International Financial Reporting Standards (IFRS) Course

Course Overview

Welcome to the Understanding IFRS and IAS Course!  This comprehensive training program is designed to provide financial professionals with an in-depth exploration of International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS). A thorough understanding of these global standards is essential for ensuring compliance and excellence in financial reporting. This course will equip you with the knowledge to enhance your financial reporting skills, align practices with international benchmarks, and ensure accuracy in financial disclosures. Throughout the course, we will cover a wide range of standards, focusing on the recognition, measurement, and disclosure requirements of IFRS and IAS.

Target Audience

This course is ideal for:

• Financial Directors and Managers
• Procurement Directors and Managers
• Administrators and Budget Accountants
• Auditors and Credit Controllers
• Chief Accountants responsible for financial reporting and compliance

Course Objectives

By the end of this course, participants will be able to:

• Understand the role and importance of financial reporting in a global context
• Comprehend the structure and components of financial statements
• Identify criteria for the recognition of assets and liabilities
• Grasp the concepts of accrual basis accounting
• Recognize principles of capital and capital maintenance
• Apply recognition, measurement, and disclosure requirements of various IFRS and IAS standards

Course Outline

Introduction

• Overview of the IFRS Conceptual Framework and Associated Bodies
• Understanding IAS 1: Presentation of Financial Statements
• Insight into IAS 8: Accounting Policies, Changes in Accounting Estimates, and Errors

Income Standards

• Exploring IAS 18: Revenue and IAS 11: Construction Contracts

Asset Standards

• Detailed study of IAS 2: Inventories and IAS 16: Property, Plant, and Equipment
• Understanding IAS 20: Government Grants and IAS 23: Borrowing Costs
• Exploring IAS 17: Leases and IAS 38: Intangible Assets
• Insight into IAS 40: Investment Property and IAS 41: Agriculture
• Understanding IAS 36: Impairment of Assets and IFRS 6: Exploration for and Evaluation of Mineral Resources

Liabilities Standards

• Exploring IAS 37: Provisions, Contingent Liabilities, and Contingent Assets
• Understanding IAS 19: Employee Benefits and IFRS 2: Share-based Payment
• Insight into IAS 12: Income Taxes
• Exploring IAS 32: Financial Instruments: Presentation, IAS 39 and IFRS 7: Financial Instruments: Recognition and Measurement, and IFRS 9: Financial Instruments

Other Standards

• Insight into IAS 21: The Effects of Changes in Foreign Exchange Rates
• Exploring IFRS 3: Business Combinations and IFRS 11: Joint Arrangements
• Understanding IFRS 12: Disclosure of Interests in Other Entities and IFRS 13: Fair Value Measurement

Disclosure Standards

• Understanding IAS 33: Earnings per Share and IFRS 8: Operating Segments
• Exploring IFRS 5: Non-current Assets Held for Sale and Discontinued Operations
• Insight into IAS 10: Events After the Reporting Period and IAS 24: Related Party Disclosures
• Understanding IAS 34: Interim Financial Reporting and IFRS 1: First-time Adoption of International Financial Reporting Standards