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

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: History and development of IFRS, Key principles and concepts of 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

• 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

• 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: Disposal and derecognition: IAS 16

• 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: Disposal and derecognition: IAS 38

• 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, Subleases and lease modifications

• 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: Hedge accounting: IFRS 9

• 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

• 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: Hyperinflationary economies: IAS 29

• 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: Tax losses and tax credits

• 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: Basic and diluted EPS, EPS for non-recurring items

• 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 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 disclosures: IFRS 8

• 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 statement content: IAS 34

• 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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