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A Complete Guide to IFRS; Practical Tools for Self-Assessment and Risk Management

A Complete Guide to IFRS; Practical Tools for Self-Assessment and Risk Management

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A Complete Guide to IFRS: Practical Tools for Self-Assessment and Risk Management



Course Overview

This comprehensive course provides a detailed understanding of International Financial Reporting Standards (IFRS) and their practical applications in financial reporting, self-assessment, and risk management. Participants will gain hands-on experience with real-world examples, case studies, and interactive exercises to develop their skills and expertise in IFRS.



Course Objectives

  • Understand the fundamental principles and concepts of IFRS
  • Apply IFRS in financial reporting, self-assessment, and risk management
  • Analyze and interpret financial statements using IFRS
  • Identify and mitigate financial risks using IFRS
  • Develop practical skills in IFRS implementation and compliance


Course Outline

Module 1: Introduction to IFRS

  • Overview of IFRS and its importance in financial reporting
  • History and development of IFRS
  • Key principles and concepts of IFRS
  • IFRS vs. US GAAP: similarities and differences

Module 2: Financial Statements under IFRS

  • Balance sheet: recognition, measurement, and disclosure
  • Income statement: revenue recognition, expense recognition, and disclosure
  • Cash flow statement: classification, recognition, and disclosure
  • Notes to the financial statements: disclosure requirements

Module 3: Revenue Recognition under IFRS

  • Revenue recognition principles: IFRS 15
  • Identifying and satisfying performance obligations
  • Determining transaction price and allocating to performance obligations
  • Recognizing revenue: over time or at a point in time

Module 4: Inventory and Property, Plant, and Equipment under IFRS

  • Inventory recognition, measurement, and disclosure: IAS 2
  • Property, plant, and equipment recognition, measurement, and disclosure: IAS 16
  • Depreciation and impairment: IAS 36
  • Disposal and derecognition: IAS 16

Module 5: Intangible Assets and Goodwill under IFRS

  • Intangible assets recognition, measurement, and disclosure: IAS 38
  • Goodwill recognition, measurement, and disclosure: IFRS 3
  • Impairment of intangible assets and goodwill: IAS 36
  • Disposal and derecognition: IAS 38

Module 6: Leases under IFRS

  • Lease classification: IFRS 16
  • Lessee accounting: recognition, measurement, and disclosure
  • Lessor accounting: recognition, measurement, and disclosure
  • Subleases and lease modifications

Module 7: Financial Instruments under IFRS

  • Financial instrument recognition, measurement, and disclosure: IFRS 9
  • Classification and measurement of financial assets and liabilities
  • Impairment of financial assets: expected credit losses
  • Hedge accounting: IFRS 9

Module 8: Consolidation and Group Accounting under IFRS

  • Consolidation principles: IFRS 10
  • Control and significant influence: IFRS 10 and IAS 28
  • Consolidation procedures: IFRS 10
  • Non-controlling interests: IFRS 10

Module 9: Foreign Currency Transactions and Translation under IFRS

  • Foreign currency transactions: IAS 21
  • Translation of foreign currency financial statements: IAS 21
  • Currency translation adjustments: IAS 21
  • Hyperinflationary economies: IAS 29

Module 10: Accounting for Income Taxes under IFRS

  • Income tax recognition, measurement, and disclosure: IAS 12
  • Current and deferred tax assets and liabilities
  • Tax losses and tax credits
  • Uncertain tax positions: IFRIC 23

Module 11: Earnings Per Share under IFRS

  • Earnings per share (EPS) calculation: IAS 33
  • Basic and diluted EPS
  • EPS for non-recurring items
  • EPS for discontinued operations

Module 12: Related Party Disclosures under IFRS

  • Related party definition: IAS 24
  • Related party transactions: IAS 24
  • Related party disclosures: IAS 24
  • Key management personnel: IAS 24

Module 13: Segment Reporting under IFRS

  • Segment definition: IFRS 8
  • Segment reporting requirements: IFRS 8
  • Segment disclosures: IFRS 8
  • Chief operating decision maker (CODM): IFRS 8

Module 14: Interim Financial Reporting under IFRS

  • Interim financial reporting requirements: IAS 34
  • Interim financial statement content: IAS 34
  • Interim financial statement recognition and measurement: IAS 34
  • Interim financial statement disclosure: IAS 34

Module 15: Self-Assessment and Risk Management under IFRS

  • Self-assessment principles: IFRS and internal controls
  • Risk management principles: IFRS and enterprise risk management
  • Identifying and assessing risks: IFRS and COSO
  • Mitigating and monitoring risks: IFRS and COSO


Certificate of Completion

Upon completion of this course, participants will receive a certificate issued by The Art of Service, demonstrating their expertise in IFRS and self-assessment and risk management.



Course Features

  • Interactive and engaging course content
  • Comprehensive and up-to-date coverage of IFRS
  • Personalized learning experience
  • Practical and real-world applications
  • High-quality content and expert instructors
  • Certification upon completion
  • Flexible learning options: online, self-paced, or instructor-led
  • User-friendly and mobile-accessible platform
  • Community-driven discussion forums
  • Actionable insights and hands-on projects
  • Bite-sized lessons and lifetime access
  • Gamification and progress tracking
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