Empowering You To Achieve Success

Search
Facebook Instagram Linkedin X-twitter

IFRS and Financial Reporting Standards

Course Overview

International Financial Reporting Standards (IFRS) have become the global benchmark for financial reporting and disclosure. Organizations operating in today’s international business environment require finance professionals who can apply IFRS standards accurately and ensure compliance with financial reporting requirements.

This comprehensive course provides participants with practical and in-depth knowledge of key IFRS standards and their application in preparing high-quality financial statements. Participants will explore revenue recognition, leases, financial instruments, assets, liabilities, and disclosure requirements through practical exercises, real-life examples, and case studies. The course focuses on helping participants understand the technical application of IFRS while improving consistency, transparency, and compliance in financial reporting.

Who Should Attend

  • Senior accountants and financial reporting specialists
  • Finance managers and financial controllers
  • Internal and external auditors
  • Financial analysts
  • Professionals involved in IFRS implementation and compliance
  • Professionals seeking to update and strengthen their IFRS knowledge

Course Objectives

At the end of this course, participants will be able to:

  • Understand the IFRS conceptual framework and major reporting standards
  • Apply IFRS standards in preparing financial statements
  • Understand recognition and measurement principles under IFRS
  • Apply IFRS requirements related to revenue, leases, assets, liabilities, and financial instruments
  • Ensure compliance with IFRS presentation and disclosure requirements
  • Identify common IFRS implementation challenges and reporting risks
  • Interpret and analyze IFRS-based financial statements
  • Apply professional judgment in financial reporting scenarios

Course Content

Introduction to IFRS and Financial Reporting

  • Overview of IFRS and global reporting standards
  • Objectives of IFRS financial reporting
  • IFRS standard-setting framework
  • Benefits of IFRS adoption and compliance
  • Comparison between IFRS and other accounting frameworks

IFRS Conceptual Framework

  • Objectives of financial reporting
  • Elements of financial statements:
    • Assets
    • Liabilities
    • Equity
    • Income
    • Expenses
  • Recognition and measurement principles
  • Qualitative characteristics of financial information:
    • Relevance
    • Faithful representation
    • Comparability
    • Consistency

Presentation of Financial Statements (IAS 1)

  • Structure and components of financial statements
  • Statement of financial position
  • Statement of profit or loss
  • Statement of changes in equity
  • Statement of cash flows
  • Notes and disclosures
  • Current vs non-current classification

Revenue Recognition (IFRS 15)

  • The 5-step revenue recognition model:
    • Identify the contract
    • Identify performance obligations
    • Determine transaction price
    • Allocate transaction price
    • Recognize revenue
  • Revenue recognition for goods and services
  • Contract modifications and variable consideration
  • Revenue recognition case studies

Leases (IFRS 16)

  • Definition and identification of leases
  • Lessee accounting:
    • Right-of-use assets
    • Lease liabilities
  • Lessor accounting overview
  • Lease calculations and presentation
  • Impact of leases on financial statements

Financial Instruments (IFRS 9)

  • Classification and measurement of financial assets
  • Amortized cost vs fair value
  • Expected credit loss (ECL) model
  • Introduction to hedge accounting
  • Financial instruments disclosure requirements

Accounting for Assets

  • Property, plant, and equipment (IAS 16):
    • Recognition and measurement
    • Depreciation methods
    • Revaluation model
  • Intangible assets (IAS 38)
  • Impairment of assets (IAS 36):
    • Indicators of impairment
    • Recoverable amount calculations

Accounting for Liabilities and Provisions

  • Recognition and measurement of liabilities
  • Provisions and contingencies (IAS 37)
  • Contingent liabilities and disclosures
  • Long-term liabilities and financing arrangements

Inventories (IAS 2)

  • Cost components of inventory
  • Costing methods:
    • FIFO
    • Weighted average cost
  • Net realizable value (NRV)
  • Inventory write-downs and disclosures

Financial Statement Disclosure Requirements

  • Importance of financial disclosures
  • Disclosure requirements under IFRS
  • Transparency and consistency in reporting
  • Common disclosure errors and compliance issues

IFRS Implementation Challenges and Best Practices

  • Areas requiring professional judgment
  • Common implementation challenges
  • IFRS compliance risks
  • Best practices in IFRS reporting and documentation

Practical Applications and Case Studies

  • Preparing IFRS-compliant financial statements
  • Revenue recognition exercises
  • Lease accounting scenarios
  • Financial instrument examples
  • Analysis of real-life IFRS financial reports
  • Identifying reporting errors and compliance issues

Table of Contents

Course Code DU0310 Category

Language: English or Arabic

Inquire
Search