Introduction
International Financial Reporting Standards (IFRS) are accounting standards issued by the International Accounting Standards Board (IASB). These standards are used by organizations worldwide to prepare and present financial statements. IFRS addresses the challenges faced by organizations operating in multiple countries by providing a single set of high-quality accounting standards that are internationally recognized. This course is designed to empower participants with practical and detailed knowledge of IFRS, enabling them to apply these standards effectively.
Learning Objectives
By the end of this IFRS Certification Course, participants will:
- Understand the key principles of the Conceptual Framework for Financial Reporting.
- Learn the financial reporting standards applicable to key elements of financial statements.
- Know the disclosure requirements for organizations in financial reports and notes.
- Understand aspects related to consolidated financial statements, including subsidiaries, associates, and joint arrangements.
Training Methodology
This course includes:
- Classroom sessions with presentations by experienced trainers.
- Participation through case studies, problem-solving exercises, group discussions, and activities.
- Sharing experiences, issues, concerns, and best practices from participants’ organizations. Xcelerate Training Institute follows the ‘Do–Review–Learn–Apply’ model for effective learning.
Benefits for Your Organization
Organizations will benefit from:
- More accurate financial statement comparisons.
- Simplified and better-quality reporting standards.
- Streamlined accounting standards, enabling better resource management.
- Lower costs of auditing and statutory reporting.
- Ability to raise more capital from foreign markets at lower rates, instilling confidence among investors.
Benefits for You
Participants will gain:
- Skills to standardize financial reporting, improving the comparability of financial statements.
- Ability to recognize losses immediately and enhance contracting between companies and management.
- Improved consistency and transparency of financial reporting.
- Certification and skills to work with top organizations.
- Enhanced promotion prospects and career opportunities.
- Expertise in IFRS, paving the way for a successful career in the financial industry.
Target Audience
This course is suitable for:
- Accounting professionals involved in preparing financial statements.
- Financial controllers, finance managers, financial systems analysts, senior accountants, financial accountants, management accountants, general ledger accountants, assistant accountants, accounts receivable accountants, accounts payable accountants, payroll accountants.
- Decision-makers relying on timely and accurate financial information.
- Chief Financial Officers (CFOs), finance directors, and strategic planners.
Course Outline
Introduction to IFRS
- International Accounting Standards Board (IASB) and IFRS Foundation Relationship
- IAS and IFRS Standards Currently in Issue
- Conceptual Framework for Financial Reporting
- Status and Practice of IFRS Standards Worldwide
Accounting for Assets under IFRS
- Property, Plant & Equipment
- Inventory
- Intangible Assets
- Investment Property
- Leases
- Borrowing Costs
- Agriculture
- Government Grants and Disclosure of Government Assistance
- Impairment of Assets
Accounting for Revenue Recognition
- Revenue from Contracts with Customers
- Contract Costs
Accounting for Liabilities
- Provisions
- Contingent Liabilities
- Lease Liabilities
- Income Taxes
- Employee Benefits
- Share-Based Payments
Financial Instruments
- Financial Assets, Financial Liabilities & Equity
- Recognition of Financial Instruments
- Fair Value Measurement
- Impairment of Financial Assets
- Hedging and Hedge Accounting
Presentation of Financial Statements
- Presentation of Financial Statements
- Statement of Cash Flows
- Interim Financial Reporting
- Selection of Accounting Policies and Estimates
- Events After the Reporting Period
Group Financial Statements
- Business Combinations
- Consolidated Financial Statements
- Separate Financial Statements
- Associates & Joint Ventures
- Effects of Changes in Foreign Exchange Rates
Other IFRS Standards
- Related Party Disclosures
- Earnings Per Share
- Exploration and Evaluation of Mineral Resources
- Assets Held for Sale and Discontinued Operations
- First-Time Adoption of IFRS
- IFRS for SMEs