Mastering IFRS with Comprehensive Self-Assessment Tools and Practical Guides
Course Overview This comprehensive course is designed to equip participants with in-depth knowledge and practical skills in applying International Financial Reporting Standards (IFRS). The course is structured to provide a thorough understanding of IFRS principles, interpretation, and application, along with comprehensive self-assessment tools and practical guides to ensure mastery.
Course Objectives - Understand the conceptual framework and principles of IFRS
- Learn to apply IFRS standards to real-world financial reporting scenarios
- Develop skills in interpreting and analyzing financial statements prepared under IFRS
- Gain practical experience in using IFRS through case studies and hands-on projects
- Prepare for professional certifications and compliance requirements
Course Curriculum Module 1: Introduction to IFRS
- History and development of IFRS
- Conceptual framework of IFRS
- Key principles and objectives of IFRS
- Structure and governance of the IFRS Foundation
Module 2: Financial Statement Presentation
- IAS 1: Presentation of Financial Statements
- Understanding the components of financial statements
- Classification and presentation of assets, liabilities, and equity
- Disclosure requirements for financial statements
Module 3: Revenue Recognition
- IFRS 15: Revenue from Contracts with Customers
- Five-step model for revenue recognition
- Identifying performance obligations and transaction price
- Allocating transaction price to performance obligations
Module 4: Leases
- IFRS 16: Leases
- Definition and identification of a lease
- Lessee accounting: recognition, measurement, and disclosure
- Lessor accounting: classification and accounting for leases
Module 5: Financial Instruments
- IFRS 9: Financial Instruments
- Classification and measurement of financial assets and liabilities
- Impairment of financial assets
- Hedge accounting: principles and application
Module 6: Income Taxes
- IAS 12: Income Taxes
- Recognition and measurement of current and deferred taxes
- Understanding tax bases and temporary differences
- Disclosure requirements for income taxes
Module 7: Employee Benefits
- IAS 19: Employee Benefits
- Short-term and long-term employee benefits
- Post-employment benefits: defined contribution and defined benefit plans
- Actuarial assumptions and discount rates
Module 8: Accounting Policies, Changes in Accounting Estimates, and Errors
- IAS 8: Accounting Policies, Changes in Accounting Estimates, and Errors
- Selection and application of accounting policies
- Changes in accounting estimates and correction of errors
- Disclosure requirements for changes in accounting policies and estimates
Module 9: Inventory and Agriculture
- IAS 2: Inventories
- IAS 41: Agriculture
- Measurement and valuation of inventories
- Biological assets and agricultural produce
Module 10: Property, Plant, and Equipment, and Investment Property
- IAS 16: Property, Plant, and Equipment
- IAS 40: Investment Property
- Recognition, measurement, and depreciation of PPE
- Investment property: fair value model and cost model
Module 11: Intangible Assets and Goodwill
- IAS 38: Intangible Assets
- IFRS 3: Business Combinations
- Recognition and measurement of intangible assets
- Goodwill: recognition, measurement, and impairment
Module 12: Impairment of Assets
- IAS 36: Impairment of Assets
- Identifying and measuring impairment losses
- Impairment testing for individual assets and cash-generating units
- Reversing impairment losses
Module 13: Consolidation and Separate Financial Statements
- IFRS 10: Consolidated Financial Statements
- IAS 27: Separate Financial Statements
- Principles of consolidation: control and consolidation procedures
- Preparation of consolidated financial statements
Module 14: Associates, Joint Arrangements, and Disclosure
- IAS 28: Investments in Associates and Joint Ventures
- IFRS 11: Joint Arrangements
- Equity method for associates and joint ventures
- Joint operations and joint ventures: accounting and disclosure
Module 15: Foreign Currency Translation and Hyperinflationary Economies
- IAS 21: The Effects of Changes in Foreign Exchange Rates
- IAS 29: Financial Reporting in Hyperinflationary Economies
- Translation of foreign currency transactions and financial statements
- Hyperinflation: restatement of financial statements
Course Features - Comprehensive and Up-to-date Content: The course covers all the latest IFRS standards and amendments.
- Practical Guides and Case Studies: Real-world examples and case studies to illustrate the application of IFRS.
- Self-Assessment Tools: Quizzes and exercises to test understanding and reinforce learning.
- Expert Instruction: Delivered by experienced professionals with expertise in IFRS.
- Certificate upon Completion: Issued by The Art of Service upon successful completion of the course.
- Flexible Learning: Access the course materials anytime, anywhere, on any device with an internet connection.
- Lifetime Access: Once enrolled, you have lifetime access to the course materials.
- Community Support: Join a community of professionals for discussion and networking.
What Participants Receive - Access to comprehensive course materials, including video lessons, readings, and practical exercises
- A Certificate of Completion issued by The Art of Service
- Lifetime access to the course materials
- Opportunity to engage with a community of professionals for support and networking
Upon completing this course, participants will have gained a deep understanding of IFRS and the skills to apply them in real-world scenarios, enhancing their professional capabilities and career prospects.,
- Understand the conceptual framework and principles of IFRS
- Learn to apply IFRS standards to real-world financial reporting scenarios
- Develop skills in interpreting and analyzing financial statements prepared under IFRS
- Gain practical experience in using IFRS through case studies and hands-on projects
- Prepare for professional certifications and compliance requirements
Course Curriculum Module 1: Introduction to IFRS
- History and development of IFRS
- Conceptual framework of IFRS
- Key principles and objectives of IFRS
- Structure and governance of the IFRS Foundation
Module 2: Financial Statement Presentation
- IAS 1: Presentation of Financial Statements
- Understanding the components of financial statements
- Classification and presentation of assets, liabilities, and equity
- Disclosure requirements for financial statements
Module 3: Revenue Recognition
- IFRS 15: Revenue from Contracts with Customers
- Five-step model for revenue recognition
- Identifying performance obligations and transaction price
- Allocating transaction price to performance obligations
Module 4: Leases
- IFRS 16: Leases
- Definition and identification of a lease
- Lessee accounting: recognition, measurement, and disclosure
- Lessor accounting: classification and accounting for leases
Module 5: Financial Instruments
- IFRS 9: Financial Instruments
- Classification and measurement of financial assets and liabilities
- Impairment of financial assets
- Hedge accounting: principles and application
Module 6: Income Taxes
- IAS 12: Income Taxes
- Recognition and measurement of current and deferred taxes
- Understanding tax bases and temporary differences
- Disclosure requirements for income taxes
Module 7: Employee Benefits
- IAS 19: Employee Benefits
- Short-term and long-term employee benefits
- Post-employment benefits: defined contribution and defined benefit plans
- Actuarial assumptions and discount rates
Module 8: Accounting Policies, Changes in Accounting Estimates, and Errors
- IAS 8: Accounting Policies, Changes in Accounting Estimates, and Errors
- Selection and application of accounting policies
- Changes in accounting estimates and correction of errors
- Disclosure requirements for changes in accounting policies and estimates
Module 9: Inventory and Agriculture
- IAS 2: Inventories
- IAS 41: Agriculture
- Measurement and valuation of inventories
- Biological assets and agricultural produce
Module 10: Property, Plant, and Equipment, and Investment Property
- IAS 16: Property, Plant, and Equipment
- IAS 40: Investment Property
- Recognition, measurement, and depreciation of PPE
- Investment property: fair value model and cost model
Module 11: Intangible Assets and Goodwill
- IAS 38: Intangible Assets
- IFRS 3: Business Combinations
- Recognition and measurement of intangible assets
- Goodwill: recognition, measurement, and impairment
Module 12: Impairment of Assets
- IAS 36: Impairment of Assets
- Identifying and measuring impairment losses
- Impairment testing for individual assets and cash-generating units
- Reversing impairment losses
Module 13: Consolidation and Separate Financial Statements
- IFRS 10: Consolidated Financial Statements
- IAS 27: Separate Financial Statements
- Principles of consolidation: control and consolidation procedures
- Preparation of consolidated financial statements
Module 14: Associates, Joint Arrangements, and Disclosure
- IAS 28: Investments in Associates and Joint Ventures
- IFRS 11: Joint Arrangements
- Equity method for associates and joint ventures
- Joint operations and joint ventures: accounting and disclosure
Module 15: Foreign Currency Translation and Hyperinflationary Economies
- IAS 21: The Effects of Changes in Foreign Exchange Rates
- IAS 29: Financial Reporting in Hyperinflationary Economies
- Translation of foreign currency transactions and financial statements
- Hyperinflation: restatement of financial statements
Course Features - Comprehensive and Up-to-date Content: The course covers all the latest IFRS standards and amendments.
- Practical Guides and Case Studies: Real-world examples and case studies to illustrate the application of IFRS.
- Self-Assessment Tools: Quizzes and exercises to test understanding and reinforce learning.
- Expert Instruction: Delivered by experienced professionals with expertise in IFRS.
- Certificate upon Completion: Issued by The Art of Service upon successful completion of the course.
- Flexible Learning: Access the course materials anytime, anywhere, on any device with an internet connection.
- Lifetime Access: Once enrolled, you have lifetime access to the course materials.
- Community Support: Join a community of professionals for discussion and networking.
What Participants Receive - Access to comprehensive course materials, including video lessons, readings, and practical exercises
- A Certificate of Completion issued by The Art of Service
- Lifetime access to the course materials
- Opportunity to engage with a community of professionals for support and networking
Upon completing this course, participants will have gained a deep understanding of IFRS and the skills to apply them in real-world scenarios, enhancing their professional capabilities and career prospects.,
- Comprehensive and Up-to-date Content: The course covers all the latest IFRS standards and amendments.
- Practical Guides and Case Studies: Real-world examples and case studies to illustrate the application of IFRS.
- Self-Assessment Tools: Quizzes and exercises to test understanding and reinforce learning.
- Expert Instruction: Delivered by experienced professionals with expertise in IFRS.
- Certificate upon Completion: Issued by The Art of Service upon successful completion of the course.
- Flexible Learning: Access the course materials anytime, anywhere, on any device with an internet connection.
- Lifetime Access: Once enrolled, you have lifetime access to the course materials.
- Community Support: Join a community of professionals for discussion and networking.