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Course Overview

IFRS is the accounting and reporting standards developed by the International Accounting Standards Board (IASB) and are used by business entities in most countries. In this course, we cover 2016/2017 updated and new accounting pronouncements, their meaning, and applications. We know that learning IFRS will elevate your knowledge and understanding of accounting rules and conventions to a new and higher professional levels. Attending this course is a must, annually!

Course Methdology

The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of theories presented by the consultant and group exercises to exchange experience and apply knowledge acquired throughout the course.

Course Objectives

By completely attending this course, participants will be able to:
  • Discuss International Financial Reporting Standards (IFRS) and list the currently available standards
  • Clarify the 2017 applicable updates and evaluate their impact of financial accounting and reporting
  • Determine the correct presentation and disclosure for components of the balance sheet
  • Evaluate the implementation effect on statement of comprehensive income, statement of owners' equity and statement of cash flows
  • Review and correctly account for transactions affecting current assets and liabilities, non-current assets and liabilities, revenues and expenses
  • Exercise professional judgment in applying IFRS for substances relating to non-recurring transactions
  • Target Audience
  • Accountants, senior accountants, financial controller, accounting managers, internal auditors, business analysts, and financial analysts. Also, professionals seeking to enhance international accounting knowledge

Target Audience

Professionals in the fields of finance and accounting, and professionals seeking to enhance international accounting knowledge from companies implementing IFRS as the standard of reporting.

Target Competencies

  • Financial Statements
  • Financial Reporting
  • Assets
  • Liabilities
  • Equities
  • Revenues and Expenses

Course Outline

Overview of International Financial Reporting Standards (IFRS)

  • Setting and developing IFRS pronouncements
  • IFRS conceptual framework
  • IFRS as a principle-based accounting system
  • List of currently available IFRSs
  • Current year and prior year's updates on IFRSs
  • Newest standards published by IASB

Presentation of Financial Statements

  • Overview of financial statements
  • The statement of financial position
  • The standard balance sheet format
  • The common size balance sheet
  • How to construct a balance sheet
  • The statement of profit or loss
  • Presentation by nature or function
  • Single and multi-step income statement
  • How to construct the income statement
  • Overview of the statement of owners’ equity

Statement of Cash Flows

  • Overview of the statement of cash flows
  • The direct method
  • The indirect method
  • How to prepare the statement of cash flows
  • Disclosures of the statement of cash flows
  • Operating, Investing, and Financing cash flow

Accounting Policies, Estimates Changes, and Errors

  • Accounting policies
  • Changes in accounting estimates
  • Errors
  • Application rules
  • Disclosures and notes

Consolidated and Separate Financial Statements

  • The control concept
  • Consolidation accounting
  • Separate financial statements

IFRS Rules

  • Cash & cash equivalents
  • Accounts receivables
  • Allowance for doubtful accounts
  • Inventory
  • Short-term investments
  • Prepaid
  • Property plant & equipment
  • Depreciation and amortization
  • The cost method versus revaluation method
  • Intangible assets
  • Investment
  • Short-term liabilities
  • Long-term liabilities
  • Equity
  • Provisions, contingent liabilities, and contingent assets
  • Revenue and expense accounting
Location & Dates
Call us at +971 4 430 8394