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4 - AAU - Accounting and Financial Auditing
AAU-ON 305 - International Financial Reporting Standards (IFRS) (4 Days)
Please contact us for fees
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
- Introduction to International Financial Reporting Standards (‘IFRS”)
- Accounting Standards Board (“IASB”)
- Framework, Demand and Adoption of IFRS
- Convergence
- 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 2
- 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 3
- 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 4
- 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
