International Financial Reporting Standards (IFRS)


Course Objectives

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

 
  • Identify the components of comprehensive income and other comprehensive income
  • Properly account for income taxes and determine current vs. deferent taxes
  • Classify the various type of investments according to IFRS 9
  • Determine the concepts of control and power and consolidate a set of financial statements
  • Define the term significant influence and apply the equity method
  • Apply the required steps in business combination and account for goodwill
Course Outline
  • Overview of Fundamental Concepts in IFRS
    • History of IFRS
    • The complete set of financial statements
    • Classification of assets and liabilities
    • Components and classification of stockholders’ equity
    • Total Comprehensive Income (TCI)
    • Components of Other Comprehensive Income (OCI)
  • Income Taxes (IAS 12)
    • Recognition and measurement of current tax
    • Recognition and measurement of deferred tax
    • Recognition in profit and loss
    • Deferred tax asset or liability
    • Presentation and disclosure
  • Financial Instruments
    • Classification of financial assets under IFRS 9
    • Business model and cash flow test
    • Amortized cost
    • Fair Value through Profit and Loss (FVTPL)
    • Fair value through Other Comprehensive Income (OCI)
    • Impairment of financial assets
    • Presentation of financial instruments under IAS 32
    • Disclosure requirements under IFRS 7
  • Consolidation of Financial Statements (IFRS 10)
    • Definition of power and control
    • Identification of subsidiary
    • Consolidation procedures
      • Intercompany transactions
      • Non-Controlling Interests (NCI)
      • Loss of control
  • Accounting for Joint Arrangements and Associates (IAS 28)
    • Types of joint arrangements
      •  Joint operations versus joint venture
    • Accounting for joint operations (IFRS 11)
    • Accounting for joint ventures and associates according to the equity method
    • Identification of associates and the concept of significant influence
    • Impairment of investments accounted for under the equity method
  • Business Combinations (IFRS 3)
    • Determining fair value
    • Steps in the accounting process for business combinations
    • The acquisition method
    • Goodwill and gain from a bargain purchase
    • Two options to measure non-controlling interests
    • Impairment of goodwill

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