Certificate in IFRS Norms

This certificate program provides a comprehensive understanding of the IFRS standards necessary for financial reporting in multinational companies. Participants will learn to apply IFRS across various financial statement items, handle complex reporting issues, and stay updated with IFRS updates and future trends.

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Course details

Master key IFRS standards for financial reporting
Apply IFRS to assets, liabilities, and income statement items
Prepare consolidated financial statements in compliance with IFRS
Ensure accurate financial disclosures and compliance with IFRS updates
Develop strategies for transitioning to IFRS and handling future IFRS changes

1. Introduction to IFRS Framework

Overview of IFRS principles and conceptual framework
Key differences between IFRS and other frameworks (e.g., US GAAP)
Practical case: Analyze a company’s transition from local GAAP to IFRS

2. Revenue Recognition (IFRS 15)

The five-step model for recognizing revenue from contracts with customers
Practical case: Apply IFRS 15 to a contract with multiple performance obligations

3. Lease Accounting (IFRS 16)

Accounting for leases under IFRS 16, including right-of-use assets and lease liabilities
Practical case: Apply IFRS 16

4. Financial Instruments (IFRS 9)

Classification, measurement, and impairment of financial instruments
Practical case: Apply IFRS 9 to a portfolio of debt and equity securities

5. Consolidation and Group Reporting (IFRS 10, IFRS 12)

Preparing consolidated financial statements and accounting for subsidiaries, joint ventures, and associates
Practical case: Prepare a consolidated financial statement for a group of companies

6. Business Combinations and Goodwill (IFRS 3)

Accounting for business combinations and goodwill impairment
Practical case: Account for the acquisition of a subsidiary under IFRS 3

7. Fair Value Measurement (IFRS 13)

Applying IFRS 13 to measure the fair value of assets and liabilities
Practical case: Measure the fair value of financial instruments in a volatile market

8. Analysis of IFRS Standards by Financial Statement Items

IFRS for Assets
- Standards impacting assets: IFRS 9, IFRS 16, IAS 2, IAS 12, IAS 16, IAS 36, IAS 38, IAS 40
- Accounting for tangible and intangible assets, investment properties, and inventories
- Practical case: Calculate impairment for assets under IAS 36
IFRS for Liabilities
- Standards impacting liabilities: IAS 12, IAS 19
- Recognition of employee benefits and deferred tax liabilities
- Practical case: Apply IFRS to calculate liabilities for employee benefits
IFRS for Income Statements
- Standards impacting the income statement: IAS 23, IAS 21, IAS 33
- Borrowing costs, foreign exchange, and earnings per share
- Practical case: Calculate borrowing costs under IAS 23 and apply foreign exchange impact

9. Disclosures in Financial Reporting

Key disclosure requirements under IFRS for various standards
Practical case: Draft financial disclosures for a public company under IFRS

10. Transitioning to IFRS

Challenges and best practices in transitioning from local GAAP to IFRS
Practical case: Develop a transition plan to implement IFRS in a multinational company

11. IFRS Updates and Future Trends

Overview of recent updates to IFRS standards (IFRS 18 & IFRS 19) and emerging trends
Practical case: Implement recent IFRS changes in a company’s financial reporting