IFRS Workshop

By the end of the course, participants will be able to:

• Describe the setting process in International Financial Reporting Standards (IFRS) and list the currently available standards
• Explain the most recent updates on existing IFRS and evaluate the effect of newly issued standards on their organization
• Determine the correct presentation and minimum disclosure for components of statement of financial position, statement of comprehensive income, statement of owners' equity and statement of cash flows in accordance with IFRS
• Appraise and properly account for transactions affecting current assets and liabilities, non-current assets and liabilities, revenues and expenses in accordance with IFRS
• Apply professional judgment in applying IFRS for matters relating to non-recurrent business transactions

CONTENT

• Introduction to IFRS and presentation of financial statements
• Defining the term 'IFRS'
• IFRS standard setting process
• Financial position presentation format as per IAS1, presentation of financial statements
• Components and classification of current and non-current assets and liabilities
• Offsetting assets and liabilities
• Income statement minimum presentation requirements as per IAS1, presentation of financial statements
• Presentation of revenues and expenses by nature or by function
• Components and classification of stockholders' equity
• Other comprehensive income: nature of its components
• Supplemental disclosures
• IFRS rules for current assets and liabilities
• Cash and cash equivalents (IFRS 9)
• Accounts receivable (IFRS 9):
• Estimating allowance for doubtful and bad debts
• Pledging, assigning and factoring of receivables
• Accounts payable and accruals (IFRS 9)
• Inventory (IAS 2):
• Ownership: when to include inventory in your books
• Measurement at initial recognition: what to include in 'cost'
• Inventory cost-flow assumptions
• Subsequent measurement: lower of cost or net realizable value

FOR WHOM:

Accountants, Controllers, Managers of Fixed Assets, Divisional and Plant Managers and all Executives involved in Fixed Asset Accounting and Administration.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.

DATE:

1ST BATCH:       18th – 21st May, 2020      

2ND BATCH:      26th – 28th October, 2020