McTimothy Associates

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Practical IFRS Conversion Workshop

Why Attend

Our ‘International Financial Reporting Standards (IFRS) conversion workshop with 2021 Updates’ course will help build the knowledge you need in IFRS for success in today’s global business world. Like you, we believe those who understand and apply IFRS will enjoy expanded career opportunities as its use is spreading around the world. Developed with input from subject matter experts from across the region, this 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 newest standards and changes.

$ 279.32

Event Date: 16/04/2024 – 20/04/2024

Total:

More Dates

16/07/2024 – 18/07/2024

Price: $ 279.32

28/08/2024 – 30/08/2024

Price: $ 279.32

15/10/2024 – 19/10/2024

Price: $ 279.32

 

Course Outline:

  • 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):
      • Allowance for doubtful and bad debts: based on new impairment model of IFRS 9
      • 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
  • IFRS rules for non-current assets and liabilities
    • Property, plant and equipment (IAS 16):
      • Initial recognition and subsequent measurement
      • Cost model versus revaluation model
      • Assets held-for-sale (IFRS 5)
      • Treatment of decommissioning costs (IAS 37)
      • Impairment of property, plant and equipment (IAS 36)
    • Intangible assets (IAS 38)
      • Why some intangible assets are not recognized on the balance sheet
      • Cost model versus revaluation model
    • Investment property (IAS 40)
      • Distinguishing investment property from other assets
      • Cost model versus fair value model
    • Provisions, contingent liabilities and contingent assets (IAS 37)
  • Financial assets (IFRS 9)
    • Type of investment securities
    • Classification under IFRS 9: Fair Value Through Profit or Loss (FVTPL), Fair Value Through Other Comprehensive income (FVTOCI), amortized cost
    • Initial recognition and subsequent measurement
    • Transfer between categories
    • Impairment of financial assets under the new standard
  • Revenue from contracts with customers (IFRS 15)
    • Scope of IFRS 15
    • Describing the five-step model framework under IFRS 15
      • Step 1: Identifying the contract with the customer
      • Step 2: Identifying the performance obligations in the contract
      • Step 3: Determining the transaction price
      • Step 4: Allocating the transaction price to the performance obligations in the contract
      • Step 5: Recognizing revenue when the entity satisfies a performance obligation
  • IFRS 16, Leases
    • Recognition exemptions: expensing lease payments
      • How will the lease of small value items be affected
    • Identifying a lease transaction
    • Accounting by lessees
    • Accounting by lessors
    • Effective date and transition

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