IFRS Training Course offers a comprehensive introduction and updates to the field of International Financial Reporting and International Financial Reporting Standards, tracing the history of the International Accounting Standards Board (IASB) from its early roots through to the recent changes and future developments.
Structured in a readable and user-friendly format, the course distills key information into easy-to-digest bullet points, provides useful summaries, and examines, topic-by-topic, specific standards. Frequently asked questions and answers expand on the covered issues; case studies are based on real-life examples.
Exercises, multiple-choice questions, and sample answers are available to test your knowledge. They will guide you as you progress through the course and help you achieve the IFRS Certification.
Primary course objectives:
To help you understand how International Financial Reporting Standards (IFRS) are used around the world
To explain the workings of the IFRSF/IASB and how these are being changed
To examine the fundamental requirements of IFRS on a standard-by-standard basis for the benefit of preparers, auditors and users of financial statements
To provide guidance on how to use IFRS in practice with the aid of questions, cases, and exercises
To explain the fundamentals of IFRS qualification
We provide guidance on how to achieve IFRS Certification
On completion of the IFRS Course, candidates should be able to:
Understand and explain the structure of the framework of international accounting
Apply relevant financial reporting standards to key elements of financial reports
Identify and apply disclosure requirements for companies in financial reports and notes
Prepare group financial statements (excluding group cash-flow statements) including subsidiaries, associates and joint ventures.
Who needs the IFRS Training Program?
The target audience is professional accountants and auditors, qualified by their national accounting standards. However, it is possible for those with experience but no formal qualifications in accounting and auditing to register for this certificate. Those who want a better IFRS Qualification/ IFRS Certification can also apply for this certificate.
Learning Outcome of IFRS Training
IFRS Course will help you to understand and explain the structure of the framework of international accounting
Apply relevant financial reporting standards to key elements of financial reports
Identify and apply disclosure requirements for companies in financial reports and notes
Prepare group financial statements (excluding group cash-flow statements) including subsidiaries, associates and joint ventures
Detailed Course Content:
CertIFRS - Certificate in International Financial Reporting
The International Accounting Standards Board and IFRS Accounting Standards
The origins of the International Accounting Standards Board (IASB®)
The structure of the IFRS Foundation
International Accounting Standards (IAS® Accounting Standards), and International Financial Reporting Standards (IFRS® Accounting Standards) that are currently in issue
The Conceptual Framework for Financial Reporting.
IFRS Accounting Standards - global convergence and continued development
A brief summary of the adoption of International Financial Reporting Standards (IFRS® Accounting Standards) in different jurisdictions
The growth of the International Accounting Standards Board (IASB®)
Revenue, presentation and profit
IAS 1 Presentation of Financial Statements
IFRS 15 Revenue from Contracts with Customers
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.
Accounting for non-current assets
IAS 16 Property, Plant and Equipment
IAS 40 Investment Property
IAS 23 Borrowing Costs
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
Accounting for assets, impairments and grants
IAS 38 Intangible Assets
IAS 36 Impairment of Assets
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
IAS 2 Inventories
Accounting for leases and specialised assets
IFRS 16 Leases
IAS 41 Agriculture
IFRS 6 Exploration and Evaluation of Mineral Resources
Accounting for financial instruments
IAS 32 Financial Instruments: Presentation
IFRS 9 Financial Instruments
IFRS 7 Financial Instruments: Disclosures
IFRS 13 Fair Value Measurement
IFRS 4 and IFRS 17 Insurance Contracts
Accounting for liabilities
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 19 Employee Benefits
IAS 12 Income Taxes
IFRS 2 Share-based Payment
Group accounting – part 1
IFRS 10 Consolidated Financial Statements
IAS 27 Separate Financial Statements
IFRS 3 Business Combinations
Group accounting – part 2
IFRS 11 Joint Arrangements
IAS 28 Investments in Associates and Joint Ventures
IFRS 12 Disclosure of Interests in Other Entities
IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 29 Financial Reporting in Hyperinflationary Economies
Disclosure standards and first-time adoption
IAS 7 Statement of Cash Flows
IFRS 8 Operating Segments
IAS 24 Related Party Disclosures
IAS 33 Earnings Per Share
IAS 34 Interim Financial Reporting
IAS 10 Events after the Reporting Period
IFRS 1 First-time Adoption of IFRS
IFRS Accounting Standards and other reporting frameworks
The IFRS for SMEs Accounting Standard
The FASB and US GAAP
Principle differences between IFRS Accounting Standards and US GAAP
Indian GAAP
Exam Fees: ACCA Members = £115 Non-ACCA Members = £145
Principal differences between key national GAAP and IFRS Proposals for change
DiplIFRS - Diploma in International Financial Reporting-IFRS Qualification
A. International sources of authority
The International Accounting Standards Board (IASB) and the regulatory framework
Fundamental ethical and professional principles
B. Elements of financial statements
Revenue recognition
Property, plant and equipment
Impairment of assets
Leases
Intangible assets and goodwill
Inventories
Financial instruments
Provisions, contingent assets and liabilities
Employee benefits
Tax in financial statements
The effects of changes in foreign currency exchange rates
Agriculture
Share-based payment
Exploration and evaluation expenditures
Fair value measurement
C. Presentation of financial statements and additional disclosures
Presentation of the statement of financial position, the statement of profit or loss and other comprehensive.
Income and the statement of changes in equity
Earnings per share
Events after the reporting period
Accounting policies, changes in accounting estimates, and errors
Related party disclosures
Operating segments
Reporting requirements of small and medium-sized entities (SMEs)
D. Preparation of external financial reports for combined entities, associates, and joint arrangements
Preparation of group consolidated external reports
Business combinations – intra-group adjustments
Business combinations – fair value adjustments
Business combinations – associates and joint arrangements
Complete disposal of shares in subsidiaries
Excluded topics
The following topics are expressly excluded from the syllabus:
Complex group structures, including sub-subsidiaries or mixed groups and foreign subsidiaries
Step acquisitions, partial disposal of subsidiaries, and group re-constructions
Financial statements of banks and similar financial institutions
Preparation of statements of cash flow (single company and consolidated)
Preparation of interim financial statements
Accounting for insurance entities
International financial reporting exposure drafts and discussion papers
The global public sector perspective
Multi-employer benefit schemes
Information reflecting the effects of changing prices and financial reporting in hyperinflationary economies
Key areas of the syllabus
The key topic area headings are as follows:
International sources of authority
Elements of financial statements
Presentation of accounts and additional disclosures
Preparation of external reports for combined entities, associates, and joint arrangements.
To learn more about the International Finance Reporting Standard IFRS Certification body, click here
