International Financial Reporting Standards (IFRS)

About the Course

This International Financial Reporting Standards (IFRS) training course is an essential 5-day program tailored for finance professionals seeking to master the comprehensive framework of global accounting standards. It is designed to provide delegates with a thorough understanding of IFRS, the set of accounting standards developed by the International Accounting Standards Board (IASB), which is increasingly adopted worldwide to promote transparency, accountability, and efficiency in financial reporting.

Starting with an overview of the IFRS foundation and its significance in the global financial context, it focuses on the key principles underlying the preparation of financial statements for external reporting. Delegates will explore the specific requirements of individual IFRS standards, covering critical areas such as revenue recognition, financial instruments, leases, and consolidation.

This training program offers a deep dive into the practical application of IFRS in preparing financial statements, focusing on the challenges and strategies for transitioning from national accounting standards to IFRS. Through case studies, real-world examples, and interactive workshops, delegates will gain hands-on experience applying IFRS standards to various financial reporting scenarios. Upon completion, they will possess a comprehensive understanding of IFRS, enabling them to ensure compliance with these standards in their organisations and enhance the quality of financial reporting on a global scale.

Core Objectives

The delegates will achieve the following objectives:

• Gain an in-depth understanding of the principles and detailed requirements of IFRS, ensuring accurate and consistent application in financial reporting
• Learn to prepare financial statements compliant with IFRS, enhancing transparency and comparability across international boundaries
• Develop strategies for effectively transitioning from national accounting standards to IFRS, addressing the challenges, and leveraging this change's opportunities
• Understand and Apply complex IFRS topics, such as financial instruments, revenue recognition, leases, and consolidation, with confidence and clarity
• Acquire the skills to assess and interpret the impact of adopting IFRS on organisations' financial statements, facilitating better decision-making
• Keep abreast of the latest developments, amendments, and interpretations in IFRS, ensuring ongoing compliance and best practice in financial reporting
• Enhance the quality of financial communication and reporting to international stakeholders, investors, and regulatory bodies through proficient use of IFRS
• Anticipate and prepare for the future directions of IFRS and its implications on global financial reporting practices, staying ahead in a dynamically evolving financial context

Training Approach

The training course is structured around a dynamic and interactive pedagogical approach, incorporating interactive sessions, case study analyses, and practical exercises tailored to engage delegates actively and foster a deep understanding of the subject matter. Delegates are encouraged to share their insights and experiences through interactive sessions, facilitating a rich knowledge exchange and perspectives. Case study analyses provide real-world context, allowing delegates to explore complex scenarios and apply theoretical concepts in practical settings. Practical exercises reinforce learning outcomes, directly enabling them to apply new skills and tools to realistic situations. This comprehensive method ensures a balanced mix of theory and practice, enhancing delegates' learning experience and preparing them to implement their newfound knowledge effectively in their professional roles.

The Attendees

This training course is developed for accounting and finance professionals, auditors, and consultants who aim to gain comprehensive knowledge and expertise in applying the International Financial Reporting Standards (IFRS).

Likewise, it will be valuable to the professionals but not limited to the following:

• Chief Financial Officers (CFOs)
• Accountants and Finance Managers
• Financial Controllers
• External and Internal Auditors
• Corporate and Financial Consultants
• Regulatory Bodies and Policy Makers

Daily Discussion

DAY ONE: INTRODUCTION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

• Overview of the International Financial Reporting Standards (IFRS) Framework
• The Importance of IFRS in Global Financial Reporting and Transparency
• Key Differences Between IFRS and Other Accounting Standards (e.g., US GAAP)
• The Role of the International Accounting Standards Board (IASB) in Developing IFRS
• Understanding the Structure and Scope of IFRS

DAY TWO: INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) FINANCIAL STATEMENT PRESENTATION AND DISCLOSURE REQUIREMENTS

• Detailed Examination of the IFRS Financial Statements: Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity, and Statement of Cash Flows
• Disclosure Requirements Under IFRS and Their Importance for Stakeholders
• Significant Accounting Policies, Judgements, and Estimates in Financial Reporting
• IFRS for Small and Medium-sized Entities (SMEs)
• Financial Statement Presentation and Disclosure

DAY THREE: ASSET AND LIABILITY MEASUREMENT UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

• Property, Plant, and Equipment (IAS 16) and Investment Property (IAS 40)
• Intangible Assets (IAS 38) and Impairment of Assets (IAS 36)
• Financial Instruments: Recognition and Measurement (IFRS 9)
• Leases (IFRS 16) and Revenue Recognition (IFRS 15)
• Inventories (IAS 2), Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)

DAY FOUR: SPECIALISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TOPICS

• Consolidated Financial Statements (IFRS 10) and Business Combinations (IFRS 3)
• Employee Benefits (IAS 19) and Share-based Payment (IFRS 2)
• Foreign Currency Transactions and Hedging (IAS 21 and IFRS 9)
• Income Taxes (IAS 12) and Events After the Reporting Period (IAS 10)
• Industry-specific IFRS Issues: Banking, Insurance, and Mining

DAY FIVE: INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) UPDATES, EMERGING ISSUES, AND FUTURE DIRECTIONS

• Recent Amendments and Updates to IFRS Standards
• Emerging Financial Reporting Issues and the IASB's Work Plan
• The Impact of Technology on Financial Reporting
• Preparing for Future Changes in IFRS and Global Financial Reporting Trends
• Applying IFRS in Complex Transactions and Preparing for an IFRS Transition