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Training on Fundamentals of IFRS (International Financial Reporting Standards)
USD 1,100 |
Venue: Nairobi
Other Dates
Venue | Date | Fee | |
---|---|---|---|
Nairobi, Kenya | 11 - 15 Nov, 2024 | USD1100 |
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB). They provide a common global language for business affairs, making company accounts understandable and comparable across international boundaries.
This course on Fundamentals of IFRS provides a comprehensive introduction to the International Financial Reporting Standards (IFRS). Participants will learn about key IFRS concepts, principles, and their applications, enabling them to understand and apply IFRS to financial reporting.
What you will learn
By the end of the training participants will have:
- Enhanced understanding of IFRS
- Proficiency in IFRS financial reporting
- Application of key IFRS standards
- Improved decision-making skills
- Capability to handle IFRS transition
- Competency in financial statement analysis
Who should attend?
This training on Fundamentals of IFRS (International Financial Reporting Standards) is ideal for finance and accounting professionals such as accountants, auditors, financial controllers, and finance managers, as well as tax professionals, corporate finance personnel, financial analysts, internal and external auditors, regulatory compliance officers, consultants, advisors, and students specializing in accounting or finance.
Course Duration
Classroom-Based 5 Days
Online 7 Days
Course Outline
Introduction to IFRS
- IFRS standard setting – the bodies and due process
- Conceptual Framework
- Fair value measurement (IFRS 13)
- First-time Adoption of IFRSs (IFRS 1)
IFRS Conceptual Framework
- Elements of the financial statements: assets, liabilities, equity, income, and expenses
- Fundamental qualitative characteristics: relevance, faithful representation
- Enhancing qualitative characteristics: comparability, verifiability, timeliness, understandability
- The going concern assumption and accrual basis of accounting
- Recognition and measurement concepts
Presentation of Financial Statements (IAS 1)
- Components of financial statements
- Statement of financial position (Balance Sheet)
- Statement of profit or loss and other comprehensive income
- Statement of changes in equity
- Statement of cash flows (IAS 7)
- Notes to the financial statements and disclosure requirements
- Minimum presentation and classification
Revenue Recognition (IFRS 15)
- Overview of IFRS 15: The 5-step model
- Identifying performance obligations in contracts
- Determining transaction price and allocating it to performance obligations
- Recognizing revenue when control of goods/services transfers
- Disclosure requirements and implementation challenges
Property, Plant, and Equipment (IAS 16)
- Definition and recognition criteria for Property, Plant, and Equipment (PPE)
- Initial measurement and subsequent measurement (Cost vs Revaluation model)
- Depreciation methods and impairment of assets
- Derecognition of assets
- Disclosure requirements
Leases (IFRS 16)
- Identifying a lease contract
- Accounting for leases from a lessee’s perspective (Right of use assets, lease liabilities)
- Accounting for leases from a lessor’s perspective
- Measurement of lease payments
- Presentation and disclosure requirements
Financial Instruments (IFRS 9)
- Types of financial instruments: assets, liabilities, and equity instruments
- Classification and measurement of financial assets and financial liabilities
- Impairment of financial instruments (Expected credit loss model)
- Hedge accounting and derivatives
- Disclosure and presentation requirements
Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)
- Definition and recognition of provisions
- Measurement of provisions
- Contingent liabilities and contingent assets
- Disclosure requirements
Employee Benefits (IAS 19)
- Types of employee benefits: Short-term, post-employment, other long-term, termination benefits
- Recognition and measurement of defined benefit and defined contribution plans
- Actuarial gains and losses
- Presentation and disclosure requirements
First-Time Adoption of IFRS (IFRS 1)
- Overview of IFRS 1 requirements
- Transition date and first IFRS reporting date
- Key exemptions and exceptions from retrospective application
- Presentation and disclosure for first-time adopters
Key Notes
- This course will be delivered by experienced trainers who are seasoned finance professionals with extensive expertise in IFRS standards, financial reporting, and global accounting practices.
- Upon completion of the course, participants will be issued with a certificate
- Training manuals and additional reference materials are provided to the participants
- This course can be tailor-made to meet organization-wide needs.
Nairobi | Oct 14 - 18 Oct, 2024 |
Nairobi, Kenya | 11 - 15 Nov, 2024 |
USD 1,100.00 | (Online 700) |
InContext Training Institute +254726907991
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