Introduction

International Accounting Standards (IAS) play a critical role in ensuring consistency, transparency, and comparability of financial statements across global markets. This 5-day training course is designed to provide participants with a thorough understanding of the International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS). Participants will learn about the underlying principles, key standards, and how to apply these standards in real-world financial reporting scenarios. The course will also cover the latest updates and practical applications of IAS/IFRS in different industries.

Course Objectives

• Gain a comprehensive understanding of the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS).
• Learn the key principles and concepts behind IAS/IFRS, including their framework and purpose.
• Understand how to apply IAS/IFRS in the preparation of financial statements.
• Explore the most important IAS/IFRS standards and their implications for financial reporting.
• Stay updated on the latest changes and updates in IAS/IFRS standards.
• Learn how to address challenges related to the implementation and application of international accounting standards.

Who Should Attend?

• Accountants, auditors, and financial professionals who are responsible for preparing and reviewing financial statements.
• Finance and accounting managers who need to understand the latest international accounting standards.
• Corporate finance teams involved in reporting and financial analysis.
• Tax professionals and consultants working with multinational companies.
• Individuals preparing for certification or working with companies that follow IAS/IFRS reporting standards.
• Business professionals who want to understand how IAS/IFRS impact financial reporting globally.

Day 1: Introduction to International Accounting Standards

• Session 1: Overview of International Accounting Standards (IAS) and IFRS
  • Introduction to IAS/IFRS: history, purpose, and development
  • The role of the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB)
  • The importance of IAS/IFRS in global business and financial reporting
  • Differences between IAS, IFRS, and local accounting standards
• Session 2: The Conceptual Framework for Financial Reporting
  • Key elements of the conceptual framework: objectives of financial reporting, qualitative characteristics, and the accounting elements
  • The role of the conceptual framework in IAS/IFRS standard-setting
  • Underlying principles: relevance, reliability, comparability, and understandability
• Session 3: Key Features of IAS and IFRS
  • Basic principles of IAS/IFRS: accrual accounting, going concern, consistency, and comparability
  • The structure of IAS/IFRS and how they impact financial statements
  • How IAS/IFRS address revenue recognition, leases, and financial instruments

Day 2: Key International Accounting Standards (IAS/IFRS) – Part 1

• Session 1: IAS 1 – Presentation of Financial Statements
  • Understanding the components of financial statements (balance sheet, income statement, cash flow statement, and equity changes)
  • Key disclosures and requirements under IAS 1
  • The importance of consistency in the presentation of financial statements
• Session 2: IFRS 9 – Financial Instruments
  • Overview of IFRS 9 and its impact on accounting for financial instruments
  • Classification and measurement of financial assets and liabilities
  • Impairment of financial instruments and hedge accounting
• Session 3: IFRS 15 – Revenue from Contracts with Customers
  • Key principles of revenue recognition under IFRS 15
  • Identifying performance obligations and contract modifications
  • Practical applications and challenges in implementing IFRS 15

Day 3: Key International Accounting Standards (IAS/IFRS) – Part 2

• Session 1: IAS 2 – Inventories
  • Defining inventories and their impact on financial reporting
  • Accounting for the cost of inventories: FIFO, weighted average cost, and net realizable value
  • The treatment of inventory write-downs and reversals under IAS 2
• Session 2: IAS 16 – Property, Plant, and Equipment
  • Accounting for fixed assets and property, plant, and equipment (PPE)
  • Recognition, measurement, depreciation, and impairment of PPE
  • Revaluation model and cost model in PPE accounting
• Session 3: IAS 12 – Income Taxes
  • Recognition and measurement of current and deferred tax under IAS 12
  • Taxable temporary differences and deductible temporary differences
  • Accounting for tax credits, tax losses, and tax rate changes

Day 4: Application and Implementation of IAS/IFRS

• Session 1: Preparing Financial Statements under IAS/IFRS
  • Understanding the balance sheet, income statement, statement of cash flows, and equity statement under IAS/IFRS
  • Common challenges in applying IAS/IFRS and best practices for overcoming them
  • The importance of accounting policies and estimates in financial statement preparation
• Session 2: IAS/IFRS for Group Accounting and Consolidation
  • Overview of consolidation under IAS 27 (Consolidated and Separate Financial Statements)
  • The treatment of subsidiaries, associates, and joint ventures under IFRS 10, IFRS 11, and IFRS 12
  • Preparation of consolidated financial statements and the elimination of intercompany transactions
• Session 3: Impact of IFRS Adoption on Financial Reporting
  • Challenges in adopting IFRS in different jurisdictions
  • The role of financial reporting frameworks and regulatory bodies
  • Strategies for managing IFRS implementation and ensuring compliance

Day 5: Current Issues and Future Developments in IAS/IFRS

• Session 1: Current Issues in IAS/IFRS Reporting
  • Recent updates and amendments to IAS/IFRS standards
  • Accounting for climate-related risks, environmental concerns, and social factors in financial statements
  • Implications of new standards on financial reporting and business decision-making
• Session 2: IFRS 17 – Insurance Contracts
  • Overview of IFRS 17 and its impact on the insurance industry
  • Accounting for insurance contracts: measurement models and revenue recognition
  • Challenges in applying IFRS 17 and practical examples from the industry
• Session 3: The Future of IAS/IFRS and Financial Reporting
  • The evolving role of IAS/IFRS in global financial markets
  • Trends in digital accounting and the impact of technology on IAS/IFRS implementation
  • How IFRS can support sustainable and responsible financial reporting

Course Conclusion

• Review of Key Learnings
• Interactive Q&A Session
• Certification of Completion
• Networking Opportunity