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The diminishing differences between generally accepted accounting principles (GAAP), principally established by the Financial Accounting Standards Board (FASB), and international financial reporting standards (IFRS), as established by the International Accounting Standards Board (IASB”, is narrowing at a faster pace. IFRS is now the world’s most widely accepted and applied accounting standards in more than 100 countries now requiring or permitting their use.
What Do Participants Learn?
Understanding the current and potential future requirements of IFRS, including the final prospectus and timetable for the convergence of GAAP and IFRS
Applying standards in accordance with their requirements in terms of preparing IFRS compliant financial statements, including the selection of appropriate accounting policies and related footnote disclosures
Understanding the recognition and measurement principles as delineated within the IASB’s Framework and comprehending their application within each accounting standard
Defining and applying the transition process to IFRS and identifying the first-time exemption as well as exceptions relating to the financial statements of a transitioning organization
Examining accounting standards that either require or permit the use of fair value measurement.
Who Should Attend?
Any other professionals involved in the preparation, presentation, implementation or analysis of financial statements prepared in accordance with IFRS.
What Will the Learning Experience Include?
Comprehensive pre-program activities include:
Web-based information forms & surveys completed by attendee.
Direct consultation with the attendee about the expectations.
During the training, participants engage in data, activities, and conversations that lead to insight and knowledge.
Participants learn from expert trainers who have both academic and business experiences.
Highly applicable training content & instructive activities for adding depth to training topics.
**A half-day site visit for integrating the experience & plan next steps. Opportunities to provide connections, ideas & support.
Explore & Practice
Apply & sustain the learning experience by using this ongoing support:
To ensure participant has new skills or behavior progress.
Optional, fee-based mentoring & coaching with the trainer.
Training materials & additional documents (e-books, pdf files, presentations and articles)
Evaluate your training experience by giving us feedbacks and help us to reach our organizational goals.
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
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
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
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
Implementing Support Processes and Infrastructure Features
Change Management Execution Strategies
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
Cash Flow Ratios
Peer Group and Industry Comparisons
Importance of Corporate Governance and Awareness of IFRS Best Practices