International Financial Reporting Standards & Preparation & Assessment Of Financial Statements

Course Code: FA21

►Course Objective

 

  • Understand the current and potential future requirements of IFRS, including the final prospects and timetable for the convergence of GAAP and IFRS
  • Apply standards in accordance with their requirements in terms of preparing IFRS compliant financial statements, including the selection of appropriate accounting policies and related footnote disclosures
  • Understand the recognition and measurement principles as delineated within the IASB’s Framework and comprehending their application within each accounting standard
  • Define and apply the transition process to IFRS and identify the first-time exemptions that are applicable to the financial statements of a transitioning  organization
  • Examine accounting standards that eith

 

►Target Audience

 

  • Accounting professionals
  • Financial executives
  • Auditors
  • Financial analysts
  • Bankers
  • Investment bankers
  • Any other professionals involved in the preparation, presentation, implementation or analysis of financial statements prepared in accordance with IFRS

 

►Course Outline

 

DAY 1

Evolution of International Accounting Standards

  • Competency Description: As an accounting or other professional, you are a key role in the organization and you need to gain an understanding of the technical and management skills that are crucial to your role.
  • Key behaviours:
  • Technical understanding of principles of IFRS
  • Understanding the IFRS conversion process and how this is likely to impact on your organization
  • Technical understanding of opportunities and difficulties that conversion presents
  • Managing change
  • Topics to be covered:
  • International Financial Reporting Standards (“IFRS”)
  • Introduction, History and Overview of Existing and Future Standards
  • Roles of the Various Accounting Standards Setting Bodies
  • Objectives and Structure of the International Accounting Standards Board (“IASB”)
  • Framework, Demand and Adoption of IFRS
  • Convergence
  • Introduction and Historical Overview
  • Issues, Benefits and Problems of Convergence
  • IASB/FASB Projects
  • U.S. SEC Adoption Timeline and Activities

 

DAY 2

Structural Framework for the Preparation and Presentation of Financial Statements

  • Competency Description: As an accounting or other professional, you are a key role in the organization and you need to gain an understanding of the technical and management skills that are crucial to your role.
  • Key behaviours:
  • Technical understanding of Audit Impact
  • Understanding the more technical and qualitative aspects in financial statements and the message this sends out
  • Technical understanding of opportunities and difficulties that conversion presents
  • Managing change
  • Topics to be covered:
  • Purpose and Objectives, including Financial Statement Audit Impact
  • Scope, Structure and Content of IFRS Financial Statements
  • Accounting Policies and Underlying Assumptions
  • Components of Financial Statements, including Qualitative Characteristics
  • Measurement and Recognition of the Elements of Financial Statements
  • Transition Concerns and Transition Plan Elements

 

DAY 3

Preparation and Presentation of IFRS Financial Statements

  • Competency Description: As an accounting or other professional, you are a key role in the organization and you need to gain an understanding of the technical and management skills that are crucial to your role.
  • Key behaviours:
  • Technical understanding of choices available within the IFRS standards
  • Understanding the detailed disclosure requirements within IFRS financial statements
  • Understanding revenue recognition issues and how to practically apply them
  • Being aware of revenue recognition fraud issues
  • Topics to be covered:
  • Structure and Content of Both General and Specific Elements of  Financial Statements
  • IAS 1
  • Balance Sheet
  • Income Statement
  • Presenting Either a Statement of Changes In Equity or a Statement of Recognized Income or Expense (“SORIE”)
  • Statement of Cash Flow
  • Consolidation Criteria and Requirements
  • Notes to Financial Statements and Related Disclosures
  • Revenue Recognition and Reporting Requirements

 

DAY 4

Conversion Preparation to IFRS

  • Competency Description: As an accounting or other professional, you are a key role in the organization and you need to gain an understanding of the technical and management skills that are crucial to your role.
  • Key behaviours:
  • Technical understanding of main differences between IFRS and US standards
  • Understanding the detailed valuation and disclosure requirements
  • Setting management implementation plans
  • Dealing with change management issues
  • Topics to be covered:
  • Examining Substantive Differences in Disparate Accounting Treatments
  • Inventory
  • Fixed Assets
  • Valuation
  • Revaluation
  • Depreciation
  • Deferred Taxes
  • Contingencies
  • Performing Thorough Assessments
  • Technical Accounting and Tax Implications and Risks
  • Supporting Established Processes and Infrastructure Considerations
  • Adopting Implementation Plans
  • Conversion Issues and Concerns
  • Technical Accounting and Tax Conversion Issues
  • Designing Supporting Processes and Infrastructure Features
  • Developing Revised Organization Plans and Change Strategies
  • Conversion Maintenance
  • Implementing  Support Processes and Infrastructure Features
  • Change Management Execution Strategies
  • Conversion Transfers
  • Comparative Analysis of Companies Adopting or Not Adopting IFRS

 

DAY 5

Impact of IFRS on Financial Statements Interpretations

  • Competency Description: As an accounting or other professional, you are a key role in the organization and you need to gain an understanding of the technical and management skills that are crucial to your role. It is vitally important that you not only have the skills to prepare your own financial statements but can also appraise performance and benchmark that against competitors.
  • Key behaviours:
  • Understanding of a range of techniques for performances appraisal and benchmarking
  • Understanding the implications for bank covenants and investors
  • Understanding the importance of governance and current issues and best practice
  • Being aware of the technical difficulties of benchmarking and industry comparison
  • Topics to be covered:
  • International Accounting and Diversity Considerations
  • Financial Analysis Tools and Techniques
  • Common Size Statements
  • Trend Analysis
  • Ratio Analysis
  • Dupont Analysis
  • Z Scores
  • Investment Ratios
  • Cash Flow Ratios
  • Peer Group and Industry Comparisons
  • Importance of Corporate Governance and Awareness of IFRS Best Practices
  • Future IFRS Considerations


Register for this course


Date & Location

Date : 17 February 2019

Duration : 5 days

Place : Kuala Lumpur

Join This Course Now

Date : 23 June 2019

Duration : 5 days

Place : Istanbul

Join This Course Now

download the Course file