International Financial Reporting Standards (IFRS)

5 days 6-10 Sep 2015, Dubai £4,595.00 Download brochure Add to basket
5 days 19-23 Oct 2015, Paris 6,025.00 + VAT* Download brochure Add to basket
5 days 2-6 Nov 2015, New York $5,415.00 Download brochure Add to basket
5 days 23-27 Nov 2015, Johannesburg £3,745.00 Download brochure Add to basket
5 days 25-29 Jan 2016, London £4,895.00 + VAT* Download brochure Add to basket
5 days 9-13 May 2016, New York $5,415.00 Download brochure Add to basket
5 days 24-28 Oct 2016, New York $5,415.00 Download brochure Add to basket
5 days 5-9 Dec 2016, Singapore $6,800.00 Download brochure Add to basket

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Overview

 
The growing global acceptance of International Financial Reporting Standards (IFRS) as a basis for the preparation of financial statements of large and medium sized entities creates a need for an increasing group of professionals to gain knowledge and experience of these standards.

Even those with a basic understanding of IFRS are required to constantly update their knowledge because of the fast evolution of these standards and the growing experience that practitioners require. As of 2005 approximately 9000 listed European companies transferred to IFRS reporting. Russia, China, Canada, Japan, Australia, India, South Korea, Malaysia and many other countries are adopting IFRS or have plans to converge their national standards with IFRS.




This 5-day course you will learn how to provide up-to-date, transparent and forthright financial reporting. IFRS is changing rapidly and it is important for those using the international standards to remain abreast of changes. This course provides a valuable technical update as it not only covers current accounting guidance, but includes information on newly issued standards and upcoming projects.

Who should attend?

  • Financial Analysts
  • Accountants
  • Portfolio Managers
  • Securities Analysts
  • Credit / Investment Analysts
  • Pension Fund Managers
  • Auditors

Who should attend

  • Financial Analysts
  • Accountants
  • Portfolio Managers
  • Securities Analysts
  • Credit / Investment Analysts
  • Pension Fund Managers
  • Auditors
  • Instructors

    We work with a series of expert instructors, please select the course location of interest to review the credentials of who will be delivering the programme.

    London

    The Course Director is an international instructor specialising in International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). She has delivered training courses around the world including in the USA, Europe, Russia, Central Asia, the Caucuses, the Balkans, Southeast Asia, Africa and the Middle East and has taught people from over 130 countries. 

    She has also assisted several national governments in the reform of their accounting systems and in the implementation of international standards and best practices. As well as teaching, she also has written technical accounting material for publication. She has over 17 years of experience in the application and training of IFRS (formerly IAS).  She is a U.S. Certified Public Accountant (C.P.A.), a Certified Management Accountant (C.M.A.) and a Certified Fraud Examiner (C.F.E.). She earned her M.B.A. from the University of Wisconsin in the United States.

    Prior to entering the international arena, she taught graduate-level business and finance courses in the USA as well as CPA examination review courses. She is President of KAL Consulting, Incorporated and was formerly Senior Vice-President in a regional bank holding company. She also served for eight years on the accounting board of her state, responsible for licensing, examination, monitoring and disciplining C.P.As in that jurisdiction.

    Dubai

    The Course Director is an international instructor specialising in International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). She has delivered training courses around the world including in the USA, Europe, Russia, Central Asia, the Caucuses, the Balkans, Southeast Asia, Africa and the Middle East and has taught people from over 130 countries. 

    She has also assisted several national governments in the reform of their accounting systems and in the implementation of international standards and best practices. As well as teaching, she also has written technical accounting material for publication. She has over 17 years of experience in the application and training of IFRS (formerly IAS).  She is a U.S. Certified Public Accountant (C.P.A.), a Certified Management Accountant (C.M.A.) and a Certified Fraud Examiner (C.F.E.). She earned her M.B.A. from the University of Wisconsin in the United States.

    Prior to entering the international arena, she taught graduate-level business and finance courses in the USA as well as CPA examination review courses. She is President of KAL Consulting, Incorporated and was formerly Senior Vice-President in a regional bank holding company. She also served for eight years on the accounting board of her state, responsible for licensing, examination, monitoring and disciplining C.P.As in that jurisdiction.

    Paris

    The Course Director is an international instructor specialising in International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). She has delivered training courses around the world including in the USA, Europe, Russia, Central Asia, the Caucuses, the Balkans, Southeast Asia, Africa and the Middle East and has taught people from over 130 countries. 

    She has also assisted several national governments in the reform of their accounting systems and in the implementation of international standards and best practices. As well as teaching, she also has written technical accounting material for publication. She has over 17 years of experience in the application and training of IFRS (formerly IAS).  She is a U.S. Certified Public Accountant (C.P.A.), a Certified Management Accountant (C.M.A.) and a Certified Fraud Examiner (C.F.E.). She earned her M.B.A. from the University of Wisconsin in the United States.

    Prior to entering the international arena, she taught graduate-level business and finance courses in the USA as well as CPA examination review courses. She is President of KAL Consulting, Incorporated and was formerly Senior Vice-President in a regional bank holding company. She also served for eight years on the accounting board of her state, responsible for licensing, examination, monitoring and disciplining C.P.As in that jurisdiction.

    Singapore

    The course director is a US Certified Public Accountant and Certified Financial Analyst (CFA) and is an expert facilitator specialising in IPSAS, IFRS and US GAAP.

    He is the co-founder, course designer, co-examiner and facilitator for the US-GAAP Diploma for Chartered Accountants Ireland, as well as designing and training various IPSAS, IFRS, US-GAAP, and CFA courses around the world from fundamental to advanced stages. He is currently engaged in the technical review of the draft version of a US-GAAP versus IFRS Diploma-level course that he has been developing since 2009.

    With over 20 years of experience spanning Big 4 accounting firms to private and public entities; the course director is a leading expert in IPSAS, IFRS and US-GAAP financial accounting including technical course development and delivery. His CFA training will be of added value to financial institutions through his extensive knowledge of financial instruments. More recently, the course director has added IPSAS to his areas of expertise, advising and training clients such as NATO.

    As a trainer, the course director's experience took him to Romania and Hungary in 1998. There, he delivered ACCA, US-GAAP and IFRS courses to the Big 4 accounting firms and multinationals in Central and Eastern Europe.

    Prior to this, he was Audit Supervisor at Ernst & Young in Bucharest, Romania, where he was responsible for managing the audit of a wide range of clients including Efes Pilsen, Grey Advertising and McDonalds. He also developed and assisted in Ernst & Young’s internal training programmes. the course director has also worked as Audit Senior at Deloitte & Touche in Bucharest where he was responsible for the development of the audit department, the supervision of audit engagements including conversion of local statutory accounts to US-GAAP and IFRS. He also spent several years working in the auditing divisions of Deloitte & Touche’s Los Angeles and Durban offices.

    The course director's creativity and ability to conceptualise solutions to complex scenarios will play a pivotal role in the effective design of the content required to deliver a tailored training program that is designed to exceed your expectations.

    Johannesburg

    The course director is a highly qualified educator and consultant with over 30 years of professional experience in accounting (IFRS & US GAAP), professional certification, governmental and nonprofit accounting, Training of Trainers (TOT) programmes in the United States and abroad.

    Most recently, she has trained SEC staff in Nigeria and Philippines. In addition, she has conducted many workshops in Africa and the Middle East. Previously, as Regional Director of Accounting Education, she developed the Certified International Professional Accounting certificate programme including training courses, examinations, and grading policies and procedures of given in 10 countries of the former Soviet Union. She also developed and delivered a series of summer workshops for teachers and trainers to improve their technical knowledge and teaching methodology for delivering IFRS courses.

    New York

    The Course Director is an international instructor specialising in International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). She has delivered training courses around the world including in the USA, Europe, Russia, Central Asia, the Caucuses, the Balkans, Southeast Asia, Africa and the Middle East and has taught people from over 130 countries. 

    She has also assisted several national governments in the reform of their accounting systems and in the implementation of international standards and best practices. As well as teaching, she also has written technical accounting material for publication. She has over 17 years of experience in the application and training of IFRS (formerly IAS).  She is a U.S. Certified Public Accountant (C.P.A.), a Certified Management Accountant (C.M.A.) and a Certified Fraud Examiner (C.F.E.). She earned her M.B.A. from the University of Wisconsin in the United States.

    Prior to entering the international arena, she taught graduate-level business and finance courses in the USA as well as CPA examination review courses. She is President of KAL Consulting, Incorporated and was formerly Senior Vice-President in a regional bank holding company. She also served for eight years on the accounting board of her state, responsible for licensing, examination, monitoring and disciplining C.P.As in that jurisdiction.

    Venue

    Dubai

    Dubai Finance

    This programme takes place on a non-residential basis at a central 4 to 5* Dubai hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

    Paris

    Centrally located hotel in Paris

    This programme takes place on a non-residential basis at a hotel in central Paris. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

    New York

    New York Hotel

    This program takes place on a non-residential basis at a New York hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

    As with all programmes on-site administrators are with you throughout the programme to ensure smooth administration and group interaction.

    Johannesburg

    Johannesburg Hotel

    This programme takes place on a non-residential basis at a central Johannesburg hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

    London

    Central London Hotel Venue

    All courses are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

    Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date.

    Singapore

    4-5 Star Hotel in Singapore

    All of our courses are held in 4 – 5 star hotels, chosen for their location, facilities and level of service. You can be assured of a comfortable, convenient learning environment throughout the duration of the course.

    Due to the variation in delegate numbers, we will send confirmation of the venue to you approximately 2 weeks before the start of the course. Course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

    Related Courses

    Agenda

    Agendas are localised, please select your preferred location.

    Day 1

    Becoming familiar with IFRS as basis for the preparation of financial statements

    Introduction to IFRS

    • The IASB and its IFRS
    • Application of IFRS
    • Update on current projects of the IASB

    Activity: To identify and review relevant internet sources to keep up to date with IFRS.

     IFRS basic principles

    • Framework for the preparation and presentation of financial statements
    • Financial statement elements: assets, liabilities, equity, income and expenses
    • Measurement and recognition principles (including discussion of fair value accounting)

    Activity: Practice with illustrations showing how the Framework principles are applied in real-world situations.

    Financial statement presentation

    • Statement of Financial Position
    • Statement of Comprehensive Income
    • Statement of Changes in Equity
    • Statement of Cash Flows: choice between direct and indirect method

    Disclosure issues

    • Events after the reporting period
    • Changes in accounting policies, estimates and accounting errors
    • Related parties
    • Discontinued operations
    • Operating segments

    Activity: Use real-world and model financial statements to review the new disclosure and presentation requirements of IFRS. Evaluate financial statement items and alternative presentations. Determine the treatment of events after the reporting period.


    Day 2

    Revenue recognition and non-financial assets

    • Sale of goods
    • Services
    • Interest, royalties and dividends

    Case study: The effective interest rate method is illustrated through the accounting for a sale of goods with a deferred payment.

    Exercise: Numerous scenarios are evaluated to determine the appropriate accounting for arrangements with various terms and factors to consider.

    Inventories

    • Cost components and valuation issues
    • Identifying and accounting for inventory impairment

    Case study: Evaluate a situation to determine whether an inventory impairment should be recognised and the appropriate treatment of a subsequent change in value.

    Non-current assets: recognition and measurement

    • Property, plant and equipment
    • Measurement of the cost of an asset, including asset retirement obligations
    • Borrowing costs
    • Component approach
    • DepreciatioN
    • Revaluation
    • Non-current assets held for sale issues

    Class practice: Cost and revaluation.
    Determine the appropriate accounting for revaluation over a multi-year period.

    Example: All relevant transactions relating to the construction and use of an oil rig (site preparation, acquisition, environmental obligations) are treated.

    • Investment property
    • Definition
    • Measurement alternatives
    • investment property transfers

    Case study: Identify the correct dates and valuations relating to investment property transfers and costs.

    • Intangible assets
    • Purchased intangibles
    • Acquisition as part of a business combination
    • Internally generated intangible assets
    • Measurement requirements and alternatives

    Case study: Determine the appropriate accounting treatment of purchased and internally generated intangible assets.

    Impairment of assets

    • Identifying impairment indicators
    • Determining recoverable amount
    • Measuring and recognizing impairment
    • Cash generating units and impairment of goodwill

    Case study: Evaluate the impairment testing of goodwill and determine whether impairment should be recognized and the assets that are potentially affected.


    Day 3

    Non-financial liabilities and financial instruments

    • Leases
    • Classification of lease contracts
    • Accounting for lease contracts
    • Operating lease incentives

    Case studies: Apply your knowledge of lease contracts to evaluate the terms of a lease and classify it as a finance or operating lease.  Review contractual arrangements to determine whether they meet the definition of a lease and require lease accounting.

    Examples: Accounting by the lessor and lesee for lease classification, finance and operating leases. Accounting for sale and leaseback transactions.

    • Employee benefits
    • Short-term employee benefits
    • Pension plans, defined benefit and defined contribution plans
    • Termination benefits

    Exercises: Decide under various circumstances whether and when an employee benefit should be recognized.

    Case study: Review the various components of a pension plan and trace relevant information to the amounts recognized on the financial statements.

    • Provisions, contingent liabilities and contingent assets
    • Recognition requirements
    • Measurement of provisions
    • Future operating losses and onerous contracts
    • Provisions for restructuring
    • Contingencies
    • Contingent liabilities acquired in a business combination
    • Disclosures

    Group work: Distinguish between liabilities, provisions and contingent liabilities.  Apply recognition and measurement concepts to determine appropriate accounting treatment for a variety of situations. Calculate the correct amount of provision to recognize in various situations.

    • Share-based payment
    • Equity settled share-based payments
    • Cash settled share-based payment

    Exercises: Identify the pertinent facts in share-based payment scenarios, determine the financial statement impacts and contrast the accounting treatment of share options and share appreciation rights.

    Financial instruments

    • Classifying financial assets
    • Initial and subsequent measurement of financial instruments
    • Financial asset impairment
    • Derecognition
    • Difference between equity and liabilities
    • Accounting for financial liabilities
    • Disclosure requirements
    • NEW IFRS 9 on classifying and measuring financial instruments

    Exercises and examples: Accounting for a variety of financial instruments, including:

    • Initial recognition
    • Classification of financial assets
    • Valuation of different classes of financial instruments
    • Derecognition
    • Impairment
    • Differentiating between financial liabilities and equity

    Illustrations: Gain familiarity with the new financial instrument disclosure requirements by reviewing real-world financial statement disclosures. Review the calculation and use of the effective interest method applied to a bond.  Evaluate the separating conditions and accounting requirements for embedded derivatives; examine the accounting transactions for a cash flow hedge. Overview of IFRS 9 and the new classification and measurement requirements.


    Day 4

    Application of IFRS for group transactions

    Business combinations: application of the acquisition method

    • Identifying the acquirer
    • Measuring the cost of the business combination
    • Recognition and valuation of the acquired assets, liabilities and contingent liabilities
    • Calculation of goodwill or gain from a bargain purchase
    • Changes to provisional values

    Case study: Account for a business combination in which the consideration is contingent and for which the payment is deferred.

    Overview of consolidation requirements, associates and joint arrangements

    Consolidated and separate financial statements (including structured entities)

    • Determining control
    • Summary of consolidation procedure
    •  Investments in associates
    • Determining significant influence
    • Overview of the equity method
    • Interests in joint arrangements
    • Joint ventures
    • Joint operations

    Case studies: When should a structured entity be consolidated? Assess whether an entity controls another entity without having more than 50% of the voting rights. Application of the equity method

    Foreign currency issues

    • Foreign currency transactions
    • Overview of foreign currency financial statement translation

    Exercises: Determine an entity’s functional currency. Identify items resulting in foreign exchange gain or loss. Calculate the foreign exchange gain or loss resulting from amounts payable and receivable in foreign currencies and discuss how the related amounts will be recognized on the financial statements.

    Example: Review the translation of financial statements of a foreign subsidiary to financial statements in the functional currency of the parent.


    Day 5


    Income taxes, first-time adoption of IFRS

    Accounting for income taxes: current and deferred taxes

    • Temporary and other differences
    • Recognition and measurement of deferred taxes
    • Treatment of tax loss carry-forwards and tax credits

    Case study: Evaluate a variety of situations to identify deferred tax implications.

    Group discussion: Based on their individual country’s tax codes, participants will identify items that result in deferred tax recognition under IFRS for their organizations.

    Example: Calculation of the deferred taxes commonly associated with various assets and liabilities.

    Overview of IFRS I first-time adoption of IFRS

    • Basic principles of IFRS I
    • Preparing the opening statement of financial position
    • Mandatory exceptions from other IFRS
    • Optional exemptions
    • Presentation and disclosure requirements

    Case study: Starting from  a national GAAP financial statement, participants will follow-through the IFRS 1 adjustments necessary to create the statement in accordance with IFRS.

    Course summary and close

    Day 1

    Becoming familiar with IFRS as basis for the preparation of financial statements

    Introduction to IFRS

    • The IASB and its IFRS
    • Application of IFRS
    • Update on current projects of the IASB

    Activity: To identify and review relevant internet sources to keep up to date with IFRS.

    IFRS basic principles

    • Framework for the preparation and presentation of financial statements
    • Financial statement elements: assets, liabilities, equity, income and expenses
    • Measurement and recognition principles (including discussion of fair value accounting)

    Activity: Practice with illustrations showing how the Framework principles are applied in real-world situations.

    Financial statement presentation

    • Statement of Financial Position
    • Statement of Comprehensive Income
    • Statement of Changes in Equity
    • Statement of Cash Flows: choice between direct and indirect method

    Disclosure issues

    • Events after the reporting period
    • Changes in accounting policies, estimates and accounting errors
    • Related parties
    • Discontinued operations
    • Operating segments

    Activity: Use real-world and model financial statements to review the new disclosure and presentation requirements of IFRS. Evaluate financial statement items and alternative presentations. Determine the treatment of events after the reporting period.


    Day 2

    Revenue recognition and non-financial assets

    • Sale of goods
    • Services
    • Interest, royalties and dividends

    Case study: The effective interest rate method is illustrated through the accounting for a sale of goods with a deferred payment.

    Exercise: Numerous scenarios are evaluated to determine the appropriate accounting for arrangements with various terms and factors to consider.

    Inventories

    • Cost components and valuation issues
    • Identifying and accounting for inventory impairment

    Case study: Evaluate a situation to determine whether an inventory impairment should be recognised and the appropriate treatment of a subsequent change in value.

    Non-current assets: recognition and measurement

    • Property, plant and equipment
    • Measurement of the cost of an asset, including asset retirement obligations
    • Borrowing costs
    • Component approach
    • DepreciatioN
    • Revaluation
    • Non-current assets held for sale issues

    Class practice: Cost and revaluation.
    Determine the appropriate accounting for revaluation over a multi-year period.

    Example: All relevant transactions relating to the construction and use of an oil rig (site preparation, acquisition, environmental obligations) are treated.

    • Investment property
    • Definition
    • Measurement alternatives
    • investment property transfers

    Case study: Identify the correct dates and valuations relating to investment property transfers and costs.

    • Intangible assets
    • Purchased intangibles
    • Acquisition as part of a business combination
    • Internally generated intangible assets
    • Measurement requirements and alternatives

    Case study: Determine the appropriate accounting treatment of purchased and internally generated intangible assets.

    Impairment of assets

    • Identifying impairment indicators
    • Determining recoverable amount
    • Measuring and recognizing impairment
    • Cash generating units and impairment of goodwill

    Case study: Evaluate the impairment testing of goodwill and determine whether impairment should be recognized and the assets that are potentially affected.


    Day 3

    Non-financial liabilities and financial instruments

    • Leases
    • Classification of lease contracts
    • Accounting for lease contracts
    • Operating lease incentives

    Case studies: Apply your knowledge of lease contracts to evaluate the terms of a lease and classify it as a finance or operating lease. Review contractual arrangements to determine whether they meet the definition of a lease and require lease accounting.

    Examples: Accounting by the lessor and lesee for lease classification, finance and operating leases. Accounting for sale and leaseback transactions.

    • Employee benefits
    • Short-term employee benefits
    • Pension plans, defined benefit and defined contribution plans
    • Termination benefits

    Exercises: Decide under various circumstances whether and when an employee benefit should be recognized.

    Case study: Review the various components of a pension plan and trace relevant information to the amounts recognized on the financial statements.

    • Provisions, contingent liabilities and contingent assets
    • Recognition requirements
    • Measurement of provisions
    • Future operating losses and onerous contracts
    • Provisions for restructuring
    • Contingencies
    • Contingent liabilities acquired in a business combination
    • Disclosures

    Group work: Distinguish between liabilities, provisions and contingent liabilities. Apply recognition and measurement concepts to determine appropriate accounting treatment for a variety of situations. Calculate the correct amount of provision to recognize in various situations.

    • Share-based payment
    • Equity settled share-based payments
    • Cash settled share-based payment

    Exercises: Identify the pertinent facts in share-based payment scenarios, determine the financial statement impacts and contrast the accounting treatment of share options and share appreciation rights.

    Financial instruments

    • Classifying financial assets
    • Initial and subsequent measurement of financial instruments
    • Financial asset impairment
    • Derecognition
    • Difference between equity and liabilities
    • Accounting for financial liabilities
    • Disclosure requirements
    • NEW IFRS 9 on classifying and measuring financial instruments

    Exercises and examples: Accounting for a variety of financial instruments, including:

    • Initial recognition
    • Classification of financial assets
    • Valuation of different classes of financial instruments
    • Derecognition
    • Impairment
    • Differentiating between financial liabilities and equity

    Illustrations: Gain familiarity with the new financial instrument disclosure requirements by reviewing real-world financial statement disclosures. Review the calculation and use of the effective interest method applied to a bond. Evaluate the separating conditions and accounting requirements for embedded derivatives; examine the accounting transactions for a cash flow hedge. Overview of IFRS 9 and the new classification and measurement requirements.


    Day 4

    Application of IFRS for group transactions

    Business combinations: application of the acquisition method

    • Identifying the acquirer
    • Measuring the cost of the business combination
    • Recognition and valuation of the acquired assets, liabilities and contingent liabilities
    • Calculation of goodwill or gain from a bargain purchase
    • Changes to provisional values

    Case study: Account for a business combination in which the consideration is contingent and for which the payment is deferred.

    Overview of consolidation requirements, associates and joint arrangements

    Consolidated and separate financial statements (including structured entities)

    • Determining control
    • Summary of consolidation procedure
    • Investments in associates
    • Determining significant influence
    • Overview of the equity method
    • Interests in joint arrangements
    • Joint ventures
    • Joint operations

    Case studies: When should a structured entity be consolidated? Assess whether an entity controls another entity without having more than 50% of the voting rights. Application of the equity method

    Foreign currency issues

    • Foreign currency transactions
    • Overview of foreign currency financial statement translation

    Exercises: Determine an entity’s functional currency. Identify items resulting in foreign exchange gain or loss. Calculate the foreign exchange gain or loss resulting from amounts payable and receivable in foreign currencies and discuss how the related amounts will be recognized on the financial statements.

    Example: Review the translation of financial statements of a foreign subsidiary to financial statements in the functional currency of the parent.


    Day 5


    Income taxes, first-time adoption of IFRS

    Accounting for income taxes: current and deferred taxes

    • Temporary and other differences
    • Recognition and measurement of deferred taxes
    • Treatment of tax loss carry-forwards and tax credits

    Case study: Evaluate a variety of situations to identify deferred tax implications.

    Group discussion: Based on their individual country’s tax codes, participants will identify items that result in deferred tax recognition under IFRS for their organizations.

    Example: Calculation of the deferred taxes commonly associated with various assets and liabilities.

    Overview of IFRS I first-time adoption of IFRS

    • Basic principles of IFRS I
    • Preparing the opening statement of financial position
    • Mandatory exceptions from other IFRS
    • Optional exemptions
    • Presentation and disclosure requirements

    Case study: Starting from a national GAAP financial statement, participants will follow-through the IFRS 1 adjustments necessary to create the statement in accordance with IFRS.

    Course summary and close

    Day 1

    Becoming familiar with IFRS as basis for the preparation of financial statements

    Introduction to IFRS

    • The IASB and its IFRS
    • Application of IFRS
    • Update on current projects of the IASB

    Activity: To identify and review relevant internet sources to keep up to date with IFRS.

    IFRS basic principles

    • Framework for the preparation and presentation of financial statements
    • Financial statement elements: assets, liabilities, equity, income and expenses
    • Measurement and recognition principles (including discussion of fair value accounting)

    Activity: Practice with illustrations showing how the Framework principles are applied in real-world situations.

    Financial statement presentation

    • Statement of Financial Position
    • Statement of Comprehensive Income
    • Statement of Changes in Equity
    • Statement of Cash Flows: choice between direct and indirect method

    Disclosure issues

    • Events after the reporting period
    • Changes in accounting policies, estimates and accounting errors
    • Related parties
    • Discontinued operations
    • Operating segments

    Activity: Use real-world and model financial statements to review the new disclosure and presentation requirements of IFRS. Evaluate financial statement items and alternative presentations. Determine the treatment of events after the reporting period.


    Day 2

    Revenue recognition and non-financial assets

    • Sale of goods
    • Services
    • Interest, royalties and dividends

    Case study: The effective interest rate method is illustrated through the accounting for a sale of goods with a deferred payment.

    Exercise: Numerous scenarios are evaluated to determine the appropriate accounting for arrangements with various terms and factors to consider.

    Inventories

    • Cost components and valuation issues
    • Identifying and accounting for inventory impairment

    Case study: Evaluate a situation to determine whether an inventory impairment should be recognised and the appropriate treatment of a subsequent change in value.

    Non-current assets: recognition and measurement

    • Property, plant and equipment
    • Measurement of the cost of an asset, including asset retirement obligations
    • Borrowing costs
    • Component approach
    • DepreciatioN
    • Revaluation
    • Non-current assets held for sale issues

    Class practice: Cost and revaluation.
    Determine the appropriate accounting for revaluation over a multi-year period.

    Example: All relevant transactions relating to the construction and use of an oil rig (site preparation, acquisition, environmental obligations) are treated.

    • Investment property
    • Definition
    • Measurement alternatives
    • investment property transfers

    Case study: Identify the correct dates and valuations relating to investment property transfers and costs.

    • Intangible assets
    • Purchased intangibles
    • Acquisition as part of a business combination
    • Internally generated intangible assets
    • Measurement requirements and alternatives

    Case study: Determine the appropriate accounting treatment of purchased and internally generated intangible assets.

    Impairment of assets

    • Identifying impairment indicators
    • Determining recoverable amount
    • Measuring and recognizing impairment
    • Cash generating units and impairment of goodwill

    Case study: Evaluate the impairment testing of goodwill and determine whether impairment should be recognized and the assets that are potentially affected.


    Day 3

    Non-financial liabilities and financial instruments

    • Leases
    • Classification of lease contracts
    • Accounting for lease contracts
    • Operating lease incentives

    Case studies: Apply your knowledge of lease contracts to evaluate the terms of a lease and classify it as a finance or operating lease. Review contractual arrangements to determine whether they meet the definition of a lease and require lease accounting.

    Examples: Accounting by the lessor and lesee for lease classification, finance and operating leases. Accounting for sale and leaseback transactions.

    • Employee benefits
    • Short-term employee benefits
    • Pension plans, defined benefit and defined contribution plans
    • Termination benefits

    Exercises: Decide under various circumstances whether and when an employee benefit should be recognized.

    Case study: Review the various components of a pension plan and trace relevant information to the amounts recognized on the financial statements.

    • Provisions, contingent liabilities and contingent assets
    • Recognition requirements
    • Measurement of provisions
    • Future operating losses and onerous contracts
    • Provisions for restructuring
    • Contingencies
    • Contingent liabilities acquired in a business combination
    • Disclosures

    Group work: Distinguish between liabilities, provisions and contingent liabilities. Apply recognition and measurement concepts to determine appropriate accounting treatment for a variety of situations. Calculate the correct amount of provision to recognize in various situations.

    • Share-based payment
    • Equity settled share-based payments
    • Cash settled share-based payment

    Exercises: Identify the pertinent facts in share-based payment scenarios, determine the financial statement impacts and contrast the accounting treatment of share options and share appreciation rights.

    Financial instruments

    • Classifying financial assets
    • Initial and subsequent measurement of financial instruments
    • Financial asset impairment
    • Derecognition
    • Difference between equity and liabilities
    • Accounting for financial liabilities
    • Disclosure requirements
    • NEW IFRS 9 on classifying and measuring financial instruments

    Exercises and examples: Accounting for a variety of financial instruments, including:

    • Initial recognition
    • Classification of financial assets
    • Valuation of different classes of financial instruments
    • Derecognition
    • Impairment
    • Differentiating between financial liabilities and equity

    Illustrations: Gain familiarity with the new financial instrument disclosure requirements by reviewing real-world financial statement disclosures. Review the calculation and use of the effective interest method applied to a bond. Evaluate the separating conditions and accounting requirements for embedded derivatives; examine the accounting transactions for a cash flow hedge. Overview of IFRS 9 and the new classification and measurement requirements.


    Day 4

    Application of IFRS for group transactions

    Business combinations: application of the acquisition method

    • Identifying the acquirer
    • Measuring the cost of the business combination
    • Recognition and valuation of the acquired assets, liabilities and contingent liabilities
    • Calculation of goodwill or gain from a bargain purchase
    • Changes to provisional values

    Case study: Account for a business combination in which the consideration is contingent and for which the payment is deferred.

    Overview of consolidation requirements, associates and joint arrangements

    Consolidated and separate financial statements (including structured entities)

    • Determining control
    • Summary of consolidation procedure
    • Investments in associates
    • Determining significant influence
    • Overview of the equity method
    • Interests in joint arrangements
    • Joint ventures
    • Joint operations

    Case studies: When should a structured entity be consolidated? Assess whether an entity controls another entity without having more than 50% of the voting rights. Application of the equity method

    Foreign currency issues

    • Foreign currency transactions
    • Overview of foreign currency financial statement translation

    Exercises: Determine an entity’s functional currency. Identify items resulting in foreign exchange gain or loss. Calculate the foreign exchange gain or loss resulting from amounts payable and receivable in foreign currencies and discuss how the related amounts will be recognized on the financial statements.

    Example: Review the translation of financial statements of a foreign subsidiary to financial statements in the functional currency of the parent.


    Day 5


    Income taxes, first-time adoption of IFRS

    Accounting for income taxes: current and deferred taxes

    • Temporary and other differences
    • Recognition and measurement of deferred taxes
    • Treatment of tax loss carry-forwards and tax credits

    Case study: Evaluate a variety of situations to identify deferred tax implications.

    Group discussion: Based on their individual country’s tax codes, participants will identify items that result in deferred tax recognition under IFRS for their organizations.

    Example: Calculation of the deferred taxes commonly associated with various assets and liabilities.

    Overview of IFRS I first-time adoption of IFRS

    • Basic principles of IFRS I
    • Preparing the opening statement of financial position
    • Mandatory exceptions from other IFRS
    • Optional exemptions
    • Presentation and disclosure requirements

    Case study: Starting from a national GAAP financial statement, participants will follow-through the IFRS 1 adjustments necessary to create the statement in accordance with IFRS.

    Course summary and close


     

    Day 1



    Financial Instruments

    • IFRS 9 Financial Instruments

    - Classification of financial assets
    - Classification of financial liabilities
    - Embedded derivatives
    - Reclassification
    - Recognition
    - Initial recognition
    - Subsequent recognition

    • Recognition and derecognition

    - Amortized cost
    - Impairment
    - Hedge accounting
    - Presentation
    - Effective date and transition

    • IFRS 7 Financial Instruments: Disclosures

    Fair Value Measurement

    • IFRS 13 Fair Value Measurement

    Various cases/exercises on the various topics of financial instruments




    Day 2

    • The IASB and IFRS
    • IASB’s work programme

    IASB’s Conceptual Framework

    • The underlying principles
    • Asset and liability recognition
    • Income and expense recognition
    • Fair presentation and compliance with IFRS

    Financial Statements – Presentation

    • IAS 01 Presentation of Financial Statements

    - Statement of Financial Position
    - Statement of Comprehensive Income
    - Statement of Changes in Equity
    - Disclosures

    • IAS 07 Statement of Cash Flows

    Financial Statements – Disclosure

    • IAS 08 Accounting Policies, Changes in Accounting Estimates and Errors.
    • IAS 10 Events After the Reporting Period
    • IAS 24 Related Party Disclosures
    • IAS 33 Earnings per Share
    • IAS 34 Interim Financial Reporting
    • IFRS 8 Operating Segments


    Various exercises on financial statement presentation and disclosure


     

    Day 3

    Fair Value Measurement

    • IFRS 13 Fair Value Measurement

    Assets Other Than Financial Assets

    • IAS 02 Inventories
    • IAS 16 Property, Plant and Equipment
    • IAS 23 Borrowing Costs
    • IAS 36 Impairment of Assets
    • IAS 38 Intangible Assets
    • IAS 40 Investment Property
    • IFRS 5 Non­current Assets Held for Sale and Discontinued Operations

    Liabilities Other Than Financial Liabilities

    • IAS 17 Leases
    • IAS 37 Provisions, Contingent Liabilities and Contingent Assets
    • Update and discussion on Exposure Drafts on Leases

    Various cases/exercises on assets and liabilities other than financial assets and liabilities.


     

    Day 4

    Revenue

    • IAS 11 Construction Contracts
    • IAS 18 Revenue
    • Update and discussion on Exposure Draft on Revenue Recognition

    Financial Instruments

    • IAS 32 Financial Instruments: Presentation
    • IAS 39 Financial Instruments: Recognition and Measurement
    • IFRS 7 Financial Instruments: Disclosures
    • IFRS 9 Financial Instruments
    • Update and discussion on Financial Instrument project

    Various cases/exercises on revenue recognition and financial instruments.


     

    Day 5

    Business Combinations

    • IAS 27 Separate Financial Statements
    • IAS 28 Investments in Associates and Joint Ventures
    • IFRS 3 Business Combinations
    • IFRS 10 Consolidated Financial Statements
    • IFRS 11 Joint Arrangements
    • IFRS 12 Disclosure of Interests in Other Entities

    Foreign Currency Issues

    • IAS 21 The Effects of Changes in Foreign Exchange Rates

    Application of IFRS in Specialised Industries

    • IAS 41 Agriculture
    • IFRS 4 Insurance Contracts
    • IFRS 6 Exploration for and Evaluation of Mineral Resources

    First-­Time Adoption

    • IFRS 1 First­-time Adoption of International Financial Reporting Standards

    Various exercises on business combinations, and a comprehensive case on first ­time adoption.

    Course summary and close

     

    Day 1

    Becoming familiar with IFRS as basis for the preparation of financial statements

    Introduction to IFRS

    • The IASB and its IFRS
    • Application of IFRS
    • Update on current projects of the IASB

    Activity: To identify and review relevant internet sources to keep up to date with IFRS.

     IFRS basic principles

    • Framework for the preparation and presentation of financial statements
    • Financial statement elements: assets, liabilities, equity, income and expenses
    • Measurement and recognition principles (including discussion of fair value accounting)

    Activity: Practice with illustrations showing how the Framework principles are applied in real-world situations.

    Financial statement presentation

    • Statement of Financial Position
    • Statement of Comprehensive Income
    • Statement of Changes in Equity
    • Statement of Cash Flows: choice between direct and indirect method

    Disclosure issues

    • Events after the reporting period
    • Changes in accounting policies, estimates and accounting errors
    • Related parties
    • Discontinued operations
    • Operating segments

    Activity: Use real-world and model financial statements to review the new disclosure and presentation requirements of IFRS. Evaluate financial statement items and alternative presentations. Determine the treatment of events after the reporting period.


    Day 2

    Revenue recognition and non-financial assets

    • Sale of goods
    • Services
    • Interest, royalties and dividends

    Case study: The effective interest rate method is illustrated through the accounting for a sale of goods with a deferred payment.

    Exercise: Numerous scenarios are evaluated to determine the appropriate accounting for arrangements with various terms and factors to consider.

    Inventories

    • Cost components and valuation issues
    • Identifying and accounting for inventory impairment

    Case study: Evaluate a situation to determine whether an inventory impairment should be recognised and the appropriate treatment of a subsequent change in value.

    Non-current assets: recognition and measurement

    • Property, plant and equipment
    • Measurement of the cost of an asset, including asset retirement obligations
    • Borrowing costs
    • Component approach
    • DepreciatioN
    • Revaluation
    • Non-current assets held for sale issues

    Class practice: Cost and revaluation.
    Determine the appropriate accounting for revaluation over a multi-year period.

    Example: All relevant transactions relating to the construction and use of an oil rig (site preparation, acquisition, environmental obligations) are treated.

    • Investment property
    • Definition
    • Measurement alternatives
    • investment property transfers

    Case study: Identify the correct dates and valuations relating to investment property transfers and costs.

    • Intangible assets
    • Purchased intangibles
    • Acquisition as part of a business combination
    • Internally generated intangible assets
    • Measurement requirements and alternatives

    Case study: Determine the appropriate accounting treatment of purchased and internally generated intangible assets.

    Impairment of assets

    • Identifying impairment indicators
    • Determining recoverable amount
    • Measuring and recognizing impairment
    • Cash generating units and impairment of goodwill

    Case study: Evaluate the impairment testing of goodwill and determine whether impairment should be recognized and the assets that are potentially affected.


    Day 3

    Non-financial liabilities and financial instruments

    • Leases
    • Classification of lease contracts
    • Accounting for lease contracts
    • Operating lease incentives

    Case studies: Apply your knowledge of lease contracts to evaluate the terms of a lease and classify it as a finance or operating lease.  Review contractual arrangements to determine whether they meet the definition of a lease and require lease accounting.

    Examples: Accounting by the lessor and lesee for lease classification, finance and operating leases. Accounting for sale and leaseback transactions.

    • Employee benefits
    • Short-term employee benefits
    • Pension plans, defined benefit and defined contribution plans
    • Termination benefits

    Exercises: Decide under various circumstances whether and when an employee benefit should be recognized.

    Case study: Review the various components of a pension plan and trace relevant information to the amounts recognized on the financial statements.

    • Provisions, contingent liabilities and contingent assets
    • Recognition requirements
    • Measurement of provisions
    • Future operating losses and onerous contracts
    • Provisions for restructuring
    • Contingencies
    • Contingent liabilities acquired in a business combination
    • Disclosures

    Group work: Distinguish between liabilities, provisions and contingent liabilities.  Apply recognition and measurement concepts to determine appropriate accounting treatment for a variety of situations. Calculate the correct amount of provision to recognize in various situations.

    • Share-based payment
    • Equity settled share-based payments
    • Cash settled share-based payment

    Exercises: Identify the pertinent facts in share-based payment scenarios, determine the financial statement impacts and contrast the accounting treatment of share options and share appreciation rights.

    Financial instruments

    • Classifying financial assets
    • Initial and subsequent measurement of financial instruments
    • Financial asset impairment
    • Derecognition
    • Difference between equity and liabilities
    • Accounting for financial liabilities
    • Disclosure requirements
    • NEW IFRS 9 on classifying and measuring financial instruments

    Exercises and examples: Accounting for a variety of financial instruments, including:

    • Initial recognition
    • Classification of financial assets
    • Valuation of different classes of financial instruments
    • Derecognition
    • Impairment
    • Differentiating between financial liabilities and equity

    Illustrations: Gain familiarity with the new financial instrument disclosure requirements by reviewing real-world financial statement disclosures. Review the calculation and use of the effective interest method applied to a bond.  Evaluate the separating conditions and accounting requirements for embedded derivatives; examine the accounting transactions for a cash flow hedge. Overview of IFRS 9 and the new classification and measurement requirements.


    Day 4

    Application of IFRS for group transactions

    Business combinations: application of the acquisition method

    • Identifying the acquirer
    • Measuring the cost of the business combination
    • Recognition and valuation of the acquired assets, liabilities and contingent liabilities
    • Calculation of goodwill or gain from a bargain purchase
    • Changes to provisional values

    Case study: Account for a business combination in which the consideration is contingent and for which the payment is deferred.

    Overview of consolidation requirements, associates and joint arrangements

    Consolidated and separate financial statements (including structured entities)

    • Determining control
    • Summary of consolidation procedure
    •  Investments in associates
    • Determining significant influence
    • Overview of the equity method
    • Interests in joint arrangements
    • Joint ventures
    • Joint operations

    Case studies: When should a structured entity be consolidated? Assess whether an entity controls another entity without having more than 50% of the voting rights. Application of the equity method

    Foreign currency issues

    • Foreign currency transactions
    • Overview of foreign currency financial statement translation

    Exercises: Determine an entity’s functional currency. Identify items resulting in foreign exchange gain or loss. Calculate the foreign exchange gain or loss resulting from amounts payable and receivable in foreign currencies and discuss how the related amounts will be recognized on the financial statements.

    Example: Review the translation of financial statements of a foreign subsidiary to financial statements in the functional currency of the parent.


    Day 5


    Income taxes, first-time adoption of IFRS

    Accounting for income taxes: current and deferred taxes

    • Temporary and other differences
    • Recognition and measurement of deferred taxes
    • Treatment of tax loss carry-forwards and tax credits

    Case study: Evaluate a variety of situations to identify deferred tax implications.

    Group discussion: Based on their individual country’s tax codes, participants will identify items that result in deferred tax recognition under IFRS for their organizations.

    Example: Calculation of the deferred taxes commonly associated with various assets and liabilities.

    Overview of IFRS I first-time adoption of IFRS

    • Basic principles of IFRS I
    • Preparing the opening statement of financial position
    • Mandatory exceptions from other IFRS
    • Optional exemptions
    • Presentation and disclosure requirements

    Case study: Starting from  a national GAAP financial statement, participants will follow-through the IFRS 1 adjustments necessary to create the statement in accordance with IFRS.

    Course summary and close

     The course agenda is being finalised and will be available shortly. Email  admin@euromoneylearningsolutions.com to request a copy to be sent to you as soon as it is available.

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