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 IFRS international financial reporting standards program establishes the case for corporate Governance and international financial reporting using examples such as the inappropriate practices of creative accounting and off-balance sheet financing and notorious cases like Enron and WorldCom.
In this IFRS international financial reporting standards conference, we evaluate and interpret financial reports prepared under IFRS, emphasizing financial accounting by international financial reporting standards.
Why is IFRS Important?:
Understanding and applying IFRS is crucial for financial accounting professionals operating internationally. The IFRS international financial reporting standards certification provides recognition of proficiency in IFRS, which global organizations increasingly demand.
This IFRS international financial reporting standards seminar aims to enhance participants' skills in financial accounting and international financial reporting standards, ensuring they are up-to-date with international financial accounting standards.
Targeted Groups:
- Finance Professionals.
- Accountants.
- Auditors.
- Individuals seeking to improve their career with knowledge of IFRS.
Conference Objectives:
At the end of this IFRS international financial reporting standards conference, 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.
- Learn how to appreciate the lessons Learned from accounting scandals such as the Enron and WorldCom cases.
- Gain an understanding of the Structure of IFRS.
- Become aware of the adoption of IFRS, Current Issues/IFRS Convergence Projects, and the Convergence Problems.
- 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:
At the end of this IFRS international financial reporting standards conference, the target competencies will be able to:
- Understanding financial statement accounts.
- Financial reporting for account balances and transactions.
- Applying IFRS.
- Describing updates and amendments.
- Accounting for assets.
- Accounting for liabilities.
IFRS Training and Certification Program Outlines:
Unit 1: Corporate Governance and International Financial Reporting Standards (IFRS):
- The Case for Corporate Governance and International Financial Reporting Standards IFRS.
- Creative Accounting and Off-Balance Sheet Finance.
- Lessons Learned from Accounting Scandals.
- Corporate Governance and Responsibility.
- Problems of Convergence with International Accounting Standards.
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: 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 reports based on IFRS include 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 an organization's accounts 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 Analyzing 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 Analytical Techniques:
- Z Score and similar techniques.
- Statistical and regression analysis.
- Case studies.
Conclusion:
This comprehensive IFRS workshop aims to equip participants with a certificate in international financial reporting and ensure that they emerge as highly competent professionals in the realm of international financial reporting standards.
