IFRS from A to Z
Category: Accounting, Consolidation, IFRS
Duration: 5 Days
Related : All the IFRS Courses
This comprehensive five-day program provides a thorough understanding of the International Financial Reporting Standards (IFRS), covering key standards and their application in financial reporting. The training is designed for finance professionals who want to acquire an in-depth knowledge of IFRS, from foundational concepts to advanced reporting techniques. Participants will explore the evolution, purpose, and practical implementation of IFRS standards, including consolidation, revenue recognition, financial instruments, and leases. Through practical exercises and real-life case studies, participants will gain the skills needed to apply IFRS in their organizations effectively.
Learning Objectives
Understand the evolution and importance of IFRS in global financial reporting.
Master key IFRS standards such as IAS 1, IAS 2, IFRS 9, IFRS 15, and IFRS 16.
Apply IFRS principles to financial reporting, including preparing financial statements and disclosures.
Identify the differences between IFRS and local GAAP (e.g., French GAAP).
Understand the consolidation process and how IFRS is applied to group financial statements.
Use IFRS for revenue recognition, financial instruments, leases, and more.
Training Program
Day 1: Introduction to IFRS and Financial Reporting Framework
History and Evolution of IFRS
Origins of IFRS and key milestones from IAS to IFRS.
Understanding the role of the International Accounting Standards Board (IASB) and European Financial Reporting Advisory Group (EFRAG).
The IFRS Framework
The purpose of the IFRS conceptual framework.
Key principles: relevance, reliability, comparability, and understandability.
IAS 1: Presentation of Financial Statements
The structure of financial statements under IFRS: statement of financial position, statement of comprehensive income, and statement of cash flows.
Practical Case Study:
Prepare a financial statement following the requirements of IAS 1.
Day 2: Accounting for Assets and Liabilities
IAS 2: Inventories
Definition, valuation, and measurement of inventories.
FIFO, weighted average, and specific identification methods.
IAS 16: Property, Plant, and Equipment
Initial recognition, subsequent measurement, and revaluation.
Depreciation methods and impairment testing.
IAS 36: Impairment of Assets
The concept of recoverable amount and how to recognize impairment losses.
Practical Exercise:
Perform depreciation and impairment calculations for a company's assets.
Day 3: Revenue Recognition and Financial Instruments
IFRS 15: Revenue from Contracts with Customers
The five-step model: identifying contracts, performance obligations, and recognizing revenue.
Accounting for variable consideration, warranties, and returns.
IFRS 9: Financial Instruments
Classification and measurement of financial assets and liabilities.
Expected credit loss model and hedge accounting.
Practical Workshop:
Apply IFRS 9 and IFRS 15 to a company's financial transactions, recognizing revenue and measuring financial instruments.
Day 4: Leases and Consolidation
IFRS 16: Leases
The treatment of leases for both lessor and lessee.
Recognition of right-of-use assets and lease liabilities.
IFRS 10, 11, 12: Consolidation and Joint Arrangements
Consolidation of subsidiaries and the accounting for joint ventures.
Disclosure requirements for interests in other entities.
Practical Case Study:
Consolidate the financial statements of a group and prepare reports for joint ventures.
Day 5: Financial Reporting and Disclosures
IAS 7: Statement of Cash Flows
Direct vs. indirect method for cash flow presentation.
How to present operating, investing, and financing activities.
IFRS 13: Fair Value Measurement
Fair value hierarchy and methods for measuring fair value of assets and liabilities.
Disclosure Requirements under IFRS
Mandatory disclosures in financial statements, including related parties, contingent liabilities, and more.
Final Case Study:
Prepare a full set of financial statements under IFRS, including disclosures for assets, liabilities, and revenue.
Key Points
Numerous practical examples illustrating the different studied concepts
Practical cases to draw parallels with the concepts learned
Who Should Attend This Training
Finance and accounting professionals responsible for financial reporting under IFRS.
Auditors and financial controllers seeking to enhance their knowledge of IFRS.
Professionals involved in preparing consolidated financial statements.
Corporate finance professionals transitioning from local GAAP to IFRS.
Prerequisities
Basic understanding of accounting principles.
Prior experience in financial reporting is beneficial but not required.
Teaching Methods
Training structured around skill transfer
Acquisition of operational skills through practice and experimentation
Collaborative learning during synchronous sessions
Multi-stage learning path to allow engagement, learning, and transfer
Training promoting participant engagement for better anchoring of lessons
Satisfaction and Evaluation
Skill evaluation will be conducted throughout the training by the participant (self-evaluation) and/or the trainer according to the training methods.
Online training evaluation on your participant space:
Immediate evaluation at the end of the training to measure your satisfaction and perception of skill improvement against training objectives. With your agreement, your overall rating and comments will be published on our site via Verified Reviews.
Post-training evaluation 40 days later to validate the transfer of your acquired skills in the workplace
Attendance tracking and issuance of an individual training certificate or a certificate of completion
LONDON
128 City Road, EC1V 2NX London
PARIS
38 Rue Boulard, 75014, Paris