Training on IFRS Fundamentals
IFRS fundamentals are new accounting standard published by the International Accounting Standards Board covering the scope, structure, contents and components of IFRS compliant financial statements, including underlying assumptions and related footnote disclosures.
This IFRS Fundamentals course is aimed at equipping the participants with the knowledge and skills to understand IFRS and how to adopt the new international accounting practices in financial reporting.
Target Participants
Training on IFRS Fundamentals is aimed at professionals in the finance and accounting sector.
Course Duration
Online 7 Days
Classroom-based 5 Days
What you will learn
By the end of this course the participants will be able to:
- Apply IFRSs to develop financial statements that are compliant, including choosing accounting standards and creating necessary disclosures.
- Create strategies for clearly presenting information in IFRS financial statements.
- Implement the impairment testing and fair value measurement requirements of IFRS.
- Learn how to measure and recognize liabilities using the appropriate IFRSs.
- Implement the guidelines for the treatment of stakes in other entities and business combinations.
Introduction to IFRS
- IFRS standard setting – the bodies and due process
- Conceptual Framework
- Fair value measurement (IFRS 13)
- First-time Adoption of IFRSs (IFRS 1)
Content of IFRS Financial Statements
- Presentation of financial statements (IAS 1)
- Statement of cash flows (IAS 7)
- Accounting policies, changes in accounting estimates and errors (IAS 8)
- Discontinued operations (IFRS 5)
- Events after the reporting period (IAS 10)
- Operating segments (IFRS 8)
- Interim financial reporting (IAS 34)
Assets
- Inventories (IAS 2)
- Property, plant & equipment (IAS 16)
- Borrowing costs (IAS 23)
- Intangible assets (IAS 38)
- Investment property (IAS 40)
- Impairment of assets (IAS 36)
Liabilities
- Leases (IFRS 16)
- Employee benefits (IAS 19)
- Provisions, contingent liabilities and contingent assets (IAS 37)
Financial Instruments
- Financial assets and liabilities, hedging and derivatives (IAS 32, IFRS 9)
- Disclosures (IFRS 7)
Income Taxes
- Income taxes (IAS 12)
Revenue
- Revenue from contracts with customers (IFRS 15)
Government Grants and Assistance
- Accounting for government grants & disclosure of government assistance (IAS20)
Foreign Currency Issues
- Effects of changes in foreign exchange rates (IAS 21)
Business Combinations and Interests in Other Entities
- Business combinations (IFRS 3)
- Consolidated financial statements (IFRS 10)
- Investments in associates and joint ventures (IAS 28)
- Joint arrangements (IFRS 11)
