International Financial Reporting Standards (IFRS) and Amendments 2023

International Financial Reporting Standards (IFRS) and Amendments 2023

Methodology

The instructor utilizes a variety of interactive techniques such as presentations, theory application, group exercises, and knowledge sharing to facilitate the learning process throughout the course.

Course Objectives

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

· Understand the process of developing International Financial Reporting Standards (IFRS) and be familiar with the existing standards.

· Identify the latest amendments to the existing International Financial Reporting Standards and evaluate the impact of new standards on the organization.

· Differentiate proper presentation and minimum disclosures for components of the financial position statement, comprehensive income statement, statement of changes in equity, and statement of cash flows in accordance with International Financial Reporting Standards.

· Evaluate and correctly account for transactions affecting assets, current and non-current liabilities, revenues, and expenses according to International Financial Reporting Standards.

· Provide professional judgment in applying International Financial Reporting Standards to non-routine business transactions.

Target Audience

Accounting and finance professionals, as well as individuals seeking to enhance their knowledge of international accounting from organizations that adopt IFRS as the reporting standard.

Training Program Content

· Introduction to International Financial Reporting Standards (IFRS) and financial statement presentation

o Definition of “IFRS”

o Process of developing IFRS standards

o Presentation model for the financial position statement under International Accounting Standard – IAS 1, Presentation of Financial Statements

o Classification and components of current and non-current assets and liabilities

o Assets and liabilities offsetting

o Minimum requirements for income statement presentation under International Accounting Standard – IAS 1, Presentation of Financial Statements

o Presentation of revenues and expenses by nature or function

o Components and classification of shareholders’ equity

o Other comprehensive income: nature of its components

o Additional disclosures

· International Accounting Standards for current assets and liabilities

o Cash and cash equivalents (International Financial Reporting Standard – IFRS 9)

o Trade receivables (International Financial Reporting Standard – IFRS 9): – Allowance for doubtful debts and bad debts: Impairment approach under IFRS 9 – Pledging and factoring of trade receivables

o Trade payables and accruals (International Financial Reporting Standard – IFRS 9)

o Inventory (International Accounting Standard – IAS 2): – Ownership: When to recognize inventory in the books? – Initial recognition measurement: What is included in the cost? – Assumptions for inventory cost flow – Subsequent measurement: lower cost or net realizable value

· Non-current assets and liabilities according to IFRS

o Property, plant, and equipment (International Accounting Standard – IAS 16): – Initial recognition and subsequent measurement – Cost model versus revaluation model – Held-for-sale assets (International Financial Reporting Standard 5) – Treatment of decommissioning costs (International Accounting Standard – IAS 37) – Impairment of property, plant, and equipment (International Accounting Standard – IAS 36)

o Intangible assets (International Accounting Standard – IAS 38) – Cases where intangible assets are not recognized in the financial position statement – Cost model versus revaluation model

o Investment properties (International Accounting Standard – IAS 40) – Distinguishing investment properties from other assets – Cost model versus fair value model

o Provisions, contingent liabilities, and contingent assets (International Accounting Standard – IAS 37)

· Financial instruments (International Financial Reporting Standard – IFRS 9)

o Types of financial investments

o Classification under International Financial Reporting Standard – IFRS 9: Fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVTOCI), amortized cost

o Initial recognition and subsequent measurement

o Transition requirements and disclosures

· Revenue recognition (International Financial Reporting Standard – IFRS 15)

o Scope and principles of revenue recognition

o Identification of performance obligations

o Measurement of transaction price

o Allocation of transaction price to performance obligations

o Recognition of revenue when performance obligations are satisfied

· Leases (International Financial Reporting Standard – IFRS 16)

o Scope and definitions

o Lessee accounting: right-of-use assets, lease liabilities, and subsequent measurement

o Lessor accounting: finance leases and operating leases

o Transition requirements and disclosures

· Impairment of financial assets (International Financial Reporting Standard – IFRS 9)

o Expected credit losses model

o Recognition and measurement of impairment losses

o Reversal of impairment losses

· Consolidated financial statements (International Financial Reporting Standard – IFRS 10, IFRS 11, IFRS 12)

o Definition and control of subsidiaries

o Accounting for joint arrangements and associates

o Disclosure requirements for consolidated financial statements

This training program aims to provide participants with a comprehensive understanding of International Financial Reporting Standards and the latest amendments. It covers various key areas of financial reporting, including presentation, current and non-current assets and liabilities, financial instruments, revenue recognition, leases, impairment, and consolidated financial statements. By the end of the course, participants will be equipped with the knowledge and skills necessary to apply IFRS in their organizations effectively.