International Financial Reporting Standard Conversion Workshop

COURSE COVERAGE

Course Methodology

The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of theories presented by the consultant and group exercises to exchange experience and apply knowledge acquired throughout the course.

Course Objectives

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

• Describe the setting process in 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 statements of financial position, statements of comprehensive income, statements of owners’ equity and statements 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
• Prepare financial statements with related notes and disclosures that are compliant with IFRS

 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.

 Target Audience

 Accountants, Auditors, Treasurers, Finance Manager and others who want to update or sharpen their knowledge in IFRS.

Target Competencies

·         Understanding financial statements

·         Financial reporting

·         Applying IFRS

·         Accounting for current and non-current assets and liabilities

·         Classifying investments

·         Describing updates and amendments

·         Assessing impact on financial accounts

COURSE CONTENTS:

Statement of Financial Position

Elements of statement of financial position

·          Forms and formats

·          Classification of assets and Liabilities

·          Classification of stockholder’s equity

Comprehensive Income

·          Concepts of comprehensive income

·          Recognition and Measurement

·          Items on the income Statement

·         Components of other comprehensive income

Statement of changes in equity and Statement of cash flows

·          Disclosures and Alternative

·          Reporting Non-Controlling interests

·          Operating, Investing and financing cash flows

Accounting for assets:

·         Cash and Receivables

·          Measuring and Valuing of Inventory

·          Property, Plant and Equipment

·          Accounting for Investment Property

·          Intangible assets and Research and Development (R&D) costs

·          Fair value measurement Liabilities And Stockholders’ Equity

·          Current Liabilities and Accruals

·          Accounting for Contingencies

·          Long-term Liabilities

·          Accounting for debt and equity Transactions

·          Capital Retained Earnings Reserves

·         Revenue recognition:

·          Concepts, Rules and Examples

·         Revenue Recognition Criteria

·          Measurement of Revenue

 Duration: 3 days

Class Session : 10:00am – 4:00pm each day including Breakfast and Lunch time

Other Dates

21Mar