International Financial Reporting Standards

Introduction :

The "International Financial Reporting Standards" course is designed to provide participants with a comprehensive understanding of the IFRS framework and its application in financial reporting across various industries and jurisdictions. As businesses increasingly operate in a global market, understanding and applying IFRS has become essential for ensuring transparency, consistency, and comparability in financial statements. This course covers the principles, standards, and guidelines outlined in IFRS, equipping participants with the knowledge and skills to prepare financial statements in accordance with these global standards. By the end of the course, participants will be well-versed in the implications of IFRS for financial reporting and analysis.

Target Audience :

• This course is targeted towards:
• Finance and accounting professionals seeking to deepen their understanding of IFRS.
• Financial analysts and auditors involved in the preparation and review of financial statements.
• Business leaders and executives needing to understand the impact of IFRS on financial reporting and decision-making.
• Students and academics pursuing careers in finance, accounting, or business administration.

Course Objectives :

• Understand the framework and principles underpinning IFRS.
• Identify the key differences between IFRS and local Generally Accepted Accounting Principles (GAAP).
• Prepare and present financial statements in compliance with IFRS guidelines.
• Analyze the implications of IFRS adoption for financial reporting and business operations.
• Stay updated on recent developments and changes in IFRS standards.

Course Modules :

Introduction to IFRS

• Overview of International Financial Reporting Standards (IFRS) and their importance in global finance.
• History and evolution of IFRS: From the development of the IASB to the adoption of IFRS standards by various countries.
• The role of IFRS in enhancing transparency and comparability in financial reporting.

Conceptual Framework for Financial Reporting

• Understanding the IFRS conceptual framework: Objectives and qualitative characteristics of financial reporting.
• Definition of key elements of financial statements: Assets, liabilities, equity, revenue, and expenses.
• Recognition and measurement principles in financial reports.

Financial Statement Requirements under IFRS

• Structure and content requirements for financial statements in accordance with IFRS.
• Understanding the presentation of primary financial statements: Statement of Financial Position, Statement of Profit or Loss, Statement of Comprehensive Income, Statement of Cash Flows, and Statement of Changes in Equity.
• Importance of disclosures: Notes to the financial statements and additional information.

Revenue Recognition (IFRS 15)

• In-depth analysis of revenue recognition principles under IFRS 15.
• Five-step process for recognizing revenue from contracts with customers.
• Impact of revenue recognition on financial statements and business practices.

Leases (IFRS 16)

• Overview of leasing standards and their implications for lessees and lessors.
• Understanding the definition of a lease and the accounting treatment for lease liabilities and right-of-use assets.
• Disclosure requirements related to leases and their impact on financial statements.

Financial Instruments (IFRS 9)

• Examination of recognition, classification, and measurement of financial instruments.
• Impairment model under IFRS 9: Expected credit losses.
• Hedge accounting and its implications under IFRS 9.