International Financial Reporting Standards (IFRS)

OBJECTIVES:

By the end of the workshop, delegates will be able to:

• Define the process of transitioning to IFRS and identify the first time adoption exemption and exceptions relevant to an organization
• Explain how the recognition and measurement principles of the IASB’s Framework apply within each accounting standard
• Apply the requirements of the standards to prepare IFRS compliant financial statements, including the determination of appropriate accounting policies and identification of necessary disclosures
• List the standards that require or permit the use of fair value measurement, identify how fair value is measured and specify where the fair value changes are recognized

PROGRAMME DETAILS:

Day One

• Introduction to IFRS
• Conceptual Framework
• Fair value measurement (IFRS 13)
• Presentation of financial statements (IAS 1) (including the 2011 amendments)
  • Statement of cash flows (IAS 7)
  • Accounting policies, changes in accounting estimates and errors (IAS 8)
  • Events after the reporting period (IAS 10)

Day Two

• Presentation of financial statements (IAS 1) (including the 2011 amendments) – cont’d
  • Related party disclosures (IAS 24)
  • Earnings per share (IAS 33)
  • Operating segments (IFRS 8)
  • Discontinued operations (IFRS 5)
• Revenue Recognition
  • Revenue (IAS 18, IAS 11, IFRIC 13, 15 and 18)
• Assets
  • Inventories (IAS 2)
  • Property, plant and equipment (IAS 16)
  • Borrowing costs (IAS 23)
  • Investment property (IAS 40)
  • Intangible assets (IAS 38)
  • Impairment of assets (IAS 36)

Day Three

• Liabilities
  • Employee benefits (IAS 19) (including the 2011 amendments)
  • Provisions, contingent liabilities and contingent assets (IAS 37)
  • Share-based payment (IFRS 2)
• Leases (IAS 17, IFRIC 4 and SIC 15)
• Financial Instruments
  • Financial assets and liabilities (IAS 39 and IAS 32)
  • Financial instrument disclosures (IFRS 7)
  • Replacing IAS 39 (IFRS 9)

Day Four

• Business Combinations, Consolidations, Associates and Joint Arrangements
  • Business combinations (IFRS 3)
  • Consolidated financial statements (IFRS 10) Investments in associates and joint ventures (IAS 28)
  • Joint arrangements (IFRS 11)
  • Disclosure of interests in other entities (IFRS 12)
• Effects of Changes in Foreign Exchange Rates (IAS 21)
• Income Taxes (IAS 12)

Day Five

• Interim Financial Reporting (IAS 34)
• Transitioning to IFRS
  • First-time adoption of IFRS (IFRS 1)
• Expected Future Developments
  • Update on the IASB-FASB convergence project
  • Current exposure drafts
  • IASB Work Plan