INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) & PREPARING FINANCIAL STATEMENTS AND THE ANNUAL REPORT

INTRODUCTION

This comprehensive accounting standards training course will enable each participant to appreciate and understand the basics and certain complexities associated with International Accounting Standards (IFRS) along with topic terminology, concepts and applications.
In gaining a perspective of the origins of IFRS, the accomplishments, to date, in the development and acceptance of global accounting standards and insights into the foreseeable future, participants will gain a valuable understanding of this critical field of knowledge and be capable of contributing meaningful assistance to their respective organizations with respect to the adoption and utilization of these accounting standards.
This training course will feature:
The basic concepts of accounting and financial reporting disclosures and varying reconciling and non-reconciling differences between GAAP and IFRS
The scope, structure, contents and components of IFRS compliant financial statements, including underlying assumptions and related footnotes disclosures
Measurement and recognition of the various elements of international accounting principles and standards, including transition concerns
Revenue recognition and financial reporting requirements


Target Audience
 Senior and junior accountants, accounting and finance professionals, chief accountants, accounting managers and supervisors, financial controllers and any accounting and finance professionals interested in learning and updating their knowledge in preparation of financial statements and notes.
Target Competencies
Understanding the accounting cycle
Designing chart of accounts
Performing accounting adjusting entries
Preparing and analyzing Income statements
Preparing and analyzing Balance sheets
Preparing and analyzing Cash flow
Reviewing and understanding financial statements notes
Utilizing Excel functions
 
Objectives
By the end of this training course, participants will be able to:
Understand the current and potential future requirements of IFRS, including the final prospects and timetable for the convergence of GAAP and IFRS
Apply standards in accordance with their requirements in terms of preparing IFRS compliant financial statements, including the selection of appropriate accounting policies and related footnote disclosures
Understand the recognition and measurement principles as delineated within the IASB’s Framework and comprehending their application within each accounting standard
Define and apply the transition process to IFRS and identify the first-time exemptions that are applicable to the financial statements of a transitioning  organization
Examine accounting standards that either require or permit the use of fair value measurement (including comparisons to U.S. Financial Accounting Standards), determining fair value measurements and financial statement recognition issues and presentationExplain each part of the accounting cycle
Design effective chart of accounts
Perform accounting adjustments including deferrals and accruals
Create trial balance and adjusted trial balance
Describe and map charts of accounts to the financial statements
Prepare and present income statements, balance sheets, and cash flow statements
Formulate notes to the financial statements
 
 
Training  Methodology :
This training course will utilise a variety of proven highly interactive adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented.
There will be an explanation of all IASB technical requirements in a clear, practical format, including an overall review of the rationale and objectives for all IASB standards that are included in the training course. 
In addition, active participation by all participants through a combination of direct instruction, analysis and evaluation of practical case studies, examples and exercises to illustrate application of the standards as well as current and future issues and other “real-life” examples will be encouraged.

This course covers theoretical core topics in addition to introducing Excel for the preparation of financial statements. It features study of real life cases and presentations by participants.
 
Who Should Attend?
This training course is suitable to a wide range of professionals but will greatly benefit the following individuals:
Accounting professionals
Financial executives
Auditors
Financial analysts
Bankers
Investment bankers
Any other professionals involved in the preparation, presentation, implementation or analysis of financial statements prepared in accordance with IFRS
Why Attend
Financial statements and the annual report are key communication channels between companies and their different stakeholders. By attending this course you will be able to prepare financial statements as per the International Financial Reporting Standards (IFRS) hence maintaining your company's financial reporting transparency and credibility.
DAY 1
Evolution of International Accounting Standards
International Financial Reporting Standards (“IFRS”)
Introduction, History and Overview of Existing and Future Standards
Roles of the Various Accounting Standards Setting Bodies
Objectives and Structure of the International Accounting Standards Board (“IASB”)
Framework, Demand and Adoption of IFRS
Convergence
Introduction and Historical Overview
Issues, Benefits and Problems of Convergence
IASB/FASB Projects
U.S. SEC Adoption Timeline and Activities
DAY 2
Structural Framework for the Preparation and Presentation of Financial Statements
Purpose and Objectives, including Financial Statement Audit Impact
Scope, Structure and Content of IFRS Financial Statements
Accounting Policies and Underlying Assumptions
Components of Financial Statements, including Qualitative Characteristics
Measurement and Recognition of the Elements of Financial Statements
Transition Concerns and Transition Plan Elements
DAY 3
Preparation and Presentation of IFRS Financial Statements
Structure and Content of Both General and Specific Elements of  Financial Statements
IAS 1
Balance Sheet
Income Statement
Presenting Either a Statement of Changes In Equity or a Statement of Recognized Income or Expense (“SORIE”)
Statement of Cash Flow
Consolidation Criteria and Requirements
Notes to Financial Statements and Related Disclosures
Revenue Recognition and Reporting Requirements
DAY 4
Conversion Preparation to IFRS
Examining Substantive Differences in Disparate Accounting Treatments
Inventory
Fixed Assets
Valuation
Revaluation
Depreciation
Deferred Taxes
Contingencies
Performing Thorough Assessments
Technical Accounting and Tax Implications and Risks
Supporting Established Processes and Infrastructure Considerations
Adopting Implementation Plans
Conversion Issues and Concerns
Technical Accounting and Tax Conversion Issues
Designing Supporting Processes and Infrastructure Features
Developing Revised Organization Plans and Change Strategies
Conversion Maintenance
Implementing  Support Processes and Infrastructure Features
Change Management Execution Strategies
Conversion Transfers
Comparative Analysis of Companies Adopting or Not Adopting IFRS
DAY 5
Impact of IFRS on Financial Statements Interpretations
International Accounting and Diversity Considerations
Financial Analysis Tools and Techniques
Common Size Statements
Trend Analysis
Ratio Analysis
Dupont Analysis
Z Scores
Investment Ratios
Cash Flow Ratios
Peer Group and Industry Comparisons
Importance of Corporate Governance and Awareness of IFRS Best Practices
Future IFRS Considerations

Preparing Financial Statements and the Annual Report

DAY 6
The accounting cycle
Understanding the accounting cycle
Supporting documents
Analyzing transactions and recording in the system
Preparing ledgers and General Ledgers (GL)
Converting the GL to Trial Balance (TB)
Types of adjusting entries
The Adjusted Trial Balance (ATB)
Mapping ATB to the financial statements
Preparing financial statements
Closing the books
Preparing the Post-Closing Trial Balance (PCTB)
 

DAY 7
Chart of accounts and design techniques
Designing the chart of accounts
Maintenance of the chart of accounts
Analyzing the chart of accounts
Reconciliations and important issues
Creating the trial balance

DAY 8
Accounting adjusting entries
Understanding deferrals
Deferred revenues and entries
Deferred expenses entries
Working with accruals
Adjusting for accrued revenues
Accrued expenses entries
Other adjustments and corrections
Preparing the adjusted trial balance

DAY 9
Preparing financial statements and notes
Mapping the adjusted trial balance to the financial statements
Preparing the income statements
Preparing the balance sheets
Preparing the cash flow statements
Preparing the owners equity statements
Objectives of external audit
External audit versus internal audit
Reading and interpreting the audit opinion
Management Discussion and Analysis (MD&A)

DAY 10
Notes to the financial statements
Understanding the requirements for the notes
Organization and activities of the notes
Basis for preparation
Summary of significant accounting policies
Accounting convention
Use of estimates
Completing the financial statements and the notes
 
 

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من 25-11-2024    الى 29-11-2024