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Relevant Aspects of IFRS

$
1800.00
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2 days | 16 academic hours

Training objectives
Training program Day 1
Training program Day 2
Training program Day 3

Training objectives

  • Gain fundamental knowledge of relevant International Financial Reporting Standards (IFRS)
  • Understand how business practices are reflected in financial statements
  • Assess the impact of IFRS requirements on your company’s accounting procedures for business transactions
  • Improve the quality of management decisions when developing strategic and tactical business development plans

Training program Day 1

Conceptual framework for the preparation and presentation of financial statements
  • Key objectives and concepts of financial accounting
  • Principles and concepts of financial accounting
IAS 1 Presentation of Financial Statements
  • Components of financial statements
  • Statement of financial position
  • Statement of comprehensive income
  • Statement of changes in equity
  • Notes to the financial statements
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
  • Changes in accounting policies
  • Changes in accounting estimates
  • Corrections of prior period errors
IAS 2 Inventories
  • Definition and components of the initial cost of inventories
  • Cost measurement
IAS 16 Property, Plant and Equipment
  • Determination of initial cost
  • Depreciation
  • Subsequent costs
  • Subsequent measurement
  • Derecognition of property, plant, and equipment
  • Disclosure requirements
IAS 38 Intangible Assets
  • Definition and recognition criteria
  • Initial recognition and measurement
  • Internally generated intangible assets
  • Subsequent accounting and measurement

Training program Day 2

IAS 37 Provisions, Contingent Liabilities and Contingent Assets
  • Scope and definitions
  • Initial recognition and measurement
  • Measurement of decommissioning and environmental restoration provisions
  • Onerous contracts
  • Restructuring
  • Disclosure requirements
IAS 36 Impairment of Assets
  • Determination and measurement of recoverable amount
  • Recognition and measurement of impairment loss
  • Determination and identification of CGUs (Cash-Generating Units)
  • Recognition of impairment losses for CGUs
  • Reversal of impairment loss
  • Disclosure requirements
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
  • Scope and definitions
  • Classification of non-current assets as held for sale
  • Measurement of non-current assets or disposal groups
  • Presentation and disclosure in financial statements

Training program Day 3

IAS 40 Investment Property
  • Definition and scope
  • Recognition and initial measurement
  • Subsequent measurement
IFRS 15 Revenue from Contracts with Customers
  • Revenue recognition model: five steps
  • Step 1: Identifying the contract with the customer
  • Step 2: Identifying performance obligations
  • Step 3: Determining the transaction price
  • Step 4: Allocating the transaction price to the performance obligations
  • Step 5: Recognizing revenue when (or as) the company satisfies each performance obligation
  • Presentation in financial statements and disclosure requirement
IAS 10 Events After the Reporting Period (optional)
  • Accounting for adjusting and non-adjusting events
  • Disclosure requirements