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International Financial Reporting Standards – IFRS Updates November 2021

Duration: 2 Days | 9:00 am – 3:30 pm
Monday – Tuesday

22nd – 23rd November 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 increasing pressure for companies to ensure that their records are compliant with these international standards & principles.

This comprehensive 2 days IFRS workshop covers 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.

TAKE AWAY FROM THIS COURSE:

  • The course focuses on all the new developments in IFRS, for example, IFRS 9, IFRS 13, IFRS 15, IFRS 16 and IFRS 17, whilst also refreshing the principles of the existing standards.
  • Understanding the principles of the new conceptional framework will give candidates a better insight into future IFRS developments and of changes to accounting standards in the pipeline.
  • Knowledge of integrated reporting and integrated thinking will pave the way for better and comprehensive future corporate reporting.
  • The course will also touch on the impact of Covid-19 on financial reporting in 2021, especially on the impact of ongoing concern, determining fair values, estimates, impairments of non-current assets and the potential increase in loss allowances on receivables.
  • Candidates will gain benefit from the numerous practical examples and illustrations. You cannot teach accounting without examples. The practical examples make this training event unique and different from the rest.
  • Being educated by one of the most experienced and best IFRS specialists in the world.

 

WHO SHOULD ATTEND 

  • CEO
  • CFO
  • Finance (Directors, Managers, Controllers)
  • Revenue officers
  • Internal & External Auditors
  • Company Secretaries
  • Compliance (Directors, Managers)
  • Risk (Directors, Managers)
  • Support Services (Directors)

 

COURSE OUTLINE (2 Days)

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

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