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The growing global acceptance of IFRS as a basis for the preparation of financial statements of large and medium sized entities creates a need for an increasing group of professionals to gain knowledge and experience of these standards. Even those with a basic understanding of IFRS are required to constantly update their knowledge because of the fast evolution of these standards and the growing experience that practitioners require.

 

As of 2005 approximately 9000 listed European companies transferred to IFRS reporting. Russia, China, Canada, Japan, Australia, India, South Korea, Malaysia and many other countries are adopting IFRS or have plans to converge their national standards with IFRS. This course provides an answer to the continuing and growing need for information and practical guidance in relation to IFRS technical issues.

 

By the end of this course, delegates will be able to:

 

• Have a good working knowledge of the most important IFRS standards so you know which principles are relevant and important to your business
• How to move from GAAP to IFRS
• Have a sound understanding of the issues surrounding how these standards are applied in practice so you can apply them to your own business
• Clearly understand the reasons for the move across most of the world to IFRS and the countries that have adopted IFRS in the recent past and those that will adopt in the future

Financial Managers, Senior Accountants, Accounting & Budgeting Personnel

 

Introduction to IFRS

· The IASB and its IFRS

· Application of IFRS

· Update on current projects of the IASB

 

IFRS Basic Principles

· Framework for the preparation and presentation of financial statements, including recent changes and project updates

· Financial statement elements: assets, liabilities, equity, income and expenses

· Measurement and recognition principles, including discussion of fair value accounting

· Update on NEW IFRS 13 Fair Value Measurement

 

Financial Statement Presentation

· Statement of financial position

· Statement of comprehensive income, including new requirements

· Statement of changes in equity

· Statement of cash flows: choice between direct and indirect method

· Upcoming changes and the financial statement project

 

Disclosure Issues

· Events after the reporting period

· Changes in accounting policies, estimates and accounting errors

· Related parties

· Discontinued operations

· Operating segments

 

Revenue Recognition From

· Sale of goods

· Services

· Interest, royalties and dividends

· Upcoming changes and the revenue recognition project

 

Inventories

· Cost components and valuation issues

· Identifying and accounting for inventory impairment

 

Non-Current Assets: Recognition and Measurement

· Property, plant and equipment

· Measurement of the cost of an asset, including asset retirement obligations

· Borrowing costs

· Component approach

· Depreciation

· Revaluation

· Non-current assets held for sale issues

 

Impairment of Assets

· Identifying impairment indicators

· Determining recoverable amount

· Measuring and recognising impairment

· Cash generating units and impairment of goodwill

 

Non-Financial Liabilities & Financial Instruments / Leases

· Classification of lease contracts

· Accounting for lease contracts

· Operating lease incentives

· Upcoming changes and the lease project

 

Employee Benefits

· Short-term employee benefits

· Pension plans, defined benefit and defined contribution plans including new requirements

· Termination benefits

 

Provisions, Contingent Liabilities and Contingent Assets

· Recognition requirements

· Measurement of provisions

· Future operating losses and onerous contracts

· Provisions for restructuring

· Contingencies

· Contingent liabilities acquired in a business combination

· Disclosures

· Upcoming changes and the non-financial liabilities project

 

Share-Based Payment

 

Equity Settled Share-Based Payments

 

Cash Settled Share-Based Payment

 

Financial Instruments

· Classifying financial assets

· Initial and subsequent measurement of financial instruments

· Financial asset impairment

· Derecognition

· Difference between equity and liabilities

· Accounting for financial liabilities

· Disclosure requirements

· NEW IFRS 9 on financial instruments

 

Business Combinations: Application of the Acquisition Method

· Identifying the acquirer

· Measuring the cost of the business combination

· Recognition and valuation of the acquired assets, liabilities and contingent liabilities

· Calculation of goodwill

· Changes to provisional values

 

Overview of Consolidation Requirements, Associates and Joint Ventures

· Consolidated and separate financial statements, including special purpose entities

· Determining control

· Summary of consolidation procedures

· New IFRS 10 Consolidated Financial Statements

· New IFRS 12 Disclosure of Interests in Other Entities

· Investments in associates

· Determining significant influence

· Overview of the equity method

· Interests in joint ventures

· Jointly controlled

· Assets

· Operations

· Entities

· NEW IFRS 11 Joint Arrangements

 

Foreign Currency Issues

· Foreign currency transactions

· Overview of foreign currency financial statement translation

 

Accounting for Income Taxes: Current and Deferred Taxes

· Temporary and other differences

· Recognition and measurement of deferred taxes

· Treatment of tax loss carry-forwards and tax credits

· Update on the tax project

 

Overview of IFRS I 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

· Update on recent and proposed changes