International Financial Reporting Standards (IFRS)©.

   Introduction:

The convergence, globally, of International Financial Reporting Standards (IFRS) is gaining pace at a rapid rate, for the preparation of financial statements. This includes bot large corporates and medium-sized companies. Each year more and more countries are implementing IFRS.

As a result of this acceptance of IFRS, more financial professionals are required to have a working knowledge of not only the fundamentals but also the detailed workings. Further, the IFRS landscape is constantly changing and professionals are required to keep up to date.

This 5-day program will deliver an update to date IFRS reporting requirements covering the standards in a practical, technical and commercial basis, with the inclusion of real-life company challenges and use will be made of excel models to demonstrate many of the commercial concepts (these models will be provided as a take-away for participants).

This course is designed to develop knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups and how to analyse and interpret those financial statements. We will take a look at some of the more complex International Accounting Standards (IAS) as well as the International Financial Reporting Standards (IFRS).  Once you have completed this course you will have a broader and in depth understanding of accounting and Financial Reporting to better prepare yourself for whatever challenges you may face within the world of finance

Objectives

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

• Understand the IFRS standards with practical explanations and examples.
• Understand how a consolidation of financial statements works with the application of IFRS 10.
• Understand the new Revenue standard (IFRS 15).
• Obtain the actual IAS and IFRS standards used in this course to read and go through whilst the lecturer explains the concept needed

Who Should Attend?

This training course is suitable to a wide range of professionals but will greatly benefit:

• Financial Analysts
• Accountants
• Portfolio Managers
• Securities Analysts
• Credit / Investment Analysts
• Pension Fund Managers
• Auditors

The Course Content

Introduction to IFRSs

• Brief history of IFRSs
• Conceptual Framework

Content of IFRS Financial Statements

• Presentation of financial statements (IAS1)
• 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)
• Related party disclosures (IAS 24)
• Interim financial reporting (IAS 34)
• value measurement (IFRS 13)

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)
• Share-based payment (IFRS 2)

Financial Instruments

• Financial assets and liabilities, hedging and derivatives (IAS 32, IAS 39, IFRS 9)
• Financial instrument disclosures (IFRS 7)

 Income Taxes

• Income taxes (IAS 12)

Revenue

• Revenue from Contracts with Customers (IFRS 15)

Foreign Currency Issues

• The effects of changes in foreign exchange rates (IAS 21)

Business Combinations, Consolidations, Associates & Joint Arrangements

• Business combinations (IFRS 3)
• Consolidated financial statements (IFRS 10)
• Separate financial statements (IAS 27)
• Investments in associates and joint ventures (IAS 28)
• Joint arrangements (IFRS 11)
• Disclosure of interests in other entities (IFRS 12)

Transitioning to IFRSs

• First-time adoption of IFRSs (IFRS 1

Expected Future Developments

• ASB Work Plan