International Financial Reporting Standards (IFRSs) are the world’s most widely applied accounting standards. Approximately 120 countries now require or permit the use of IFRS. Over 7,000 public companies in the European Union have complied with IFRSs since 2005. Argentina, Brazil, China, Canada, Japan, India, Mexico and the Republic of Korea are either adopting IFRSs or have decided to converge their national standards with IFRSs. The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are committed to a systematic program of improving and converging their rules. In 2008 the US Securities and Exchange Commission (SEC) abolished the requirement for foreign registrants to reconcile their financial statements to US GAAP if they file under IFRS. In February 2010 the SEC confirmed its support for a single set of global accounting standards and nominated IFRS as best placed to fulfill that role. It instituted a ‘Work Plan’ that will lead to a decision about mandatory application of IFRS for US domestic registrants. This two-day overview is designed to guide you step by step through important IFRS technical issues. We explain the principles clearly and simply. Our specialist instructors also help delegates with the practicalities of implementation.
Explain how the recognition and measurement principles of the IASB’s Framework apply within each accounting standard Apply the requirements of the standards to prepare IFRS compliant financial statements Identify an appropriate accounting policy for a given accounting issue and suggest necessary disclosures List the major standards that require or permit the use of fair value measurement, identify how fair value is measured and specify where the fair value changes are recognized Differentiate between the requirements of current IFRSs and proposed changes for the future, including prospects for global convergence of major national accounting standards
International Accounting Standards Board (IASB) - structure and work program 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) Related party disclosures (IAS 24) Events after the reporting period (IAS 10) Operating segments (IFRS 8) Discontinued operations (IFRS 5) Assets Inventories (IAS 2) Property, plant and equipment (IAS 16) Borrowing costs (IAS 23) Intangible assets (IAS 38) Impairment of assets (IAS 36) Non-current assets held for sale (IFRS 5) Liabilities Employee benefits (IAS 19) Provisions, contingent liabilities and contingent assets (IAS 37) Share-based payment (IFRS 2) Financial Instruments Financial assets and liabilities (IAS 39 and IAS 32) Disclosures (IFRS 7) Revenue Recognition (IAS 18) Group Accounting Consolidated and separate financial statements, including special purpose entities (IAS 27 and SIC 12) Business combinations (IFRS 3) First-time Adoption of IFRSs (IFRS 1)
Who Should Attend
CPAs, accountants and analysts in industry and practice
Understanding of basic accounting principles based on any national standards