Description
OBJECTIVES:
By the end of the workshop, delegates will be able to:
- Define the process of transitioning to IFRS and identify the first time adoption exemption and exceptions relevant to an organization
- Explain how the recognition and measurement principles of the IASB’s Framework apply within each accounting standard
- Apply the requirements of the standards to prepare IFRS compliant financial statements, including the determination of appropriate accounting policies and identification of necessary disclosures
- List the standards that require or permit the use of fair value measurement, identify how fair value is measured and specify where the fair value changes are recognized
PROGRAMME DETAILS:
Day One
- Introduction to IFRS
- Conceptual Framework
- Fair value measurement (IFRS 13)
- Presentation of financial statements (IAS 1) (including the 2011 amendments)
- Statement of cash flows (IAS 7)
- Accounting policies, changes in accounting estimates and errors (IAS 8)
- Events after the reporting period (IAS 10)
Day Two
- Presentation of financial statements (IAS 1) (including the 2011 amendments) – cont’d
- Related party disclosures (IAS 24)
- Earnings per share (IAS 33)
- Operating segments (IFRS 8)
- Discontinued operations (IFRS 5)
- Revenue Recognition
- Revenue (IAS 18, IAS 11, IFRIC 13, 15 and 18)
- Assets
- Inventories (IAS 2)
- Property, plant and equipment (IAS 16)
- Borrowing costs (IAS 23)
- Investment property (IAS 40)
- Intangible assets (IAS 38)
- Impairment of assets (IAS 36)
Day Three
- Liabilities
- Employee benefits (IAS 19) (including the 2011 amendments)
- Provisions, contingent liabilities and contingent assets (IAS 37)
- Share-based payment (IFRS 2)
- Leases (IAS 17, IFRIC 4 and SIC 15)
- Financial Instruments
- Financial assets and liabilities (IAS 39 and IAS 32)
- Financial instrument disclosures (IFRS 7)
- Replacing IAS 39 (IFRS 9)
Day Four
- Business Combinations, Consolidations, Associates and Joint Arrangements
- Business combinations (IFRS 3)
- Consolidated financial statements (IFRS 10) Investments in associates and joint ventures (IAS 28)
- Joint arrangements (IFRS 11)
- Disclosure of interests in other entities (IFRS 12)
- Effects of Changes in Foreign Exchange Rates (IAS 21)
- Income Taxes (IAS 12)
Day Five
- Interim Financial Reporting (IAS 34)
- Transitioning to IFRS
- First-time adoption of IFRS (IFRS 1)
- Expected Future Developments
- Update on the IASB-FASB convergence project
- Current exposure drafts
- IASB Work Plan
