International Financial Reporting Standards (IFRS) and 2015 Updates

Course Overview

The program offers an outline still as specific understanding of the IFRS and 2015 updates. The educational program define is  up to now and pertinent to marketplace necessities, therefore line well to any or all analytical prediction of training needs within the specific space. a customized proposal may also be organized, to suit the training demand of your team.

Who Should Attend?

Professionals in the fields of finance and accounting, and professionals seeking to enhance international accounting knowledge, from companies implementing IFRS as the standard of reporting.

Program Outline

• Introduction to IFRS
• Financial Reporting Framework
• IFRS Standard Setting Process
• The Future Agenda for IFRS
• IFRS: Current Year Updates
• Summary of the Recent Exposure Drafts
• Statement of Financial Position
• Presentation of Financial Statements – International Accounting Standard (IAS 1)
• Elements of Statement of Financial Position
• Classification of Assets
• Classification of Liabilities
• Classification of Stockholders’ Equity
• Required Disclosures and Footnotes
• Statement of Comprehensive Income
• Concept of Comprehensive Income
• Recognition and Measurement
• Items on the Income Statement
• Classification of Revenues and Expenses
• Components of Other Comprehensive Income
• Statement of Changes in Equity and Statement of Cash Flows
• Equity Disclosures and Alternatives
• Reporting Non Controlling Interest
• Operating, Investing and Financing Cash Flows-IAS 7
• Direct versus Indirect Methods
• Accounting for Assets
• Cash and Receivables
• Measuring and Valuing of Inventory (IAS 2)
• Property, Plant and Equipment (IAS 16)
• Accounting for Investment Property (IAS 40)
• Intangible Assets (IAS 38)
• Research and Development (R&D) Costs
• Accounting for Debt and Equity Investments
• Fair Value Measurement (IFRS 13)
• Liabilities and Stockholders’ Equity
• Current Liabilities and Accruals
• Accounting for Contingencies
• Long-Term Liabilities
• Accounting for Debt and Equity Transactions
• Capital, Retained Earnings and Reserves
• Revenue Recognition
• Scope of IAS 18
• Revenue Recognition Criteria
• Measurement of Revenue

Program Objectives

By the end of the program, participants will be able to:

• List the accounting standards and explain their impact on their organizations
• Implement the most recent updates of the International Financial Reporting Standards (IFRS) in their organizations
• Properly account for transactions affecting assets, liabilities and owners’ equity according to IFRS
• Prepare financial statements with related notes and disclosures in compliance with IFRS
• Interpret the different accounts on the financial statements and reports