Mastering International Financial Reporting Standards (IFRS)

Description

Welcome to our comprehensive course on International Financial Reporting Standards (IFRS)! In this course, we will delve deep into the intricacies of IFRS, providing you with a thorough understanding of its principles, standards, and applications in the global financial landscape.

IFRS has become the benchmark for financial reporting in many countries around the world, fostering transparency, comparability, and reliability in financial statements across diverse industries and markets. As such, proficiency in IFRS is essential for finance professionals, accountants, auditors, and anyone involved in financial reporting.

Throughout this course, you will embark on a structured journey through various sections, each dedicated to key IFRS standards and topics. From the fundamental concepts of IFRS adoption to complex areas such as share-based payments, business combinations, and fair value measurement, we will cover a wide spectrum of topics to equip you with the knowledge and skills necessary to navigate the complexities of international financial reporting.

Whether you're a seasoned finance professional looking to enhance your expertise or a student aspiring to build a solid foundation in financial reporting standards, this course is designed to meet your learning needs. Through a combination of theoretical explanations, practical examples, and Excel demonstrations, we aim to provide you with a comprehensive learning experience that will empower you to apply IFRS principles with confidence in real-world scenarios.

Join us on this educational journey as we unravel the nuances of IFRS and unlock the doors to a deeper understanding of international financial reporting standards. Let's embark on this enriching learning adventure together!

Section 1: IFRS 1: Time Adoption of IFRS

In this section, students will gain an understanding of the initial adoption of International Financial Reporting Standards (IFRS) and its implications. The lectures cover the introduction to the course, categories, and conceptual framework of IFRS. They delve into the objectives of IFRS 1, exemptions, reporting, and disclosure requirements, providing Excel examples to reinforce learning.

Section 2: IFRS 2: Share-Based Payment

This section focuses on share-based payment transactions, including valuation techniques, equity, and cash-settled transactions. Students will learn about the disclosure requirements associated with share-based payments, with practical Excel examples to illustrate concepts.

Section 3: IFRS 3: Business Combinations

Here, students will explore the accounting treatment for business combinations under IFRS 3. Lectures cover objectives, definitions, recognition, and measurement of business combinations, along with examples to reinforce understanding. The section also addresses non-controlling interests, goodwill, and disclosure requirements.

Section 4: IFRS 4: Insurance Contracts

In this section, students will learn about the accounting for insurance contracts according to IFRS 4. Topics include the initial recognition and measurement of insurance contracts, subsequent measurement, modifications, and disclosures. Excel examples are provided to demonstrate calculations and concepts.

Section 5: IFRS 5: Non-Current Assets and Discontinued Operations

This section covers the accounting treatment for non-current assets held for sale and discontinued operations under IFRS 5. Students will learn about classification criteria, measurement, and disclosure requirements through lectures and Excel presentations.

Section 6: IFRS 6: Exploration for and Evaluation of Mineral Resources

Students will gain insights into the accounting for exploration and evaluation of mineral resources under IFRS 6. The lectures cover definitions, impairment testing, presentation, and disclosures related to mineral resources, supplemented with Excel examples for depreciation and revaluation.

Section 7: IFRS 7: Financial Instruments - Disclosures

In this section, students will learn about the disclosure requirements for financial instruments under IFRS 7. Topics include objectives, qualitative and quantitative disclosures, and examples of financial instrument disclosures, supported by Excel illustrations.

Section 8: IFRS 8: Operating Segments

This section focuses on operating segment reporting according to IFRS 8. Students will explore the scope, identification, and reporting of operating segments, along with reconciliation and entity-wide disclosures. Excel examples are provided to enhance understanding.

Section 9: IFRS 10: Consolidated Financial Statements

Here, students will delve into the principles of consolidated financial statements under IFRS 10. Lectures cover the consolidation model, exceptions, and examples of consolidated financial statements, facilitating comprehension.

Section 10: IFRS 11: Joint Arrangements

Students will learn about joint arrangements and their accounting treatment under IFRS 11. Lectures cover joint control assessment, types of joint arrangements, financial statement presentation, and Excel examples to reinforce learning.

Section 11: IFRS 12: Disclosure of Interests in Other Entities

This section addresses the disclosure requirements for interests in other entities under IFRS 12. Students will learn about disclosures related to subsidiaries, joint arrangements, and unconsolidated structured entities, supported by Excel examples.

Section 12: IFRS 13: Fair Value Measurement

In this section, students will gain an understanding of fair value measurement principles according to IFRS 13. Lectures cover concepts, valuation techniques, initial recognition, and disclosures, with Excel examples to illustrate calculations and concepts.

Section 13: IFRS 14: Regulatory Deferral Accounts

The final section explores regulatory deferral accounts and their accounting treatment under IFRS 14. Students will learn about the overview, accounting, presentation, and disclosures related to regulatory deferral accounts, supplemented with Excel examples for better comprehension.

What You Will Learn!

• IFRS Adoption: Understand the process and implications of transitioning to International Financial Reporting Standards (IFRS).
• IFRS Categories and Framework: Explore the categories and conceptual framework of IFRS, gaining insights into its structure and principles.
• First-Time Adoption: Learn the requirements and exemptions for first-time adoption of IFRS, including reporting and disclosure obligations.
• Share-Based Payments: Grasp the complexities of accounting for share-based payment transactions, including valuation techniques and disclosures.
• Business Combinations: Understand the accounting treatment for business combinations, including recognition, measurement, and goodwill calculation
• Insurance Contracts: Dive into the accounting standards for insurance contracts, covering initial recognition, subsequent measurement, and disclosure
• Non-Current Assets and Discontinued Operations: Learn how to classify, measure, and disclose non-current assets held for sale and discontinued operations
• Exploration for Mineral Resources: Explore the accounting treatment for exploration and evaluation of mineral resources, including impairment and disclosures.
• Financial Instruments Disclosures: Understand the disclosure requirements for various financial instruments, including qualitative and quantitative disclosures
• Operating Segments: Learn about segment reporting and reconciliation under IFRS 8, including comparative segment reporting and entity-wide disclosures.
• Consolidated Financial Statements: Master the consolidation model and exceptions under IFRS 10 for preparing consolidated financial statements.
• Joint Arrangements: Understand the accounting for joint arrangements, including types, assessments, and financial statements presentation.
• Disclosure of Interests in Other Entities: Gain insights into disclosure requirements for interests in subsidiaries, joint arrangements
• Fair Value Measurement: Learn about fair value concepts, measurement techniques, and disclosures under IFRS 13.
• Regulatory Deferral Accounts: Understand the accounting treatment and presentation of regulatory deferral accounts, including disclosures and examples.

Who Should Attend!

• Accounting Professionals: Certified public accountants (CPAs), auditors, financial analysts, and other accounting professionals seeking to enhance their knowledge of International Financial Reporting Standards (IFRS) and stay updated with regulatory changes.
• Finance Managers: Finance managers, controllers, and CFOs responsible for financial reporting and compliance within their organizations.
• Students Pursuing Accounting Degrees: Undergraduate and graduate students studying accounting or finance who want to deepen their understanding of IFRS principles and applications.
• Corporate Training Programs: Companies providing professional development and continuing education opportunities for their finance and accounting teams to ensure compliance with IFRS.
• Consultants and Advisors: Financial consultants, advisors, and educators looking to expand their expertise in IFRS to better serve their clients or students.

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