International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) is a comprehensive course that will provide participants with a thorough understanding of the principles and practices of financial reporting as outlined by the International Accounting Standards Board (IASB). The course is designed for professionals, such as accountants and financial analysts, who work in international organizations and need to be familiar with IFRS.

This course will cover the IFRS framework, the presentation of financial statements, specific accounting standards, consolidated financial statements, disclosure requirements, and the practical aspects of implementing IFRS. Additionally, the course will provide a comparison of IFRS with the Generally Accepted Accounting Principles (GAAP). By the end of this course, participants will have the knowledge and skills necessary to conduct effective financial reporting and ensure compliance with international standards.

Learning Objectives:

At the end of the training participants should be able:

• Understand the history and development of IFRS and its purpose, structure, and governance
• Learn the conceptual framework for financial reporting, including the definition and recognition of assets, liabilities, income, and expenses
• Understand the requirements for the preparation and presentation of financial statements, including the balance sheet, income statement, and cash flow statement
• Learn the specific accounting standards for various types of transactions, such as revenue recognition, inventory, and leases
• Understand the principles and practices of preparing consolidated financial statements, including the elimination of inter-company transactions and the treatment of minority interests
• Learn the disclosure requirements for financial statements, including notes to the financial statements and management's discussion and analysis
• Understand the practical aspects of implementing IFRS, including the conversion process, ongoing reporting requirements, and the impact on financial statement users
• Compare and contrast IFRS with GAAP
• Apply the learned concepts through case studies and real-world examples.