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International Financial Reporting Standards (IFRS)

Introduction

Embark on a journey to deepen your financial acumen with our comprehensive International Financial Reporting Standards (IFRS) course. This training is perfect for those looking to elevate their career trajectory in finance by mastering the complex world of IFRS. Crafted with insights from leading experts across the region, this course is tailored to equip accounting and finance professionals with the necessary skills and contemporary updates needed to proficiently navigate the IFRS landscape.


Course Objectives

  • Understand the framework for setting IFRS standards and identify all current standards
  • Explore recent modifications to existing IFRS and assess their organizational impact
  • Learn to correctly present and disclose financial statements’ components such as financial position and cash flows in line with IFRS
  • Evaluate and accurately report on transactions affecting assets, liabilities, revenue, and expenses under IFRS
  • Employ professional judgment in dealing with unique business transactions under IFRS


Target Audience

  • Accounting professionals and finance managers
  • Auditors and financial controllers
  • Financial analysts and consultants
  • Professionals preparing for leadership roles in financial reporting
  • Corporate finance teams and treasury managers


Course Outline

Day 1: Fundamentals of IFRS

  • Introduction and definition of IFRS
  • Overview of the IFRS standard-setting process
  • Detailed presentation of financial positions as outlined in IAS 1
  • Analysis of assets and liabilities classifications and offsets
  • Examination of minimum presentation standards for income statements
  • Review of equity components and comprehensive income
  • Discussion on additional financial disclosures


Day 2: Managing Current Assets and Liabilities

  • Overview of cash equivalents and financial instruments as per IFRS 9
  • Handling of accounts receivable including allowances for bad debts and receivable operations
  • Rules governing accounts payable and inventory recognition and valuation as per IAS 2
  • Guidelines for measuring inventory costs and subsequent valuation adjustments


Day 3: Addressing Non-Current Assets and Liabilities

  • Protocols for property, plant, and equipment management under IAS 16
  • Assessing cost and revaluation models for fixed assets
  • Guidelines for assets designated for sale and decommissioning liabilities under IFRS 5 and IAS 37
  • Methods for evaluating impairment and accounting for intangible assets
  • Examination of investment properties and related accounting standards


Day 4: Financial Instruments and Revenue Recognition

  • Classification and measurement of investment securities under IFRS 9
  • Comprehensive guide to revenue recognition as per IFRS 15, including a step-by-step breakdown of the contract-based revenue model
  • Detailed analysis of performance obligations and transaction price allocation


Day 5: Leasing Standards under IFRS 16

  • Transition from IAS 17 to IFRS 16 explained
  • Lease recognition criteria and exemptions
  • Detailed accounting procedures for lessees and lessors
  • Implementation guidelines and effective date considerations