Course Overview

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About the Programme

This two weeks course provides a detailed review of all significant technical IFRS requirements. It includes coverage of IFRSs, hands-on case studies, examples, exercises, and benefits from the interactive participation of the attendees. Designed as an extended version of introduction to IFRS this comprehensive workshop helps participants to acquire the tools necessary to understand and apply IFRSs and prepare IFRS financial statements.

The course includes the latest pronouncements, and participants are brought up-to-date on all topics. In addition, participants are provided with information to assist them in researching accounting issues and monitoring future changes.

The course includes coverage of Standards with future applicability, Exposure Drafts and the IASB’s future plans, giving participants up-to-the-minute information and providing an ability to foresee how anticipated and published changes may affect their organizations.

Course Objectives

At the end of the course, participants will be able to:

  • Confidently prepare IFRS financial statements

  • Compute basic and diluted earnings per share

  • Differentiate between changes in estimates and changes in accounting policies

  • Comply with IFRS disclosure requirements, including accounting policies

  • Identify the optional and mandatory requirements for first-time adoption of IFRSs

  • Have a greater understanding of the considerations when deciding which of the optional treatments in IFRS 1 to apply.

  • Understand the IFRS requirements for recognition and measurement of assets, liabilities, revenues, expenses, gains and losses

  • Calculate asset impairment using the ‘cash-generating units’ approach in accordance with IAS 36

  • Differentiate between finance and operating leases

  • Explain likely future IFRS changes, including prospects for convergence with major national accounting standards

Who Should Attend

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This course is ideal for individuals at all levels within an organization who need to have detailed knowledge of IFRSs. In essence, it is an opportunity to transfer a crucial new skill set to those responsible for making accounting decisions and preparing, reviewing or approving IFRS financial statements. The program is generic and does not focus on any one particular industry. All participants are expected to Understanding of basic accounting principles based on any national standards. No advance preparation is required for this course

Course Outline

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  • Introduction to IFRSs -  Brief history of IFRSs, the GAAP hierarchy

  • Content of IFRS Financial Statements

  • Presentation of financial statements (IAS 1)

  • Statement of cash flows (IAS 7)

  • Accounting policies, changes in accounting estimates and errors (IAS 8)

  • Events after the reporting period (IAS 10)

  • Operating segments (IFRS 8)

  • Related party disclosures (IAS 24)

  • Earnings per share (IAS 33)

  • Interim financial reporting (IAS 34 and IFRIC 10)

  • Discontinued operations (IFRS 5)

  • Inventories (IAS 2)

  • Construction contracts (IAS 11 and IFRIC 15)

  • Property, plant & equipment (IAS 16)

  • Borrowing costs (IAS 23)

  • Intangible assets (IAS 38)

  • Investment property (IAS 40)

  • Impairment of assets (IAS 36)

  • Non-current assets held for sale (IFRS 5)

  • Leases (IAS 17, SIC-27, and IFRIC 4)

  • Employee benefits (IAS 19, including the 2011 amendments, and IFRIC 14)

  • Provisions, contingent liabilities and contingent assets (IAS 37)

  • Share-based payment (IFRS 2)

  • Financial Instruments

  • Financial assets and liabilities, hedging and derivatives (IAS 32, IAS 39, IFRS 9)

  • Financial instrument disclosures (IFRS 7)

  • Income Taxes

  • Income taxes (including expense and deferred taxation) (IAS 12)

  • Revenue Recognition Issues

  • Revenue (IAS 18, IFRIC 13, 15 and 18)

  • Construction contracts (IAS 11)

  • Foreign Currency Issues

  • The effects of changes in foreign exchange rates (IAS 21)

  • Business Combinations, Consolidations, Associates & Joint Ventures

  • Business combinations (IFRS 3 revised 2008)

  • Consolidated and separate financial statements, including special purpose entities (IAS 27)

  • Investments in associates (IAS 28 including the 2011 amendments)

  • Review of Specialized Areas

  • Accounting for government grants and disclosure of government assistance (IAS 20)

  • Accounting and reporting by retirement benefit plans (IAS 26)

  • Financial reporting in hyperinflationary economies (IAS 29)

  • Transitioning to IFRSs

  • First-time adoption of IFRSs (IFRS 1)

  • Expected Future Developments

  • Annual improvements to IFRSs

  • Other standards released with mandatory adoption in 2013 including IFRS 10 Consolidated financial statements, IFRS 11 Joint arrangements, IFRS 12 Disclosure of interests in other entities, IFRS 13 Fair value measurement

  • Other current exposure drafts

  • Draft interpretations

  • Discussion papers

  • Convergence plans with other national GAAP

  • IASB projects and agenda

  • IFRIC projects and agenda

Location, Pricing & Dates

All courses are available in-house (your preferred location) but throughout the year, we run selected courses as scheduled programmes.

This course is scheduled to run for 5 days from the 20th - 24th October 2014 in Lagos

To view scheduled courses and pricing, please hover over dates on the calendar below.