International Financial Reporting Standards (IFRSs) are the world’s most
widely applied accounting standards. Approximately 120 countries now
require or permit the use of IFRS. Over 7,000 public companies in the
European Union have complied with IFRSs since 2005. Argentina, Brazil,
China, Canada, Japan, India, Mexico and the Republic of Korea are either
adopting IFRSs or have decided to converge their national standards with
IFRSs. The International Accounting Standards Board (IASB) and the US
Financial Accounting Standards Board (FASB) are committed to a
systematic program of improving and converging their rules. In 2008 the
US Securities and Exchange Commission (SEC) abolished the requirement
for foreign registrants to reconcile their financial statements to US
GAAP if they file under IFRS. In February 2010 the SEC confirmed its
support for a single set of global accounting standards and nominated
IFRS as best placed to fulfill that role. It instituted a ‘Work Plan’
that will lead to a decision about mandatory application of IFRS for US
domestic registrants. This two-day overview is designed to guide you
step by step through important IFRS technical issues. We explain the
principles clearly and simply. Our specialist instructors also help
delegates with the practicalities of implementation.
Learning Objectives
Explain how the recognition and measurement principles of the IASB’s
Framework apply within each accounting standard
Apply the requirements
of the standards to prepare IFRS compliant financial statements
Identify an appropriate accounting policy for a given accounting issue
and suggest necessary disclosures
List the major standards that
require or permit the use of fair value measurement, identify how fair
value is measured and specify where the fair value changes are
recognized
Differentiate between the requirements of current IFRSs and
proposed changes for the future, including prospects for global
convergence of major national accounting standards
Major Topics
International Accounting Standards Board (IASB) - structure and work
program
Content of IFRS Financial Statements
Presentation of
financial statements (IAS 1)
Statement of cash flows (IAS 7)
Accounting policies, changes in accounting estimates and errors (IAS 8)
Related party disclosures (IAS 24)
Events after the reporting period
(IAS 10)
Operating segments (IFRS 8)
Discontinued operations (IFRS
5)
Assets
Inventories (IAS 2)
Property, plant and equipment (IAS
16)
Borrowing costs (IAS 23)
Intangible assets (IAS 38)
Impairment
of assets (IAS 36)
Non-current assets held for sale (IFRS 5)
Liabilities
Employee benefits (IAS 19)
Provisions, contingent
liabilities and contingent assets (IAS 37)
Share-based payment (IFRS
2)
Financial Instruments
Financial assets and liabilities (IAS 39
and IAS 32)
Disclosures (IFRS 7)
Revenue Recognition (IAS 18)
Group Accounting
Consolidated and separate financial statements,
including special purpose entities (IAS 27 and SIC 12)
Business
combinations (IFRS 3)
First-time Adoption of IFRSs (IFRS 1)
Course Level
Overview
CPE Field of Study
Accounting
16
Prerequisites
Understanding of basic accounting principles based on any national
standards
