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Certificate in IFRS

Rating:
4.9
English
Advanced
28 Nasba
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Course Overview

International Financial Reporting (IFRS) is the indisputably global solution for any country in the world to integrate into the international capital markets. There is virtually no room for a local solution in this category, and an increasing number of entities are moving to IFRS. Access to capital from both the domestic and international arena is inextricably linked to the integrity and international credibility of financial reporting. The IFRS standard setters have been pursuing a process of revamping standards to improve global financial reporting and this course is a necessity for IFRS preparers and users to be up-to-date with current standards and trends. This course offers the learner a comprehensive understanding of the essential elements of IFRS; beginning by building on the foundations laid by the IASB’s mainstream IFRS standards. The course develops key skill competencies through the application of sound theoretical content within a practical, real-life inspired case-study based environment.

Key Takeaways

1
Improved knowledge and understanding of the global trends for International Financial Reporting Standards.
2
Practical application of IFRS standards.
3
Understanding of recent changes in IFRS and practicalities of their application.
4
Practical understanding of the transitional challenges and approaches in moving to Internationally accepted reporting norms of IFRS.
5
IFRS changes on the horizon and their impact in Financial Reporting.

LEORON - Professional Development Institute
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Built upon the strong experience in the manufacturing sector, which the founders developed in Sweden during the 90’s global expansion, LEORON evolved into a comprehensive training institute, offering training and development solutions in all strategic corporate functions, including corporate finance, HR, SCM, operations, and engineering. With strategic distribution of our offices in leading locations, such as Dubai, Riyadh, Jonkoping, Skopje, Accra, and Almaty, our team of experts delivers approximately 500 courses annually, and roughly 10000 professionals are equipped with appropriate education and the latest insights in a wide assortment of industries across the EMEA region.

Course Outline

Day 1
IFRS Overview
The Global movement to IFRS Principles vs. rule-based approach to accounting US GAAP Convergence IFRS Core Concepts IAS 1 and Conceptual Framework Purpose and rationale for the conceptual framework Overview of significant changes to the framework - Reason for the changes - Impact on IFRS reporting Fundamental and enhancing qualitative characteristics of financial statements Materiality and aggregation
Assets under IFRS
IAS 16: Property, Plant and Equipment Cost capitalisation criteria Repairs and maintenance Component accounting and depreciation Revaluation methodology Establishing capitalization thresholds Decommissioning costs Guidance on self-constructed assets
Case Study: Exercises and group discussion of different scenarios to determine if costs can be capitalised and an exercise on the application of component accounting followed by in depth group discussion.
Day 2
Assets under IFRS (continued)
IAS 40: Investment Property What is investment property Accounting alternative for investment properties IAS 36: Impairment of Non-Current Assets Principles what is impairment Key stages in the impairment process Application of impairment djustments Guidelines for impairment reversals
Case Study: Identification of cash generating units; numerical application of impairment.
Accounting for Liabilities
IAS 37: Provisions, Contingent Liabilities and Contingent Assets Definitions and concepts to determine if provisions Identifying the obligating event Legal and constructive obligations Estimating provisions Recognition criteria Restructuring and onerous contracts Treatment of contingent assets and liabilities
Case Study: Exercise on determining the tax base and carrying values followed by a comprehensive numerical example on determining deferred tax.
Financial Statement Presentation
IFRS 5: Non-Current Assets Held for Sale and Discontinued Operations Purpose of this standard Criteria to determine held for sale / discontinued operations Accounting treatment under IFRS 5 IFRS 8: Operating Segments Purpose of the standard How the management-based approach works Identification of reportable segments Role of the chief operating decision makers (CODM) Reportable segment thresholds
Day 3
Fair Value and Financial Instruments
IFRS 13: Fair Value Measurement Characteristics of fair value Fair value hierarchy and how it is used Steps to determine fair value Fair value in illiquid markets The grey areas and challenges of application for financial instruments that are thinly traded IAS 32: Financial Instruments – Presentation Core definitions in financial instruments How to determine if it is a derivative Scope of financial instrument standards Distinction between debt and equity Compound financial instruments
Accounting for Pensions
IAS 19: Employee Benefits Background of what is covered in IAS 19 Accounting for short term benefits Accounting for post-retirement plans - Defined benefit plans - Defined contribution plans Current and past service costs Actuarial assumptions and treatment of actuarial gains and losses
Case Study: Numerical case study on accounting for an end of service scheme; numerical example on a continued long service award paid during employment.
Day 4
Group Accounting Matters
IFRS 10: Consolidated Financial Statements Interrelationship of the “consolidation” accounting standards How control is determined under IFRS 10 IFRS 3: Business Combinations IFRS 3: Mechanics of Consolidation IAS 27: Separate Financial Statements IAS 28: Investments in Associates IAS 21: Effects of Changes in Foreign Exchange Rates IFRS 11: Joint Arrangements
Case Study: Scenario to discuss and determine if a structure is accounted for as a joint arrangement.
Day 5
Other Financial Reporting Matters
IAS 24: Related Party Disclosure Core concepts and definition How to identify related parties Investments of key management personal considerations Disclosure requirements IAS 8: Accounting Policies, Changes in Estimates and Error IAS 34: Interim Financial Reporting Purpose of core principles of this standard Minimum components of an interim financial statement Revenues received seasonally, cyclically or occasionally IAS 7: Statement of Cash Flows
Case Study: Short calculation on leasing example and its impact on the cash flow statement; example of foreign exchange on asset purchase and impact on cash flow statement.
First Time Adoption (only if requested by class)
IFRS 1: First Time Adoption of IFRS Scope of the standard Options / alternatives to move to IFRS under IFRS 1 Presentation and disclosure requirements
Accounting for Leases
IFRS 16: Leases Overview of the changes from IAS 17 to IFRS 16 and the key differences Problems with IAS 17 and why IFRS 16 was issued How to apply the revised single model approach Exceptions for short term and low value leases US GAAP dual model approach and key differences Impact on financial statements and debt covenants
Accounting for Revenue
IFRS 15: Revenue from Contracts with Customers Key differences from the old IAS 18 that was discontinued in 2017 to IFRS 15 Detailed review of the new five step model - Identification of the contract - Identification of the performance options - Determining and allocating the transaction price
Case Study: Thought provoking examples and scenarios covering the different steps of this complex standard.

Who Should Attend?

This highly practical and interactive course has been specifically designed for
Heads of Finance
Chief Accountants
Financial Controllers
Prepares of IFRS financial statements
Analysts requiring knowledge of IFRS compliant statements
External and Internal Auditors

FAQ

What language will the course be taught in and what level of English do I need to take part in an LEORON training program?
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
Are LEORON Public courses certified by an official body/organization?
LEORON Institute partners with 20+ international bodies and associations.We also award continuing professional development credits (CPE/PDUs) for:1. NASBA (National Association of State Boards of Accountancy) 2. Project Management Institute PDUs 3. CISI credits 4. GARP credits 5. HRCI recertification credits 6. SHRM recertification credits
What is the deadline for registering to a public course?
The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +1071 4 1075 5711 or register@leoron.com.
What does the course fee cover?
The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.
Does LEORON give discounts?
Yes, we can provide discounts for group bookings. If you would like to discuss a discount on a corporate level, we will be happy to talk to you.

Reviews

  • Review:
    Indeed, it was a well-organized training and I was very happy how LEORON has organized this CIFRSS program. From the first day to the completion of the program everything has gone smoothly. The services provided by the Hotel were excellent and the location is marvelous as well. Although I have a good knowledge in IFRS, however this training has normously increased and improved my knowledge and experience in this subject. Geoffrey is an excellent instructor since he knows superbly how to concur between the theoretical and practical information for the purpose of being absorbed readily by the peers. He welcomed any query proposed by the peers and answered back immediately with practical examples and excellent patient. Moreover, the contents of this program have been fraught of practical cases which will certainly help us to understand and apply easily the IFRS during our work. I recommend everyone to enroll for this program since what I expected from LEORON has been realized. -AHMED TAWFIK & CO. CPA, Doha – Qatar
    ANTONIO GHALEB
    Senior Audit Risk Manager