International Financial Reporting Standards

Featuring: IASB and IFRS The Conceptual Framework Presentation of Financial Statements Accounting Policies and other Disclosures Fair Value Measurement Inventory Property, Plant and Equipment Intangible Assets Impairment of Assets Leases Liabilities Financial Instruments Revenue Business Combinations Consolidations, Associates and Joint Ventures Foreign Currency Transactions and Translations First­-time Adoption 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 enterprises. 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. 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 state­owned 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 may 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, are 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 up­to­date quickly, and the veteran financial professional who is looking for a refresher course which will address current issues and projects. Course Background What this course will enable you to do: Understand IFRS reporting requirements for 2014 and beyond. Review and analyse actual recent IFRS financial reports. Discuss IASB's proposed model for revenue recognition and leases. 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.
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 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 Measurement IFRS 13 Fair Value Measurement 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 Non­current Assets Held for Sale and Discontinued Operations Liabilities Other Than Financial Liabilities IAS 17 Leases IAS 37 Provisions, Contingent Liabilities and Contingent Assets Update and discussion on Exposure Drafts on Leases Various cases/exercises on assets and liabilities other than financial assets and liabilities. Day 3 Revenue IAS 11 Construction Contracts IAS 18 Revenue Update and discussion on Exposure Draft on Revenue Recognition Financial Instruments IAS 32 Financial Instruments: Presentation IAS 39 Financial Instruments: Recognition and Measurement IFRS 7 Financial Instruments: Disclosures IFRS 9 Financial Instruments Update and discussion on Financial Instrument project Various cases/exercises on revenue recognition and financial instruments. Day 4 Business Combinations 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 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 IFRS 6 Exploration for and Evaluation of Mineral Resources First-­Time Adoption IFRS 1 First­-time Adoption of International Financial Reporting Standards Various exercises on business combinations, and a comprehensive case on first­time adoption. Course summary and close