Day 1
Introduction to IFRS
Brief background of IFRS history and development
Currently issued pronouncements and their effective dates
The IFRS framework: elements, recognition and measurement
Applying the hierarchy of international standards
Current status of global convergence worldwide IFRS application
U.S. convergence projects and their impact on IFRS
How to research and stay up to date on IFRS
Case study:
Applying the IFRS Framework Principles in Real-world Situations
Financial Statements and Presentation Issues
Presentation
-
IAS 1 Presentation of Financial Statements
-
Statement of Financial Position
-
Statement of Comprehensive Income
-
Statement of Changes in Equity
-
IAS 7 Statement of Cash Flows
-
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
Policies and Adjustments
-
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
-
IAS 10 Events after the Reporting Period
Other Disclosure and Reporting Issues
IFRS 8 Operating Segments
Case studies:
Review the New Disclosure and Presentation Requirements using Real World Financial Statements
Determine the Treatment of Events after the Reporting Period
Day 2
Revenue Recognition
IAS 18 Revenue
-
Definitions
-
Revenue measurement, including gross vs. net reporting
-
Exchange transactions (barter)
-
Revenue from sale of goods, including recent recognition issues
-
Revenue from services recognition criteria and applications
- Revenue from interest, dividends and royalties
Case study:
Practical Revenue Recognition and Application Scenarios
Inventory
IAS 2 Inventory
Tangible and Intangible Assets
IAS 16 Property, Plant and Equipment
IAS 23 Borrowing Costs
IAS 38 Intangible Assets
IAS 40 Investment Property
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
-
Initial recognition and measurement, including asset retirement costs
-
Treatment of subsequent expenditures
-
Valuation methods
-
Depreciation, including composite asset accounting
-
Assets held for sale
-
Interest capitalisation, including NEW requirements
-
Investment property identification and accounting, including alternatives
-
Treatment of internally generated intangible assets, including exceptions
- Accounting for research and development
Case studies:
Property, Plant and Equipment Recognition, Measurement and Revaluation
Accounting for Asset Retirement Obligations
Investment Property Recognition, Valuation and Changes in Use
Intangible Assets Recognition, Measurement, and Subsequent Expenditures
Day 3
Impairment of tangible and intangible assets
IAS 36 impairment of assets
-
Identifying an asset that may be impaired
-
Determining the recoverable amount
-
Measuring and recognising an impairment loss
-
Identifying cash-generating units (CGU) and assigning assets
-
Allocating losses to individual assets
- Reversing impairment losses
Case study:
Evaluating the Impairment Testing of Goodwill and Determining Whether Impairment Should be Recognised
Provisions and contingencies
IAS 37 provisions, contingent liabilities and contingent assets
-
Understanding liabilities, contingencies and commitments
-
Recognising and measuring provisions, including changes in estimate
- Applying contingency disclosure requirements
Case studies:
Distinguishing Between Liabilities, Provisions and Contingent Liabilities
Applying Recognition and Measurement Concepts to Determine Appropriate Accounting Treatment
Calculating the Correct Amount of Provision to Record in Various Situations
Employee benefits
IAS 19: Employee benefits
-
Short-term employee benefits
-
Post-employment benefits identifying plan types
-
Accounting for defined contribution plans
-
Accounting for defined benefit plans
-
Recognising actuarial gains and losses, including the NEW alternative treatment
- Financial statement recognition and requirements
Case study:
Defined Benefit Plan Accounting
Leases
IAS 17 Leases
-
What is a lease according to IFRS?
-
Classifying leases
-
Accounting for lessee finance leases
-
Accounting for lessee operating leases
-
Accounting for lessor finance leases
-
Accounting for lessor operating leases
- Operating lease incentives
Case studies:
Identifying, Classifying and Accounting for Leases
Day 4
Financial Instruments
IAS 32 Financial Instruments: Presentation
IAS 39 Financial Instruments: Recognition and Measurement
IFRS 7 Financial Instruments: Disclosures
Overview of NEW IFRS 9 Financial Instruments: Classification and Measurement
-
Classifying financial instruments
-
Recognising and measuring financial instruments, both initially and subsequently
-
Determining fair value
-
Applying reclassification rules
-
Derecognising financial assets and liabilities
-
Recognising, calculating and reversing impairment losses
-
Accounting for derivatives
-
Identifying and classifying debt and equity instruments
- Meeting the disclosure requirements IFRS 7 requirements
Case studies:
Accounting for Financial Instruments Classification
Identifying Liabilities vs. Equity
Applying the De-recognition Model
Recognising and Calculating Impairment
Applying the Effective Interest Method: Transaction Costs, Amortisation and Premiums/Discounts
Consolidations, associates and joint ventures
IAS 27 consolidated and separate financial statements
SIC 12: Consolidation special purpose entities
-
Consolidated financial statement requirements, including exemptions
-
Consolidation procedures
-
Non-controlling interest presentation
Accounting in separate financial statements
Case study:
Special Purpose Entity Consolidation
Accounting for Associates
IAS 28: Investments in Associates
Case study:
Calculating Equity Method Balances
Accounting for Joint Ventures
IAS 31: Interests in Joint Ventures
Foreign Currency Issues
IAS 21 The Effects of Changes in Foreign Exchange Rates
Case studies:
Determining Functional Currency
Identifying Monetary Items
Measuring and Recognising Exchange Gains and Losses
Translating Foreign Entity Financial Statements
Transitioning to IFRS
Overview of IFRS 1 First-time Adoption of IFRS
-
Basic principles of IFRS I
-
Preparing the opening statement of financial position
-
Mandatory exceptions from other IFRS
-
Optional exemptions
- Presentation and disclosure requirements
Case studies:
Starting from a national GAAP financial statement, the IFRS 1 adjustments necessary to create the statement in accordance with IFRS are illustrated
Course summary and close