International Financial Reporting (IFRS) is the indisputably global solution for any country in the world to integrate into the international capital markets. There is virtually no room for a local solution since this category, and an increasing number of entities are moving to IFRS. Access to capital from both the domestic and international arena is inextricably linked to the integrity and international credibility of financial reporting.
The IFRS standard setters have been in a process of revamping standards to improve global financial reporting and this course is a necessity of IFRS preparers and users to be update with current standards and trends.
This course offers the learner a comprehensive understanding of the essential elements of IFRS; beginning by building on the foundations laid by the IASB’s mainstream IFRS standards.
The course develops key skill competencies through the application of sound theoretical content within a practical, real-life inspired case-study based environment.
- Improved knowledge and understanding of the global trends for International Financial Reporting Standards
- Practical application of IFRS standards
- Understanding of recent changes in IFRS and practicalities of their application
- Practical understanding the transition challenges and approaches in moving to Internationally accepted reporting norms of IFRS
- IFRS changes on the horizon and their impact in Financial Reporting
WHO SHOULD ATTEND?
This course has been specifically designed for the benefit of:
- Heads of Finance
- Chief Accountants
- Financial Controllers
- Prepares of IFRS financial statements
- Analysts requiring knowledge of IFRS compliant statements
- External and Internal Auditors
CERTIFIED IFRS SPECIALIST CERTIFICATION
The International Academy of Business and Financial Management™ is one of the world’s fastest growing professional associations with more than 200,000 members, associates and affiliates in 145 countries. IABFM™ hosts and organizes certification training worldwide and offers exclusive board designations to candidates who meet the highest professional standards and assessment criteria.
The IABFM is credited by the American National Standards Institute (ANSI) the International Standards setting authority.
- Length 5 days
- Level Advanced Training
- Industry Finance & Accounting
- Prerequisites None
- Association IABFM - International Academy of Business and Financial Management
- Language English
- This program is worth 35 NASBA CPE credits
– IASB Structure and Operations
– IFRS Core Concepts
— Group Activity: Illustrations how the conceptual framework principles are applied in practice.
– Assets under IFRS
— Case Study: Exercises and group discussion of different scenarios to determine if costs can be capitalised; exercise on component accounting; exercise on application of revaluation method.
–-Case Study: Determination and calculation of interest cost that is capitalised.
–Case Study: Exercise on determining useful life; exercise on intangible cost capitalisation.
– Assets under IFRS (continued)
— Case Study: Determining the classification of real estate property.
— Case Study: Identification of cash generating units; application of impairment testing with goodwill.
– Accounting for Liabilities
— Case Study: Different scenarios to determine accounting treatment under IAS 37.
— Case Study: Comprehensive example on treatment of deferred tax.
– Financial Statement Presentation
— Case Study: Determining if IFRS 5 criteria are satisfied.
— Case Study: Determining reportable segments.
– Fair Value and Financial Instruments
— Case Study: Determination of hierarchy rating; determination of highest and best use.
— Case Study: Distinguishing if a financial instrument is debt or equity.
— Case Study: Classifying financial instruments.
– Accounting for Pensions
— Case Study: Comprehensive example on defined benefit scheme with actuarial gains and losses.
– Group Accounting Matters
— Case Study: Scenarios to assess control in a number of different scenarios where voting rights are less than 50%.
— Case Study: Scenarios to determine goodwill and purchase price allocation and their future impact on consolidated financial statements.
— Case Study: Application of the equity method with a purchase price allocation.
— Case Study: Determining the functional currency.
— Case Study: Scenario to determine if a structure is accounted for as a joint arrangement.
– Other Financial Reporting Matters
— Case Study: Scenario to determine if there is a related party under IAS 24.
— Case Study: Scenario to determine if treatment of post balance sheet event.
— Case Study: Calculation of basic and diluted earnings per share.
– First Time Adoption
– Accounting for Leases
— Case Study: Preparing an extract of financial statements for a finance lease.
— Case Study: Numerical application and disclosure of the new leasing standard.
– Accounting for Revenue
— Case Study: Group discussion and analysis of revenue determination under IAS 18.
— Case Study: Scenarios on applying the new five step model.
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