International Financial Reporting Standards (IFRS); A Complete Guide

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: History and development of IFRS, Key principles and concepts of 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: Identifying and satisfying performance obligations

• 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: Accounting for lease modifications and terminations

• 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: Accounting for uncertain tax positions

• 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: Disclosure requirements for employee benefits

• 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: Accounting for reversals of impairment losses

• 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: Disclosure requirements for intangible assets

• 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: Accounting for rental income and expenses

• 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: Disclosure requirements for agriculture

• 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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