Skip links

International Financial Reporting Standards – IFRS Updates 2021

Duration: 2 Days | 9:00 am – 4 pm
Monday – Tuesday

21st – 22nd June 2021

Live Steam + Online Training 

(GMT +4 or Gulf Standard time)

Course Overview:

It has become critical for companies to understand the impact of various provisions of International Financial Reporting Standards (IFRS) on accounting reports, there is an increasing pressure for companies to ensure that their records are compliant with these international standards & principles.

This comprehensive 2 days IFRS workshop with cover the latest developments in IFRS & a refresher on widely used IFRS. Candidates will obtain comprehensive knowledge of various IFRS standards & certain complexities together with examples and illustrations indicating how these standards should be implemented in practice. 


Key Take Away from this Course:

  • Gain insights on the new conceptional framework of financial reporting;
  • Understand the new developments in the reporting standards on Fair value (IFRS 13), Revenue (IFRS 15), Financial Instruments (IFRS 9 and related standards), Leases (IFRS 16), Insurance (IFRS 17), and all-new interpretations, including IFRIC 19 and IFRIC 21;
  • Apply the new developments above in practical scenarios;
  • Note the changes on reporting standards that are revised such as IAS 1, IAS 16, IAS 19, IAS 41, etc.
  • Present financial and non-financial information in the Integrated Reports of companies;
  • Implementation of the group related standards in the consolidated financial statements, including associates and joint arrangements;
  • Understand the new changes to IFRS for SMEs and the differences with full IFRS standards;
  • Focus on measurement and recognition requirements on all new and updated reporting standards; and
  • Get updated on the new work plan of the IASB

Why You Cannot Miss This Event?

The radical developments of the above-mentioned standards and frameworks make it imperative for all members in the financial environment to keep abreast with the changes. 

If you attend this seminar you will be well equipped with the necessary financial reporting knowledge to carry you through the next 5 years as the IASB will only focus on improving the current standards in the medium term.

Candidates will obtain comprehensive knowledge of the new IFRS standards together with examples and illustrations indicating how these standards should be implemented in practice.

You can’t teach accounting without examples. The practical examples make this training event unique and different from the rest.

2 Days COURSE OUTLINE

NOTE: Each topic listed below is covered with examples and illustrations

 INTRODUCTION TO IFRSs

  • The focus of IFRS and the IASB

IFRS: INTERNATIONAL FINANCIAL REPORTING STANDARDS:

  • The focus of IFRS and an overview of latest developments

FRAMEWORKS

  • Conceptual Framework
  • Principles of the new conceptual framework
  • IFRS 13 Framework for fair value

PRESENTATION

  • IR – Integrated Reporting
  • IAS 1 – PRESENTATION

INTEGRATED REPORTING

  • IAS 7 – Statement of Cashflows
  • IAS 33 – Earning Per Share
  • IAS 8 – Change in Accounting Policies, Estimates & Prior Period Errors
  • IFRS 5 – Non-Current Assets Held for sale & discounted operations

REVENUE RECOGNITION

  • IFRS 15 Revenue from Contracts with customers
  • IAS 20 – Government Grants

LIABILITIES AND EXPENSES

  • IAS 21 – Foreign Exchange (including IFRIS 22)
  • IAS 23 – Borrowing Cost
  • IAS 19 – Employee Cost
  • IAS 12 – Taxation
  • IAS 36 – Impact of Assets

ASSETS

  • IAS 2 – Inventory
  • IAS 16 – Property Plant & Equipment
  • IAS 38 – Intangible Assets (Including SIC 32:Website Cost)
  • IAS 40 – Investment Property
  • IAS 41 – Agriculture
  • IFRS 16 – Right of use Asset (Lessee)
  • IFRS 9 – Financial Assets
  • @ Cost / amortized cost
  • @ FV through P/L
  • @ FV through OCI (Mandatory)
  • @ FV through OCI (Elected)

LIABILITIES & EQUITY

  • IAS 32 – Equity Instrument
  • IFRS 9 – Financial Liabilities
  • IFRS 16 – Lease Liabilities
  • IAS 37 – Provision & Contingencies (IAS 10 event, after reporting date, IFRS 21 Levies, IFRIC 1 Decommissioning Liabilities)
  • IFRS 2 – Share-based payments
  • IFRIC17 – Distribution of Non – cash dividends
  • IFRS 17 – Insurance Liability

GROUP STATEMENTS & CONSOLIDATIONS

  • IFRS 3 – Business Combinations
  • IFRS 10 – Consolidated Financial Statements
  • IFRS 11 – Joint Arrangements
  • IAS 28 – Associates and Joint Ventures
  • Difference between GAP & IFRS

REQUEST BROCHURE