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International Financial Reporting Standards (IFRS); A Complete Guide

International Financial Reporting Standards (IFRS); A Complete Guide

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International Financial Reporting Standards (IFRS): A Complete Guide



Course Overview

This comprehensive course provides a thorough understanding of International Financial Reporting Standards (IFRS) and their application in real-world scenarios. Participants will gain hands-on experience with financial reporting, analysis, and decision-making using IFRS.



Course Objectives

  • Understand the fundamental principles of IFRS and their role in financial reporting
  • Apply IFRS in financial statement preparation and analysis
  • Identify and address common challenges in IFRS implementation
  • Develop skills in financial reporting, analysis, and decision-making using IFRS
  • Stay up-to-date with the latest developments and updates in IFRS


Course Outline

Module 1: Introduction to IFRS

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

Module 2: Financial Statement Preparation under IFRS

  • Preparation of financial statements: balance sheet, income statement, and cash flow statement
  • Accounting for assets: property, plant, and equipment, intangible assets, and financial assets
  • Accounting for liabilities: provisions, contingent liabilities, and financial liabilities
  • Accounting for equity: share capital, dividends, and retained earnings

Module 3: Revenue Recognition under IFRS

  • Revenue recognition principles: contract-based approach
  • Identifying and satisfying performance obligations
  • Determining transaction price and allocating to performance obligations
  • Accounting for revenue: sales, services, and construction contracts

Module 4: Accounting for Leases under IFRS

  • Lease classification: operating leases and finance leases
  • Lessee accounting: initial recognition, measurement, and subsequent measurement
  • Lessor accounting: initial recognition, measurement, and subsequent measurement
  • Accounting for lease modifications and terminations

Module 5: Accounting for Financial Instruments under IFRS

  • Classification and measurement of financial assets and liabilities
  • Recognition and derecognition of financial assets and liabilities
  • Impairment of financial assets: expected credit loss model
  • Hedge accounting: cash flow hedges, fair value hedges, and net investment hedges

Module 6: Accounting for Income Taxes under IFRS

  • Recognition and measurement of current and deferred tax assets and liabilities
  • Accounting for tax losses and tax credits
  • Accounting for uncertain tax positions
  • Disclosure requirements for income taxes

Module 7: Consolidation and Group Accounting under IFRS

  • Consolidation principles: control, joint control, and significant influence
  • Consolidation procedures: acquisition method and equity method
  • Accounting for intragroup transactions and balances
  • Disclosure requirements for consolidated financial statements

Module 8: Accounting for Business Combinations under IFRS

  • Recognition and measurement of identifiable assets and liabilities
  • Recognition and measurement of goodwill and intangible assets
  • Accounting for contingent consideration and indemnification assets
  • Disclosure requirements for business combinations

Module 9: Accounting for Employee Benefits under IFRS

  • Recognition and measurement of short-term and long-term employee benefits
  • Accounting for defined benefit plans: actuarial gains and losses
  • Accounting for defined contribution plans and other employee benefits
  • Disclosure requirements for employee benefits

Module 10: Accounting for Share-Based Payments under IFRS

  • Recognition and measurement of share-based payment transactions
  • Accounting for equity-settled and cash-settled share-based payment transactions
  • Accounting for modifications and cancellations of share-based payment transactions
  • Disclosure requirements for share-based payments

Module 11: Accounting for Impairment of Assets under IFRS

  • Recognition and measurement of impairment losses: individual and collective assessment
  • Accounting for reversals of impairment losses
  • Accounting for impairment of goodwill and intangible assets
  • Disclosure requirements for impairment of assets

Module 12: Accounting for Provisions and Contingent Liabilities under IFRS

  • Recognition and measurement of provisions: present obligation and probable outflow
  • Accounting for contingent liabilities: possible obligation and uncertain outflow
  • Accounting for contingent assets: possible asset and uncertain inflow
  • Disclosure requirements for provisions and contingent liabilities

Module 13: Accounting for Intangible Assets under IFRS

  • Recognition and measurement of intangible assets: separate acquisition and internally generated
  • Accounting for amortization and impairment of intangible assets
  • Accounting for derecognition of intangible assets
  • Disclosure requirements for intangible assets

Module 14: Accounting for Property, Plant, and Equipment under IFRS

  • Recognition and measurement of property, plant, and equipment: cost model and revaluation model
  • Accounting for depreciation and impairment of property, plant, and equipment
  • Accounting for derecognition of property, plant, and equipment
  • Disclosure requirements for property, plant, and equipment

Module 15: Accounting for Investment Property under IFRS

  • Recognition and measurement of investment property: cost model and fair value model
  • Accounting for rental income and expenses
  • Accounting for changes in fair value and impairment of investment property
  • Disclosure requirements for investment property

Module 16: Accounting for Agriculture under IFRS

  • Recognition and measurement of agricultural assets: biological assets and agricultural produce
  • Accounting for changes in fair value and impairment of agricultural assets
  • Accounting for government grants and subsidies
  • Disclosure requirements for agriculture

Module 17: Accounting for Insurance Contracts under IFRS

  • Recognition and measurement of insurance contracts: liability adequacy test
  • Accounting for premium revenue and claims expenses
  • Accounting for changes in insurance liabilities and assets
  • Disclosure requirements for insurance contracts

Module 18: Accounting for Exploration and Evaluation of Mineral Resources under IFRS

  • Recognition and measurement of exploration and evaluation assets
  • Accounting for changes in carrying amount and impairment of exploration and evaluation assets
  • Accounting for derecognition of exploration and evaluation assets
  • Disclosure requirements for exploration and evaluation of mineral resources

Module 19: Accounting for Financial Guarantee Contracts under IFRS

  • Recognition and measurement of financial guarantee contracts: liability and asset
  • Accounting for premium revenue and claims expenses
  • Accounting for changes in financial guarantee liabilities and assets
  • Disclosure requirements for financial guarantee contracts

Module 20: Accounting for Service Concession Arrangements under IFRS

  • Recognition and measurement of service concession assets and liabilities
  • Accounting for revenue and expenses under service concession arrangements
  • Accounting for changes in service concession assets and liabilities
  • Disclosure requirements for service concession arrangements


Certification

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