Purpose
Most of the International Accounting Standards (IAS) and International Financial Reporting Standards will be covered in the IFRS Financial Reporting Course (IFRS). Power point presentations outlining the conceptual underpinnings of key IAS and IFRS standards make up the course. It covers all relevant IASs and IFRSs’ objective recognition criteria, measurement bases, disclosures, etc. Understanding international accounting standards and how they are applied practically in the creation of financial statements like the Statement of Financial Position, Income Statement, Other Comprehensive Income, Statement of Equity, etc. will be made easier.
Duration: 5days
Course Objectives:
- Objective of general purpose financial reporting.
- Understanding the Financial statements
- Recognition criteria for assets and liabilities.
- Understanding the principles and concepts of accrual basis for accounting and the going concern assumption.
- Principle of capital and capital maintenance
- Objectives, recognition, Measurement bases, disclosures of various IFRS and IAS standards
Program Outline
Purpose
IFRS Conceptual Framework and Bodies associated, IAS 1, IAS 8
Income Standards
- IAS 18 Revenue
- IAS 11 Construction Contracts
Assets Standards
- IAS 2 – Inventories
- IAS 16- Property, Plant and Equipment
- IAS 20 Government Grants
- IAS 23 Borrowing Costs,
- IAS 17 Leases
- IAS 38- Intangible Assets
- IAS 40- Investment Property
- IAS 41 Agriculture,
- IAS 36 Impairment of Assets,
- IFRS 6 Exploration & Evaluation
Liabilities Standards
- IAS 37 Provisions, Contingent Liabilities & Assets
- IAS 19- Employee Benefits
- IFRS 2 Share-based Payment
- IAS 12 Income Taxes, IAS 32 Financial Instruments
- IAS 39, IFRS 7,
- IFRS 9 (Financial Instruments)
Other Standards
- IAS 21- Effects in changes in Foreign Exchange,
- IFRS 3: Business Combination
- IFRS 11 Joint Arrangements,
- IFRS 12 Disclosures
- IFRS 13 Fair Value Measurement
Disclosures Standards
- IAS 33Earning per Share
- IFRS 8: Operating Segments
- IFRS 5 Non-current Assets Held for Sale and Discontinued
- IAS 10 Events after the Reporting Period
- IAS 24 Related Party Disclosure
- IAS 34 Interim Reporting
- IFRS 1: First- time Adoption of IFRS