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.
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?
Accounting professionals Financial executives Auditors Financial analysts Bankers Investment bankers Any other professionals involved in the preparation, presentation, implementation or analysis of financial statements prepared in accordance with IFRS.
Day One: Evolution of International Accounting Standards
• International Financial Reporting Standards (‘IFRS”) o Introduction, History, and Overview of Existing and Future Standards o Roles of the Various Accounting Standards Setting Bodies o Objectives and Structure of the International Accounting Standards Board (“IASB”) • Framework, Demand, and Adoption of IFRS • Convergence o Introduction and Historical Overview o Issues, Benefits, and Problems of Convergence
Day 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
Day Three: Preparation and Presentation of IFRS Financial Statements
• Structure and Content of Both General and Specific Elements of Financial Statements • IAS 1 o Balance Sheet o Income Statement o Presenting Either a Statement of Changes In Equity or a Statement of Recognized Income or Expense (“SORIE”) o Statement of Cash Flow o Consolidation Criteria and Requirements • Notes to Financial Statements and Related Disclosures • Revenue Recognition and Reporting Requirements
Day Four: Conversion Preparation to IFRS
• Examining Substantive Differences in Disparate Accounting Treatments o Inventory o Fixed Assets o Valuation o Revaluation o Depreciation o Deferred Taxes o Contingencies • Performing Thorough Assessments o Technical Accounting and Tax Implications and Risks o Supporting Established Processes and Infrastructure Considerations o Adopting Implementation Plans • Conversion Issues and Concerns o Technical Accounting and Tax Conversion Issues o Designing Supporting Processes and Infrastructure Features o Developing Revised Organization Plans and Change Strategies • Conversion Maintenance o Implementing Support Processes and Infrastructure Features o Change Management Execution Strategies o Conversion Transfers o Comparative Analysis of Companies Adopting or Not Adopting IFRS
Day Five: Impact of IFRS on Financial Statement Interpretations
• International Accounting and Diversity Considerations • Financial Analysis Tools and Techniques o Common Size Statements o Trend Analysis o Ratio Analysis o Dupont Analysis o Investment Ratios o Cash Flow Ratios o Peer Group and Industry Comparisons • Importance of Corporate Governance and Awareness of IFRS Best Practices • Future IFRS Considerations
NOT INTERESTED IN THIS COURSE?
We always want to improve the quality of our courses. Please select any reasons why you feel this course is inadequate (check all that apply).