements, including exemptions - Consolidation procedures - Non-controlling interest presentation - Accounting in separate financial statements Case study: Determining Control Accounting for Associates IAS 28: Investments in Associates and Joint Ventures - Identifying significant interestAccounting requirements and exemptions - Application of the equity method Case study: Calculating Equity Method Balances Accounting for Joint Arrangements IFRS 11: Joint Arrangements - Identifying arrangements - Types of joint arrangements - Accounting and presentation joint ventures anf joint operations Foreign Currency Issues IAS 21 The Effects of Changes in Foreign Exchange Rates Definitions Determining the functional currency Reporting foreign currency transactions and recognizing exchange differences Translating foreign entity financial statements Case studies: Determining Functional Currency Identifying Monetary Items Measuring and Recognising Exchange Gains and Losses Translating Foreign Entity Financial Statements Transitioning to IFRS Overview of IFRS 1 First-time Adoption of IFRS Basic principles of IFRS I Preparing the opening statement of financial position Mandatory exceptions from other IFRS Optional exemptions Presentation and disclosure requirements Case studies: Starting from a national GAAP financial statement, the IFRS 1 adjustments necessary to create the statement in accordance with IFRS are illustrated. 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