International Financial Reporting Standards IFRS And Updates
Overview
The 'International Financial Reporting Standards (IFRS) and 2025 Updates' course will help build the knowledge you need in IFRS for success in today's global business world. Like you, we believe those who understand and apply IFRS will enjoy expanded career opportunities as its use is spreading around the world. Developed with input from subject matter experts from across the region, this course is designed to provide accounting and finance professionals with the training, knowledge, and practical guidance needed to use IFRS and stay up to date with its newest standards and changes.
Objectives
By the end of this course, participants will be able to: Interpret and apply the key requirements of International Accounting Standard (IAS 1) regarding the presentation of the Statement of Financial Position and Statement of Comprehensive Income. Compute and record the Expected Credit Loss (ECL) for trade receivables, and accurately account for inventory costs and valuation methods. Recognize, measure, and present major long-term assets, including property, plant, and equipment (PPE) and investment property. Differentiate and classify various categories of financial assets, and determine the appropriate accounting treatment for each classification. Explain and apply the five-step model for revenue recognition from customer contracts in line with IFRS 15. Account for and present assets, liabilities, and expenses arising from lease contracts in the lessee’s financial statements in accordance with IFRS 16.
Audience
Accounting professionals Financial managers Auditors Financial analysts Bankers Investment bankers Any other professionals involved in preparing, presenting, implementing, or analyzing IFRS-compliant financial statements
Methodology
The training course will be delivered interactively, covering all IFRS & SOCPA requirements in a clear and practical manner, with a comprehensive review of the objectives and rationale of the standards included. Active participation will be encouraged through a combination of direct instruction, case study analysis, examples, and exercises to illustrate the application of standards.
Outline
Module 1: Introduction to IFRS and Presentation of Financial Statements Definition and scope of IFRS. Financial position presentation format under IAS 1. Components and classification of current vs. non-current assets and liabilities. Rules on offsetting assets and liabilities. Income statement presentation per IAS 1. Presentation of revenues and expenses: by nature vs. by function. Components and classification of comprehensive income. Overview of the new IFRS 18 (Presentation and Disclosure in Financial Statements). Module 2: IFRS Rules for Current Assets and Liabilities Cash and cash equivalents. Accounts receivable and the Expected Credit Loss (ECL) model under IFRS 9. Accounts payable and accruals (IFRS 9). Inventory (IAS 2): Ownership and recognition principles. Initial measurement and determination of cost. Inventory cost-flow assumptions. Subsequent measurement: lower of cost or net realizable value. Module 3: IFRS Rules for Non-Current Assets Property, plant, and equipment (IAS 16): Initial recognition and subsequent measurement. Cost model vs. revaluation model. Assets held-for-sale (IFRS 5). Decommissioning costs (IAS 37). Impairment of property, plant, and equipment (IAS 36). Intangible assets (IAS 38): Cost model vs. revaluation model. Research and development (R&D) costs. Investment property (IAS 40): Distinguishing investment property from other assets. Cost model vs. fair value model. Module 4: Financial Assets under IFRS 9 Types of investment securities. Classification: Fair Value Through Profit or Loss (FVTPL). Fair Value Through Other Comprehensive Income (FVTOCI). Amortized cost. Initial recognition and subsequent measurement. Transfers between categories. Impairment of financial assets. Module 5: Revenue from Contracts with Customers (IFRS 15) Scope of IFRS 15. The five-step model framework: Identifying the contract with the customer. Identifying the performance obligations. Determining the transaction price. Allocating the transaction price. Recognizing revenue upon satisfaction of obligations. Module 6: Accounting for Leases (IFRS 16) Recognition exemptions: expensing lease payments. Lease of low-value assets. Identifying lease transactions. Lessee accounting treatment: Measuring right-of-use assets. Measuring lease liabilities. Depreciation and finance cost recognition.