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It Includes
- 5 Days training program
- Live Virtual Training
- Learn on any PC/Mobile/Tablet
- Unlimited Doubt Sessions
- Online Labs (if applicable)
- Official Courseware & Kits
- Get Recording after session
- Get Certificate of Completion
- Mock Tests & Exam Preps
- Classroom Training (Optional)
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Request a QuoteCourse Overview
COURSE OBJECTIVE
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 in 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 pursuing a process of revamping standards to improve global financial reporting and this course is a necessity for IFRS preparers and users to be up-to-date 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.
Who Should Attend?
- Heads of Finance
- Chief Accountants
- Financial Controllers
- Prepares of IFRS financial statements
- Analysts requiring knowledge of IFRS compliant statements
- External and Internal Auditors
Course Outline
-
IFRS Overview
- The Global movement to IFRS
- Principles vs. rule-based approach to accounting
- US GAAP Convergence IFRS Core Concepts
- IAS 1 and Conceptual Framework
- Purpose and rationale for the conceptual framework
- Overview of significant changes to the framework
- Reason for the changes
- Impact on IFRS reporting
- Fundamental and enhancing qualitative characteristics of financial statements
- Materiality and aggregation
-
Assets under IFRS
- IAS 16: Property, Plant and Equipment
- Cost capitalisation criteria
- Repairs and maintenance
- Component accounting and depreciation
- Revaluation methodology
- Establishing capitalization thresholds
- Decommissioning costs
- Guidance on self-constructed assets
-
Assets under IFRS (continued)
- IAS 40: Investment Property
- What is investment property
- Accounting alternative for investment properties
- IAS 36: Impairment of Non-Current Assets
- Principles what is impairment
- Key stages in the impairment process
- Application of impairment adjustments
- Guidelines for impairment reversals
-
Accounting for Liabilities
- IAS 37: Provisions, Contingent Liabilities and Contingent Assets
- Definitions and concepts to determine if provisions
- Identifying the obligating event
- Legal and constructive obligations
- Estimating provisions
- Recognition criteria
- Restructuring and onerous contracts
- Treatment of contingent assets and liabilities
-
Financial Statement Presentation
- IFRS 5: Non-Current Assets Held for Sale and Discontinued Operations
- Purpose of this standard
- Criteria to determine held for sale / discontinued operations
- Accounting treatment under IFRS 5
- IFRS 8: Operating Segments
- Purpose of the standard
- How the management-based approach works
- Identification of reportable segments
- Role of the chief operating decision makers (CODM)
- Reportable segment thresholds
-
Fair Value and Financial Instruments
- IFRS 13: Fair Value Measurement
- Characteristics of fair value
- Fair value hierarchy and how it is used
- Steps to determine fair value
- Fair value in illiquid markets
- The grey areas and challenges of application for financial instruments that are thinly traded
- IAS 32: Financial Instruments – Presentation
- Core definitions in financial instruments
- How to determine if it is a derivative
- Scope of financial instrument standards
- Distinction between debt and equity
- Compound financial instruments
-
Accounting for Pensions
- IAS 19: Employee Benefits
- Background of what is covered in IAS 19
- Accounting for short term benefits
- Accounting for post-retirement plans - Defined benefit plans - Defined contribution plans
- Current and past service costs
- Actuarial assumptions and treatment of actuarial gains and losses
-
Group Accounting Matters
- IFRS 10: Consolidated Financial Statements
- Interrelationship of the “consolidation” accounting standards
- How control is determined under IFRS 10
- IFRS 3: Business Combinations
- IFRS 3: Mechanics of Consolidation
- IAS 27: Separate Financial Statements
- IAS 28: Investments in Associates
- IAS 21: Effects of Changes in Foreign Exchange Rates
- IFRS 11: Joint Arrangements
-
Other Financial Reporting Matters
- IAS 24: Related Party Disclosure
- Core concepts and definition
- How to identify related parties
- Investments of key management personal considerations
- Disclosure requirements
- IAS 8: Accounting Policies, Changes in Estimates and Error
- IAS 34: Interim Financial Reporting
- Purpose of core principles of this standard
- Minimum components of an interim financial statement Revenues received seasonally, cyclically or occasionally
- IAS 7: Statement of Cash Flows
-
First Time Adoption (only if requested by class)
- IFRS 1: First Time Adoption of IFRS
- Scope of the standard
- Options / alternatives to move to IFRS under IFRS 1
- Presentation and disclosure requirements
-
Accounting for Leases
- IFRS 16: Leases
- Overview of the changes from IAS 17 to IFRS 16 and the key differences
- Problems with IAS 17 and why IFRS 16 was issued
- How to apply the revised single model approach
- Exceptions for short term and low value leases
- US GAAP dual model approach and key differences
- Impact on financial statements and debt covenants
-
Accounting for Revenue
-
Accounting for Revenue
- IFRS 15: Revenue from Contracts with Customers
- Key differences from the old IAS 18 that was discontinued in 2017 to IFRS 15
- Detailed review of the new five step model - Identification of the contract - Identification of the performance options - Determining and allocating the transaction price
Vendor
Frequently Asked Questions
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How does Live Training works?
Live training, also known as online training, is a method of delivering training in real-time over the internet. The trainer and the trainees are connected through video conferencing software, allowing for interactive communication and collaboration. During live training, the trainer can present materials, lead discussions, answer questions, and engage with the trainees in real-time. -
Does Learnfly offer Classroom & Onsite training as well?
Yes. We Do! We do offer classroom, onsite, group sessions & 1 on 1 training for selective courses. Contact our support team and our team will assist you with the process. -
Do you provide certification and exam assistance?
Yes! We provide assistance in scheduling & preparing for your exam after a successful training completion. Once you successfully pass your exam, you will be awarded with a certification. -
What if I miss my scheduled class or want to reschedule?
No worries. You can simply request for the next date as per your availability. -
Can I change the trainer if not satisfied?
We only provide highly qualified and certified trainers with 100% satisfaction rate. However, if you are not satisfied with the trainer, you can request for a free replacement. -
Do I get a lab access with the course?
Yes! If your training require a lab access, then it will be included in the price. -
Is Learnfly accredited?
Yes! Learnfly is accredited with many renowned vendors like Microsoft, ISACA, VMWare, PECB, EC Council. Cisco and many more. -
Are Learnfly Instructor's Certified?
Yes. We only provide training via Certified Instructors. -
Where is Learnfly Located?
Learnfly is a global training provider with locations in India, United States, United Kingdom, UAE, Australia & Africa. -
Does Learnfly offer after training support?
Yes. We offer 1 month free support after your training completion for any queries related to your course, examination etc. -
What is Learnfly Platform?
Learnfly Platform is an omnnichannel Learning Management System that allows you to access thousands of self paced courses, attend live classes, track certifications, access interactive quizzes & assignments, Online labs, connect with Instructors & do much more. Join the platform to know more. -
Do you offer a demo live session with an instructor?
Yes! If you need a demo session to get a feel of live training or to evaluate an instructor, then you can request for a 15 minutes free live session. Connect with our training team for more info. -
Can I get a refund if not satisfied?
All of our training comes with 30 days money back guarantee. Refunds are only applicable on instructor training. Exam, labs are non-refundable. -
How can I make a payment for my training?
We accept all major payment methods like debit/credit card, PayPal and Bank Wire transfer. For bank transfer, please contact us at [email protected] -
How can i get started?
Super! Simply click on "Book Now" button on this page to reserve your seat and make a payment. You can choose from available schedules or provide your own. For anything else like quotation, purchase order, bank wire details etc, please contact our training team at [email protected]. See you learning with us soon!
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