________________________________________________________________________________________________

Objectives

This course will discuss:

• The latest developments in the growing worldwide use of International Financial Reporting Standards (IFRS).
• The latest IFRS, Exposure Drafts (ED) and the International Accounting Standards Committee Foundation (IASCF) Improvement Project.
• Detailed practical examples on the implementation and application of accounting and financial reporting concepts.
• Real world challenges to applying IFRS and strategies to overcome them.
• Detailed analysis of IFRS 7 (Financial Instruments: Disclosures), IAS 32 (Financial Instruments: Presentation) and IAS 39 (Financial Instruments: Recognition And Measurement).

The Delegates

• Chief Accountants.
• Group Finance Directors.
• Heads of Finance.
• Finance Managers.
• Financial Controllers.
• Accountants.
• Management Accountants.
• Executive Directors of Finance.
• Managers of Financial Accounts.
• Heads of Accounting and Administration.
• Finance and Information Systems Managers.
• Financial Analysts.
• Portfolio Managers.

The Contents

• Introduction
  • International Accounting Standards Committee Foundation (IASCF) Constitution Proposal for Changes
  • The framework for the preparation and presentation of financial statements
  • Global convergence
• IFRS 1 – First Time Adoption of IFRS :
  • Objective and scope
  • Exemptions and exceptions
  • Presentation and disclosure
• Financial Statement Presentation (IAS 1, 7, 34; IFRS 2) :
  • Components of financial statements
  • Balance sheet classification issues
  • Non-current assets held for sale and discontinued operations
  • Income statement presentation
  • Statement of changes in equity
  • Cash flow statements
• Measuring Financial Performance (IAS 8, 24, 33; IFRS 2, 5) :
  • Accounting policies, accounting estimates and errors
  • Earnings per share
  • Related party transactions
  • Share based payments
• Business Combinations (IAS 36, 38; IFRS 5) :
  • Purchase method
  • Identifying the acquirer
  • Allocating the cost to net assets
  • Recognition and measurement of goodwill
  • Transitional provisions
• Consolidations Including Foreign Currency Issues (IAS 21, 27, 28, 31) :
  • Determination of control and consolidation of subsidiaries
  • Accounting for associates
  • Accounting for joint ventures
  • Implementation guidance on IAS 27, 28 and 31
  • Functional currencies
  • Consolidating foreign subsidiaries
  • Foreign currency transactions
• Segmental Reporting (IAS 14) :
  • Identifying reportable segments
  • Business and geographical segments
  • Meeting the 10% test
  • Presentation of segmented data
• Revenue Recognition (IAS 11, 18) :
  • Recognition issues and the concept of substance over form
  • Measurement of revenue
  • Construction contracts
• Tangible Assets (IAS 2, 16, 23, 36) :
  • Inventory methods
  • Lowering of cost and Net Realizable Value (NRV)
  • Manufacturing inventories
  • Accounting for property, plant and equipment including revaluations
  • Depreciation
  • Borrowing costs
• Intangible Assets (IAS 36, 38; IFRS 3) :
  • Recognition criteria
  • Measurement issues
  • Internally developed intangible assets
  • Research and development costs
  • Intangible assets acquired in a business combination
  • Amortization versus impairment
• Liabilities, Provisions and Contingencies (IAS 10, 12, 37) :
  • Recognition criteria for provisions and contingencies
  • Constructive and legal obligations
  • Discounting deferred payments
  • Onerous contracts
  • Post balance sheet events
  • Deferred tax provisions and assets
• Employee Benefits (IAS 19) :
  • Types of retirement plans
  • Factors affecting pension plan assets and liabilities
  • Determining the defined benefit obligation
  • Actuarial gains and losses including amendments
  • Current and past service costs
• Impact on Implementation Guidance – Questions and Answers Scope :
  • Debt and equity investments
  • Loans and receivables
  • Own debt
  • Cash and cash equivalents
  • Derivatives
  • Derivatives on subsidiaries, associates and joint ventures
  • Embedded derivatives
  • Loan commitments held for trading
  • Specific exemptions
• Debt/Equity Classification :
  • Classification
  • Derivatives on own shares
• Initial Recognition and Classification
  • Initial recognition
  • Classification
  • Reclassification of assets between categories
  • Embedded derivatives
• De-Recognition :
  • De-recognition of financial assets
  • Consequences of de-recognition or failed de-recognition
  • Securitisation
  • De-recognition of financial liabilities
• Subsequent Measurement, Fair Values and Impairment :
  • Subsequent measurement – financial issues
  • Subsequent measurement – financial liabilities
  • Amortized cost and effective interest method
  • Fair value
  • Impairment of financial assets
• Hedge Accounting :
  • Criteria for hedge accounting
  • Categories of hedges
  • Hedge effectiveness/ineffectiveness
  • Discontinuing hedge accounting
• Disclosures
  • Risk management policies and hedging activities
  • Terms, conditions and accounting policies
  • Interest rate risk

The Discount

10% in case of Three P. (or more)