International Financial Reporting Standards (IFRS)

Why Attend

The 'International Financial Reporting Standards (IFRS) and 2023 Updates' course will help build the knowledge you need in IFRS for success in today's global business world. Like you, we believe those who understand and apply IFRS will enjoy expanded career opportunities as its use is spreading around the world. Developed with input from subject matter experts from across the region, this course is designed to provide accounting and finance professionals with the training, knowledge and practical guidance needed to use IFRS and stay up to date with its newest standards and changes.

Course Methodology

The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of different theories, group exercises to exchange experience and apply knowledge acquired throughout the course.

Course Objectives

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

• Describe the setting process in IFRS and list the currently available standards
• Explain the most recent updates on existing IFRS and evaluate the effect of newly issued standards on their organization
• Determine the correct presentation and minimum disclosure for components of statements of financial position, statements of comprehensive income, statements of owners' equity, and statements of cash flows in accordance with IFRS
• Appraise and properly account for transactions affecting current assets and liabilities, non current assets and liabilities, and revenues and expenses in accordance with IFRS
• Use professional judgment in applying IFRS for matters relating to non recurrent business transactions

Target Audience

Professionals in the fields of finance and accounting as well as professionals seeking to enhance their international accounting knowledge from companies implementing IFRS as the standard of reporting.

Target Competencies

• Understanding financial statements
• Financial reporting
• Applying IFRS
• Accounting for current and non current assets and liabilities
• Classifying investments
• Describing updates and amendments
• Assessing impact on financial accounts

Course Outline 

Introduction to IFRS and presentation of financial statements

Defining the term 'IFRS'

IFRS standard setting process

Financial position presentation format as per IAS1, presentation of financial statements

Components and classification of current and non-current assets and liabilities

Offsetting assets and liabilities

Income statement minimum presentation requirements as per IAS1, presentation of financial statements

Presentation of revenues and expenses by nature or by function

Components and classification of stockholders’ equity

Other comprehensive income: nature of its components

Supplemental disclosures

IFRS rules for current assets and liabilities

Cash and cash equivalents (IFRS 9)

Accounts receivable (IFRS 9):

Allowance for doubtful and bad debts: based on new impairment model of IFRS 9

Pledging, assigning and factoring of receivables

Accounts payable and accruals (IFRS 9)

Inventory (IAS 2):

Ownership: when to include inventory in your books

Measurement at initial recognition: what to include in 'cost'

Inventory cost-flow assumptions

Subsequent measurement: lower of cost or net realizable value

IFRS rules for non-current assets and liabilities

Property, plant and equipment (IAS 16):

Initial recognition and subsequent measurement

Cost model versus revaluation model

Assets held-for-sale (IFRS 5)

Treatment of decommissioning costs (IAS 37)

Impairment of property, plant and equipment (IAS 36)

Intangible assets (IAS 38)

Why some intangible assets are not recognized on balance sheet

Cost model versus revaluation model

Investment property (IAS 40)

Distinguishing investment property from other assets

Cost model versus fair value model

Provisions, contingent liabilities and contingent assets (IAS 37)

Financial assets (IFRS 9)

Type of investment securities

Classification under IFRS 9: Fair Value Through Profit or Loss (FVTPL), Fair Value Through Other Comprehensive income (FVTOCI), amortized cost

Initial recognition and subsequent measurement

Transfer between categories

Impairment of financial assets under the new standard

Revenue from contracts with customers (IFRS 15)

Scope of IFRS 15

Describing the five-step model framework under IFRS 15

Step 1: Identifying the contract with the customer

Step 2: Identifying the performance obligations in the contract

Step 3: Determining the transaction price

Step 4: Allocating the transaction price to the performance obligations in the contract

Step 5: Recognizing revenue when the entity satisfies a performance obligation

IFRS 16, Leases

Recognition exemptions: expensing lease payments

How will the lease of small value items be affected

Identifying a lease transaction

Accounting by lessees

Accounting by lessors

Effective date and transition