Mastering IFRS with Comprehensive Self-Assessment Tools and Practical Guides

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: Conceptual framework of IFRS, History and development of 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

• 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: Five-step model for, IFRS 15: Revenue from Contracts with Customers

• 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: Definition and identification of a lease

• 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: Impairment of financial assets

• 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: Disclosure requirements for, Understanding tax bases and temporary differences

• 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: Short-term and long-term, Actuarial assumptions and discount rates

• 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

• 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 40: 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

• IAS 38: Intangible Assets
• IFRS 3: Business Combinations
• Recognition and measurement of intangible assets
• Goodwill: recognition, measurement, and impairment

Module 12. Impairment of Assets: Reversing impairment losses

• 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: IAS 27: 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: IFRS 11: Joint Arrangements

• 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.

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