International Financial Reporting Standards
Overview
This IFRS training course, designed in alignment with SOCPA certification requirements, provides professionals with a thorough understanding of International Financial Reporting Standards (IFRS) and their practical application across industries. Recognized as the most widely adopted financial reporting framework globally, IFRS ensures transparency, consistency, and comparability in financial statements. The program delves into advanced IFRS topics, emphasizing complex standards, practical implementation, and compliance strategies. Participants will gain insights into the latest IFRS developments and updates issued by the International Accounting Standards Board (IASB). Participants will develop expertise in: Understanding accounting standards and their impact on financial reporting Ensuring compliance with disclosure and consolidation requirements Structuring IFRS-compliant financial statements, including key assumptions and disclosures Recognizing and measuring financial elements according to international accounting principles Applying IFRS standards for revenue recognition and other financial reporting areas
Objectives
By the end of this training, participants will be able to: Understand current IFRS requirements and forthcoming changes, including the SOCPA-IFRS convergence roadmap Apply IFRS principles to prepare compliant financial statements with accurate disclosures Interpret recognition and measurement criteria under IFRS in alignment with SOCPA standards Analyze fair value measurement principles and their impact on reporting Implement best practices for IFRS adoption and compliance across industries
Audience
Accounting professionals Financial managers and controllers Auditors and internal audit staff Financial analysts Bankers and investment bankers Professionals involved in preparing, presenting, implementing, or analyzing IFRS-compliant financial statements
Methodology
The course is delivered interactively, covering IFRS and SOCPA requirements in a practical and clear manner. Learning is reinforced through a combination of: Direct instruction and presentations Case study analysis Real-life examples and practical exercises Group discussions to demonstrate the application of standards
Outline
Day 1: Evolution of International Accounting Standards and Financial Reporting Introduction, history, and overview of IFRS Convergence between IASB and SOCPA Framework for preparing and presenting financial statements Measurement and recognition of financial statement elements IFRS financial statement presentation and post-reporting period events (IAS 1, IAS 7, IAS 8, IAS 10, IAS 37) Day 2: Recognition and Measurement of Non-Current Assets IAS 16: Property, Plant, and Equipment – valuation, revaluation, depreciation IAS 38: Intangible Assets IAS 36: Impairment of Assets IFRS 5: Non-Current Assets Held for Sale and Discontinued Operations IAS 40: Investment Property Case studies Day 3: IFRS Impact on Financial Statements I IAS 2: Inventories IAS 12: Income Taxes IAS 21: Effects of Changes in Foreign Exchange Rates IAS 23: Borrowing Costs IFRS 6: Exploration for and Evaluation of Mineral Resources IAS 24: Related Party Disclosures IAS 20: Accounting for Government Grants Case studies Day 4: Financial Instruments and IFRS Impact on Financial Statements II IFRS 9: Financial Instruments IAS 32 & IAS 39: Financial Instruments – Presentation, Recognition, and Measurement IFRS 7: Financial Instruments – Disclosures IFRS 13: Fair Value Measurement IAS 33: Earnings Per Share Case studies Day 5: Consolidated Reporting, New Standards, and Practical Implications IAS 28: Investments in Associates and Joint Ventures IFRS 3: Business Combinations IAS 27: Separate Financial Statements IFRS 10: Consolidated Financial Statements IFRS 15: Revenue from Contracts with Customers IFRS 16: Leases Case studies