Understanding International Financial Reporting Standards (IFRS)
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INTRODUCTION
This course is designed to provide participants with concepts relevant to updates to IFRS. It will highlight topics such as the basic concepts of accounting and financial reporting disclosure, the differences between GAAP and IFRS, the contents and components of IFRS-compliant financial statements, and elements of international accounting principles and standards, including transition concerns.
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COURSE OBJECTIVES
At the end of this course you will be able to:
- Understand the current and potential future requirements of IFRS.
- Understand the principles of recognition and measurement.
- Outline of the transition process to IFRS.
- Define exemption and exceptions for the first time.
- Applying the updated standards in accordance with the requirements for preparing financial statements consistent with IFRS, including selecting appropriate accounting policies and relevant footnote disclosures.
- Evaluate the accounting standards that require or permit the use of fair value measurement.
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COURSE AUDIENCE
This course is made for
- Structured Finance Senior Relationship Manager,
- Finance Transformation Manager,
- Risk Manager,
- Business Project Manager,
- Bank Branch Manager,
- Marketing Managers,
- Financial managers,
- Finance-related roles,
- Accounting-related roles,
- General Accountant,
- Senior Accountant,
- Affiliate marketing leaders,
- Career Enhancers,
- Digital Innovators,
- Business owner ,
- Business Entrepreneur,
- Investment Analyst
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COURSE OUTLINE
Day One
Development of international accounting standards
- International Financial Reporting Standards (‘IFRS’)
- Roles of various accounting standard setting bodies
- International Accounting Standards Board (“IASB”) objectives and structure
- IFRS Convergence Framework, demand and adoption of
- Introduction and historical overview
- convergence IASB/FASB projects
- Schedule for SEC Certification
- Activities for SEC Certification
Day Two
Structural Framework for the Preparation and Presentation of Financial Statements
- Purpose and Objectives
- Scope, Structure and Content
- Accounting Policies
- Underlying Assumptions
- Components of Financial Statements
- Measurement and Recognition
- Transition Concerns
- Transition Plan Elements
Preparation and Presentation of IFRS Financial Statements
- Structure and Content of Both General and Specific Elements of Financial Statements
- IAS 1
- Balance Sheet
- Income Statement
- Presenting Either a Statement of Changes in Equity or a Statement of Recognized Income or Expense (“SORIE”)
- Statement of Cash Flow
- Consolidation Criteria and Requirements
- Notes to Financial Statements and Related Disclosures
- Revenue Recognition and Reporting Requirements
Day Three
Conversion Preparation to IFRS
- Examining Substantive Differences in Disparate Accounting Treatments
- Inventory
- Fixed Assets
- Valuation
- Revaluation
- Depreciation
- Deferred Taxes
- Contingencies
- Performing Thorough Assessments
- Technical Accounting and Tax Implications and Risks
- Supporting Established Processes and Infrastructure Considerations
- Adopting Implementation Plans
Day Four
- Conversion issues and concerns
- Technical accounting and tax transfer issues
- Design supporting processes and infrastructure features
- Developing revised organizational plans and change strategies
Conversion maintenance - Implement support processes and infrastructure features
- Change management implementation strategies
- Conversion conversions
- Comparative analysis of companies
Day Five
Impact of IFRS on Financial Statement Interpretations
- International Accounting and Diversity Considerations
- Financial Analysis Tools and Techniques
- Common Size Statements
- Trend Analysis
- Ratio Analysis
- Dupont Analysis
- Z Scores
- Investment Ratios
- Cash Flow Ratios
- Peer Group and Industry Comparisons
- Importance of Corporate Governance and Awareness of IFRS Best Practices
- Future IFRS Considerations
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