International Financial Reporting Standards (IFRS)

Introduction:

In a global and increasingly competitive environment, the need for effective and enforced Corporate Governance and International Financial Reporting Standards (IFRS) is all too evident.

This program establishes the Case for Corporate Governance and International Financial Reporting Standards by examining such inappropriate practices such as creative accounting, off-balance sheeting financing, and examples such as Enron and World Com among others.

This is followed by an evaluation and interpretation of financial reports prepared under IFRS.

Targeted Groups:

Finance Professionals
Accountants
Auditors
Persons who are interested to get great knowledge to improve their career

Course Objectives:

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

Become aware of the case for Corporate Governance and International Financial Reporting Standards
Identify the creative accounting methods adopted by companies when preparing their financial statements
Appreciate the Lessons Learnt from accounting scandals such as the Enron and World Com cases
Gain an understanding of the Structure of IFRS
Become aware of the adoption of IFRS, Current Issues/IFRS Convergence Projects and the Problems of Convergence
Present Financial Statements under IFRS
Balance sheet: statement of financial position
Income statement: statement of comprehensive income
Cash flow statement: statement of cash flows
Statement of changes in equity
Statement of recognized income or expense ("SORIE")
Notes, including a Summary of the Significant Accounting Policies
Gain an understanding of the major IFRS
Evaluate and analyze financial statements and the impact of IFRS

Targeted Competencies:

Understanding financial statement accounts
Financial reporting for account balances and transactions
Applying IFRS
Describing updates and amendments
Accounting for assets
Accounting for liabilities

Course Content:

Unit 1: Corporate Governance and International Financial Reporting Standards (IFRS):

Establishing the Case for Corporate Governance and International Financial Reporting Standards
Creative Accounting and Off-Balance Sheet Finance
Enron and other Accounting Scandals and the Lessons Learned
Corporate Governance and Corporate Social Responsibility
The Problems of Convergence

Unit 2: The Structure of IFRS:

International Financial Reporting Standards
International Accounting Standards
Interpretations
Standing Interpretations Committee
Adoption of IFRS
Current Issues/IFRS Convergence Projects

Unit 3: The Framework for the Preparation and Presentation of Financial Statements:

Purpose and Status
Scope
Objective
Underlying Assumptions
Qualitative Characteristics of Financial Statements
Elements of Financial Statements
Recognition of Elements of Financial Statements
Measurement of the Elements of Financial Statements

Unit 4: Introduction to Financial Reports:

Financial report based on IFRS including IAS 1, IFRS 1, IAS 8, IAS 10, IAS 18 and IFRS 8:
Balance sheet: statement of financial position
Income statement: statement of comprehensive income
Cash flow statement: statement of cash flows
Statement of changes in equity
Statement of recognized income or expense ("SORIE")
Notes, including a Summary of the Significant Accounting Policies

Unit 5: Financial Reports in Detail 1:

IAS 1 Presentation of Financial Statements
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 Events after the Balance Sheet Date
IAS 18 Revenue
IAS 23 Borrowing Costs
IAS 16 Property, Plant and Equipment
IAS 17 Leases
IAS 7 Cash Flow Statements

Unit 6: Financial Reports in Detail 2:

IFRS 3 Business Combinations
IAS 27 Consolidated and Separate Financial Statements
IAS 36 Impairment of Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 38 Intangible Assets
IAS 39 Financial Instruments: Recognition and Measurement
IFRS 7 Financial Instruments: Disclosures
The structure and content of the annual report and accounts of an organization notes of explanation
A review of annual reports and accounts from around the world

Unit 7: The Analysis of Accounting Information:

The fundamentals of ratio analysis:
Who?
Why?
What?
When?
Common size statements
Rates of change statements and ratios

Unit 8: Tips for Analysing Financial Reports Using Excel Spreadsheet:

Formulas
Financial functions
Data Analysis ToolPak
Graphing/charting data

Unit 9: Comprehensive Review of Financial Reporting Information:

Working capital and cash flow management
Debtors (accounts receivable)
Creditors (accounts payable)
Capital structure

Unit 10: Using Techniques:

Z Score and similar techniques
Statistical and regression analysis
Case studies

Finance and Accounting Courses