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IFRS

Course Summary

IFRS Training Course offers a comprehensive introduction and updates to the field of International Financial Reporting and International Financial Reporting Standards, tracing the history of the International Accounting Standards Board (IASB) from its early roots through to the recent changes and future developments.

Structured in a readable and user-friendly format, the course distills key information into easy-to-digest bullet points, provides useful summaries, and examines, topic-by-topic, specific standards. Frequently asked questions and answers expand on the covered issues; case studies are based on real-life examples.

Exercises, multiple-choice questions, and sample answers are available to test your knowledge. They will guide you as you progress through the course and help you achieve the IFRS Certification.


Course Objectives

On completion of the IFRS Course, candidates should be able to:

  • Understand and explain the structure of the framework of international accounting
  • Apply relevant financial reporting standards to key elements of financial reports
  • Identify and apply disclosure requirements for companies in financial reports and notes
  • Prepare group financial statements (excluding group cash-flow statements) including subsidiaries, associates and joint ventures

Course Outline

CertIFRS - Certificate in International Financial Reporting

The nature and operations of the IASB

  • Structure of the IFRSF/IASB
  • Extant standards of the IASB
  • The framework

The status and use of IFRSs around the world

  • The use of IFRS around the world
  • The IASB roadmap
  • The annual IASB bound volume and its use

Presentation and profit

  • IAS 1, Presentation of financial statements
  • IAS 18, Revenue
  • IAS 8, Accounting policies, changes in accounting estimates and errors

Asset recognition and measurement

  • IAS 16, Property, plant and equipment
  • IAS 38, Intangible assets
  • IAS 40, Investment Property
  • IAS 36, Impairment of assets
  • IAS 23, Borrowing costs
  • IAS 20, Accounting for government grants and disclosure of government assistance
  • IAS 2, Inventories
  • IAS 11, Construction contracts
  • IAS 17, Leases
  • IAS 32, Financial instruments - presentation
  • IAS 39, Financial instruments - recognition and measurement
  • IFRS 9 Financial instruments
  • IAS 41, Agriculture
  • IFRS 7, Financial instruments: disclosures
  • IFRS 6, Exploration for and evaluation of mineral resources
  • IFRS 5, Non-current assets held for sale and discontinued operations

Accounting for liabilities

  • IFRS 2, Share-based payment
  • IAS 37, Provisions, contingent liabilities and contingent assets
  • IAS 10, Events after the reporting period
  • IAS 19, Employee benefits
  • IAS 12, Income taxes

Group accounting

  • IAS 27, Consolidated financial statements and accounting for investment in subsidiaries
  • IFRS 3 Business Combinations
  • IAS 28, Accounting for investments in associates
  • IAS 31, Joint ventures
  • IAS 21, The effects of changes in foreign exchange rates
  • IAS 29, Financial reporting in hyper inflationary economies

Disclosure standards

  • IAS 7, Statement of cash flows
  • IAS 24, Related party disclosures
  • IAS 33, Earnings per share
  • IAS 34, Interim financial reporting
  • IFRS 4, Insurance contracts
  • IFRS 1, First time adoption of IFRS
  • IFRS 8, Operating segments

Principal differences between key national GAAP and IFRS Proposals for change

DiplIFRS - Diploma in International Financial Reporting-IFRS Qualification

A. International sources of authority

  • The International Accounting Standards Board (IASB) and the regulatory framework

B. Elements of financial statements

  • Revenue recognition
  • Property, plant, and equipment
  • Impairment of assets
  • Leases
  • Intangible assets and goodwill
  • Inventories and construction contracts
  • Financial instruments
  • Liabilities - provisions, contingent assets and liabilities
  • Accounting for employment and post-employment benefits
  • Taxation in financial statements
  • The effects of changes in foreign currency exchange rates
  • Agriculture
  • Share-based payment
  • Exploration and evaluation expenditures

C. Presentation and additional disclosures

  • Presentation of the statement of financial position, income statement and statement of comprehensive income
  • Earnings per share
  • Events after the reporting date
  • Accounting policies, changes in accounting estimates and errors
  • Related party disclosures
  • Operating segments
  • Reporting requirements of small and medium-sized entities (SMEs)

D. Preparation of external financial reports for combined entities, associates and joint ventures

  • Preparation of group consolidated external reports
  • Business combinations - intra-group adjustments
  • Business combinations - fair value adjustments
  • Business combinations - associates and joint ventures

Target Audience

The target audience is professional accountants and auditors, qualified by their national accounting standards. However, it is possible for those with experience but no formal qualifications in accounting and auditing to register for this certificate. Those who want a better IFRS Qualification can also apply for this certificate.


Course Objectives

On completion of the IFRS Course, candidates should be able to:

  • Understand and explain the structure of the framework of international accounting
  • Apply relevant financial reporting standards to key elements of financial reports
  • Identify and apply disclosure requirements for companies in financial reports and notes
  • Prepare group financial statements (excluding group cash-flow statements) including subsidiaries, associates and joint ventures

Course Outline

CertIFRS - Certificate in International Financial Reporting

The nature and operations of the IASB

  • Structure of the IFRSF/IASB
  • Extant standards of the IASB
  • The framework

The status and use of IFRSs around the world

  • The use of IFRS around the world
  • The IASB roadmap
  • The annual IASB bound volume and its use

Presentation and profit

  • IAS 1, Presentation of financial statements
  • IAS 18, Revenue
  • IAS 8, Accounting policies, changes in accounting estimates and errors

Asset recognition and measurement

  • IAS 16, Property, plant and equipment
  • IAS 38, Intangible assets
  • IAS 40, Investment Property
  • IAS 36, Impairment of assets
  • IAS 23, Borrowing costs
  • IAS 20, Accounting for government grants and disclosure of government assistance
  • IAS 2, Inventories
  • IAS 11, Construction contracts
  • IAS 17, Leases
  • IAS 32, Financial instruments - presentation
  • IAS 39, Financial instruments - recognition and measurement
  • IFRS 9 Financial instruments
  • IAS 41, Agriculture
  • IFRS 7, Financial instruments: disclosures
  • IFRS 6, Exploration for and evaluation of mineral resources
  • IFRS 5, Non-current assets held for sale and discontinued operations

Accounting for liabilities

  • IFRS 2, Share-based payment
  • IAS 37, Provisions, contingent liabilities and contingent assets
  • IAS 10, Events after the reporting period
  • IAS 19, Employee benefits
  • IAS 12, Income taxes

Group accounting

  • IAS 27, Consolidated financial statements and accounting for investment in subsidiaries
  • IFRS 3 Business Combinations
  • IAS 28, Accounting for investments in associates
  • IAS 31, Joint ventures
  • IAS 21, The effects of changes in foreign exchange rates
  • IAS 29, Financial reporting in hyper inflationary economies

Disclosure standards

  • IAS 7, Statement of cash flows
  • IAS 24, Related party disclosures
  • IAS 33, Earnings per share
  • IAS 34, Interim financial reporting
  • IFRS 4, Insurance contracts
  • IFRS 1, First time adoption of IFRS
  • IFRS 8, Operating segments

Principal differences between key national GAAP and IFRS Proposals for change

DiplIFRS - Diploma in International Financial Reporting-IFRS Qualification

A. International sources of authority

  • The International Accounting Standards Board (IASB) and the regulatory framework

B. Elements of financial statements

  • Revenue recognition
  • Property, plant, and equipment
  • Impairment of assets
  • Leases
  • Intangible assets and goodwill
  • Inventories and construction contracts
  • Financial instruments
  • Liabilities - provisions, contingent assets and liabilities
  • Accounting for employment and post-employment benefits
  • Taxation in financial statements
  • The effects of changes in foreign currency exchange rates
  • Agriculture
  • Share-based payment
  • Exploration and evaluation expenditures

C. Presentation and additional disclosures

  • Presentation of the statement of financial position, income statement and statement of comprehensive income
  • Earnings per share
  • Events after the reporting date
  • Accounting policies, changes in accounting estimates and errors
  • Related party disclosures
  • Operating segments
  • Reporting requirements of small and medium-sized entities (SMEs)

D. Preparation of external financial reports for combined entities, associates and joint ventures

  • Preparation of group consolidated external reports
  • Business combinations - intra-group adjustments
  • Business combinations - fair value adjustments
  • Business combinations - associates and joint ventures

Target Audience

The target audience is professional accountants and auditors, qualified by their national accounting standards. However, it is possible for those with experience but no formal qualifications in accounting and auditing to register for this certificate. Those who want a better IFRS Qualification can also apply for this certificate.

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