International Financial Reporting Standards (IFRS)

Section One: Evolution of International Accounting Standards

•  International Financial Reporting Standards (IFRS)

• Introduction, History, and Overview of Existing and Future Standards

• Roles of the Various Accounting Standards Setting Bodies

• Objectives and Structure of the International Accounting Standards Board (IASB)

•  Framework, Demand, and Adoption of IFRS

•  Convergence

• Introduction and Historical Overview

• Issues, Benefits, and Problems of Convergence

Section Two: Structural Framework for the Preparation and Presentation of Financial Statements

•  Purpose and Objectives, including Financial Statement Audit Impact

•  Scope, Structure, and Content of IFRS Financial Statements

•  Accounting Policies and Underlying Assumptions

•  Components of Financial Statements, including Qualitative Characteristics

•  Measurement and Recognition of the Elements of Financial Statements

•  Transition Concerns and Transition Plan Elements

Section Three: Preparation and Presentation of IFRS Financial Statements

•  Structure and Content of Both General and Specific Elements of Financial Statements

•  IAS 1

• Balance Sheet

• Income Statement

• Presenting Either a Statement of Changes In Equity or a Statement of Recognized Income or Expense (SORIE)

• Statement of Cash Flow

• Consolidation Criteria and Requirements

•  Notes tFinancial Statements and Related Disclosures

•  Revenue Recognition and Reporting Requirements

Section Four: Conversion Preparation tIFRS

•  Examining Substantive Differences in Disparate Accounting Treatments

• Inventory

• Fixed Assets

• Valuation

• Revaluation

• Depreciation

• Deferred Taxes

• Contingencies

•  Performing Thorough Assessments

• Technical Accounting and Tax Implications and Risks

• Supporting Established Processes and Infrastructure Considerations

• Adopting Implementation Plans

•  Conversion Issues and Concerns

• Technical Accounting and Tax Conversion Issues

• Designing Supporting Processes and Infrastructure Features

• Developing Revised Organization Plans and Change Strategies

• Conversion Maintenance

• Implementing Support Processes and Infrastructure Features

• Change Management Execution Strategies

• Conversion Transfers

• Comparative Analysis of Companies Adopting or Not Adopting IFRS

Section Five: Impact of IFRS on Financial Statement Interpretations

•  International Accounting and Diversity Considerations

•  Financial Analysis Tools and Techniques

• Common Size Statements

• Trend Analysis

• RatiAnalysis

• Dupont Analysis

• Investment Ratios

• Cash Flow Ratios

• Peer Group and Industry Comparisons

•  Importance of Corporate Governance and Awareness of IFRS Best Practices

•  Future IFRS Considerations