Advanced International Financial Reporting Standards IFRS

Overview:

Introduction:

International Financial Reporting Standards (IFRS) provide a globally recognized framework for financial reporting, ensuring consistency, transparency, and comparability of financial statements across industries and jurisdictions. Advanced IFRS applications go beyond fundamental principles, addressing complex financial transactions, consolidation, revenue recognition, financial instruments, and fair value measurement. This training program provides a comprehensive exploration of advanced IFRS concepts, focusing on complex financial reporting challenges faced by professionals. It enhances participants' expertise in financial instruments, revenue recognition, lease accounting, business combinations, fair value measurement, and other critical IFRS topics. 

Program Objectives:

By the end of this program, participants will be able to:

• Explore the IFRS framework and its role in financial reporting.

• Assess the accounting treatment of financial instruments, leases, and business combinations.

• Interpret revenue recognition principles and their impact on financial statements.

• Analyze fair value measurement techniques and impairment models.

• Evaluate recent IFRS updates and their effect on financial reporting practices.

Target Audience:

• Senior Financial Accountants.

• Financial Reporting Managers.

• Auditors and Compliance Officers.

• CFOs and Finance Directors.

• Finance Professionals engaged in complex financial reporting.

Program Outline:

Unit 1:

IFRS Framework and Conceptual Principles:

• Overview of IFRS framework and its role in financial reporting.

• Key principles of IFRS and differences from local GAAP.

• Structure and objectives of the conceptual framework.

• Regulatory requirements and compliance considerations.

• IFRS financial statement components and presentation requirements.

• Common challenges in applying IFRS principles.

Unit 2:

Financial Instruments Accounting (IFRS 9):

• Classification and measurement techniques of financial assets and liabilities.

• Expected credit loss model and impairment calculation methods.

• Hedge accounting and risk management reporting methods.

• Accounting techniques for derivative instruments and embedded derivatives.

• Impact of financial instruments on financial statements.

• Disclosure requirements and compliance with IFRS 9.

Unit 3:

Revenue Recognition and Contract Accounting (IFRS 15):

• Five-step model for revenue recognition under IFRS 15.

• Identification and allocation techiques of performance obligations.

• Revenue recognition methods for contracts with variable considerations.

• Accounting techniques for contract modifications and multiple-element arrangements.

• Impact of revenue recognition on financial statement presentation.

• Financial reporting obligations related to IFRS 15 compliance.

Unit 4:

Lease Accounting (IFRS 16):

• Recognition and measurement techniques of lease liabilities and right-of-use assets.

• Differences in lessee and lessor accounting treatment.

• How to calculate lease interest and depreciation expenses.

• Key activities involved in the treatment of lease modifications and early terminations.

• Effects of IFRS 16 on financial ratios and performance evaluation.

• Financial disclosures related to lease obligations.

Unit 5:

Business Combinations and Consolidation (IFRS 3 & IFRS 10):

• Definition and classification of business combinations.

• Accounting techniques for goodwill, acquisition-related costs, and contingent considerations.

• Consolidation requirements for subsidiaries and joint ventures.

• Partial ownership transactions and control assessments measurements.

• Non-controlling interests and their financial statement impact.

• IFRS reporting obligations for business combinations and consolidations.

Unit 6:

Fair Value Measurement and Disclosures (IFRS 13):

• Principles and methodologies for fair value measurement.

• Determining fair value hierarchy and appropriate valuation techniques.

• Tools for estimating fair value of financial and non-financial assets.

• Impact of market conditions on fair value assessments.

• Disclosures required under IFRS 13 for fair value measurement.

• Key considerations in fair value estimation and financial reporting.

Unit 7:

Impairment of Assets and Recoverability (IAS 36):

• Indicators of impairment and assessment process of asset recoverability.

• How to measure impairment losses and reversals.

• Goodwill impairment testing and cash-generating unit evaluations methods.

• How to adjust impairment losses in financial statements.

• Key activities involved in the presentation and disclosure of impairment-related adjustments.

• IFRS compliance in impairment reporting and assessments.

Unit 8:

Employee Benefits and Provisions (IAS 19 & IAS 37):

• The processes involved in the classification and recognition of short-term and long-term employee benefits.

• Actuarial valuation techniques for pension and post-employment benefits.

• Tools used for measurement and reporting of provisions and contingent liabilities.

• Recognition techniques of contingent assets in financial reporting.

• Compliance requirements for employee benefits and provision disclosures.

• Accounting treatment methods for restructuring provisions and legal obligations.

Unit 9:

Tax Accounting and Deferred Taxes (IAS 12):

• Calculation and recognition measures of current and deferred taxes.

• Differences between taxable and deductible temporary differences.

• Impact of tax rate changes on deferred tax adjustments.

• Tax accounting techniques for losses, credits, and uncertain tax positions.

• Disclosure requirements for tax-related items in financial statements.

• Key reporting considerations for IFRS tax compliance.

Unit 10:

IFRS Updates and Future Developments:

• Recent amendments and updates to IFRS standards.

• Emerging trends and upcoming regulatory changes.

• Industry-specific implications of IFRS updates.

• Preparation strategies for future IFRS modifications.

• Importance of financial reporting adaptations in response to regulatory changes.