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4 - AAU - Accounting and Financial Auditing

AAU 305 - International Financial Reporting Standards (IFRS)

Code Start Date Duration Venue
AAU 305 27 May 2024 5 Days Istanbul Registration Form Link
AAU 305 01 July 2024 5 Days Istanbul Registration Form Link
AAU 305 05 August 2024 5 Days Istanbul Registration Form Link
AAU 305 09 September 2024 5 Days Istanbul Registration Form Link
AAU 305 14 October 2024 5 Days Istanbul Registration Form Link
AAU 305 18 November 2024 5 Days Istanbul Registration Form Link
AAU 305 23 December 2024 5 Days Istanbul Registration Form Link
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Course Description

International Financial Reporting Standards (IFRS) was adopted in more than 100 countries around the globe, and the number is expected to increase with the growing acceptance of these standards. It came as a replacement for the International Accounting Standards (IAS), Since IFRS provide a worldwide standard for financial issues, they are particularly useful for public organizations and large companies that have subsidiaries in different countries. This course prepares participants to take their companies safely into this important transition process from IAS to IFRS by covering all the basic points they need to know.

Course Objectives

  • Understanding the current and potential future requirements of IFRS
  • Applying standards of preparing IFRS compliant financial statements
  • Understanding the recognition and measurement principles as delineated within the IASB’s Framework
  • Defining and applying the transition process to IFRS
  • Identifying the first-time exemption as well as exceptions relating to the financial statements of a transitioning organization
  • Examining accounting standards that either require or permit the use of fair value measurement
  • Determining fair value measurements and financial statement recognition issues and presentation

Who Should Attend?

  • Accountants 
  • Financial Consultants 
  • Auditors 
  • Investors 
  • Representatives of companies wishing to expand their business to other countries 

Course Details/Schedule

Day 1

  • Evolution of International Accounting Standards
  • International Financial Reporting Standards (‘IFRS”)
  • Introduction, History and Overview of Existing and Future Standards
  • Roles of the Various Accounting Standards
  • Setting Bodies
  • Objectives and Structure of the International
  • Accounting Standards Board (“IASB”)
  • Framework, Demand and Adoption of IFRS
  • Convergence
  • Introduction and Historical Overview
  • Issues, Benefits and Problems of Convergence
  • IASB/FASB Projects
  • U.S. SEC Adoption Timeline and Activities

Day 2

  • Structural Framework for the Preparation and Presentation of Financial Statements
  • Purpose and Objectives, including Financial Statement Audit Impact
  • Scope, Structure and Content of IFRS Financial Statements
  • Accounting Policies and Underlying Assumptions
  • Components of Financial Statements, including  Qualitative Characteristics
  • Measurement and Recognition of the Elements of Financial Statements
  • Transition Concerns and Transition Plan Elements

Day 3

  • 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 4

  • Examining Substantive Differences in Disparate Accounting Treatments
  • Performing Thorough Assessments
  • Supporting Established Processes and Infrastructure Considerations
  • Adopting Implementation Plans
  • Conversion Issues and Concerns
  • Designing Supporting Processes and
  • Infrastructure Features
  • Developing Revised Organization Plans and Change Strategies
  • Conversion Maintenance
  • Implementing Support Processes and Infrastructure Features
  • Change Management Execution Strategies
  • Conversion Transfers

Day 5

  • 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 
  • Auditing 
  • Budget controling procedure