International Financial Reporting Standards (IFRS) and 2020 Updates

Programme Overview

The 'International Financial Reporting Standards (IFRS) and 2020 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.

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Programme 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, and revenues and expenses in accordance with IFRS
Use professional judgment in applying IFRS for matters relating to non recurrent business transactions

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Target Audience

Professionals in the fields of finance and accounting as well as professionals seeking to enhance their international accounting knowledge from companies implementing IFRS as the standard of reporting.

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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

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Programme 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
Income statement minimum presentation requirements as per IAS1, presentation of financial statements
Components and classification of stockholders’ equity

Other comprehensive income: nature of its components

Supplemental disclosures

IFRS rules for current assets and liabilities

Accounts receivable (IFRS 9)

How to record receivables with term exceeding 1 year
Allowance for doubtful and bad debts: based on new impairment model of IFRS 9
Factoring and discounting of receivables

Accounts payable and accruals (IFRS 9)

How to record payables with due date exceeding 1 year

Inventory (IAS 2)

Ownership: when to include inventory in your books
Measurement at initial recognition: what to include in 'cost'
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
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 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)

Provisions for restructuring operations
Provisions for employee terminations

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

Wrap-up on newest standards and list of current and prior years' updates on IFRSs

Newest standards published by IASB
Standards amended in 2017 with effect in 2020
Standards amended in 2018 with effect in 2020
Standards amended in 2019 with effect in 2020
Standards amended in 2020

Total Fee

£1390

Programme Details

Code

TR-1045

Duration

5 Days

Delivery

Classroom - Virtual

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