International Financial Reporting Standards (IFRS) Workshop

Program Overview:

IFRS is an internationally accepted framework that facilitates the proper organization and reporting of financial information. It is currently adopted by more than 120 countries across the globe. IFRS standards are designed to maintain credibility and the transparency in the financial world which enables investors and business entities to make appropriate decisions.

This 5 days course covers the IFRS standards in depth, providing the thorough understanding of existing principles whilst covering the recent updates.

For Whom:

This program is a designed for those, who already have good knowledge and experience in finance & accounting field such as Accountants & Auditors, Financial Directors, Officers, and Executives & Analysts. Bankers & Investment bankers, Professionals involved in reporting using IFRS

Learning Objectives:

At the end of the program, participants will be able to:

• develop working knowledge of the most important IFRS standards to know which principles are relevant and important to their organization, ministry, department and agency;
• move from GAAP to IFRS;
• acquire sound knowledge of the issues surrounding how these standards can be applied in practice; and
• explain the reasons why most organizations across the world are now using IFRS and the countries that have adopted IFRS in the recent past and the ones that are likely come on board.

Course Outline:

Day 1: Introduction to IFRS

• Overview of IFRS principles and concepts
• First time adoption of IFRS
• IAS 1 – Presentation of Financial Statements
• IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
• IAS 18 – Revenue
• IFRS 6 – Exploration for and evaluation of Mineral Resource
• The “Successful Efforts” (SE) Method or the “Full Cost” (FC) Method

Day 2: Technical Standards

• IAS 12 – Income Taxes
• IAS 19- Employee Benefits
• IAS 33 – Earnings per Share
• IAS 34 – Interim Financial Reporting
• IFRS 5 – Discontinued Operations
• IFRIC 12 – Service Concession Arrangements
• IFRIC 20 – Stripping Costs in the Production phase of a Surface Mine

Day 3: Financial Tools

• IAS 39 – Recognition and Measurement
• IFRS 2- Share-based Payments
• IFRS 7 – Disclosures
• IFRS 13 – Fair Value Measurement
• IFRIC 16 – Hedges of Net Investment in Foreign Operations
• IFRIC 19 – Extinguishing Financial Liabilities with Equity Instruments

Day 4: Group Reporting   

• IAS 28 – Investments in Associates
• IFRS 3 – Business Combinations
• IFRS 8 – Segment Reporting
• IFRS 10 – Consolidated Financial Statements
• IFRS 11 – Joint Arrangements
• IFRS 12 – Disclosure of Interest in Other Entities

Day 5: Recent Standards and Practical Implications

• IFRS 9 – Financial Instruments
• IFRS 14 – Regulatory Deferral Accounts
• IFRS 15 – Revenue from Contracts with Customers
• IFRS 16 – Leases
• Future developments
• IFRS and Statutory Audit Procedures
• Case Studies and Practical Implementation

Training Methodology

Lectures, discussions, exercises, and case studies will be used to reinforce these teaching/learning methods.