International Financial Reporting Standards (IFRS)

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Why Attend

International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB). IFRS is followed by, or being adopted by, more than 120 countries. All member states of the EU are required to use IFRS as adopted by the EU for listed companies since 2005. All other major economies have initiated a process to consider convergence or adoption of IFRS.

International Financial Reporting Standards (IFRS) will help build the knowledge needed for success in today’s global business world. Those who understand and apply IFRS will enjoy expanded career opportunities as its use is spreading around the world. This training course is designed to provide accounting and finance professionals with the training, knowledge and practical guidance needed to use IFRS and stay up-to-date with its standards and changes.

Event Date: 07/08/2023 – 11/08/2023

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Overview
Course Outline

Module 1 -Evolution of International Accounting Standards

- International Financial Reporting Standards (IFRS)
- Introduction, History and Overview of Existing and Future Standards
- Roles of the Various Accounting Standards Setting Bodies
- Objectives and Structure of the International Accounting Standards Board (IASB)
- Framework, Demand and Adoption of IFRS
- Convergence
- Introduction and Historical Overview
- Issues, Benefits and Problems of Convergence
- IASB/FASB Projects

Module 2 – Contract Profitability – Pricing

- Pricing strategy and tactics
- Profit planning
- Cost estimating
- Cost-based pricing
- Market-based pricing
- Value-based pricing
- Profit objective
- Market structure
- Follow-on business
- Risk
- Z score
- Market structure
- Follow-on business
- Risk
- Z score

Module 3 – Preparation and Presentation of IFRS Financial Statements

- Structure and Content of Both General and Specific Elements of Financial Statements
- IAS 1
- Balance Sheet
- Income Statement
- Presenting Either a Statement of Changes In Equity or a Statement of Recognized Income or Expense (SORIE)
- Statement of Cash Flow
- Consolidation Criteria and Requirements
- Notes to Financial Statements and Related Disclosures
- Revenue Recognition and Reporting Requirements

Module 4 – Conversion Preparation to IFRS

- Examining Substantive Differences in Disparate Accounting Treatments
- Inventory
- Fixed Assets
- Valuation
- Revaluation
- Depreciation
- Deferred Taxes
- Contingencies
- Performing Thorough Assessments
- Technical Accounting and Tax Implications and Risks
- Supporting Established Processes and Infrastructure Considerations
- Adopting Implementation Plans
- Conversion Issues and Concerns
- Technical Accounting and Tax Conversion Issues
- Designing Supporting Processes and Infrastructure Features
- Developing Revised Organization Plans and Change Strategies
- Conversion Maintenance
- Implementing Support Processes and Infrastructure Features
- Change Management Execution Strategies
- Conversion Transfers
- Comparative Analysis of Companies Adopting or Not Adopting IFRS

Module 5 – Impact of IFRS on Financial Statement Interpretations

- International Accounting and Diversity Considerations
- Financial Analysis Tools and Techniques
- Common Size Statements
- Trend Analysis
- Ratio Analysis
- Dupont Analysis
- Z Scores
- Investment Ratios
- Cash Flow Ratios
- Peer Group and Industry Comparisons
- Importance of Corporate Governance and Awareness of IFRS Best Practices
- Future IFRS Considerations