Training Objectives

By the end of the programme, participants will be able to: 

• Describe the context and purpose of financial reporting.
• Describe the main changes incurred and will be incurred to the IFRSs.
• Outline and analyse the reporting requirements emanating under the main financial standards.
• Describe the accounting for assets requirements.
• Outline and analyse the requirements for the calculation of the fair value of specific assets.
• List the financial statements’ presentation requirements as per the applicable standards.
• Outline and analyse the liabilities and equity reporting requirements.
• List the reporting options available.
• Explain the importance of adhering to the accounting principles and standards to maintain the consistency and integrity of financial information.
• Apply the requirements of IFRS and their applicable changes.
• Establish the need to deploy tools to support the application of changes in IFRS’s requirements.
• Apply the changes to the reporting requirements.
• Perform the measurement methods to calculate the fair value of assets.
• Prepare the financial statements according to the changes of IAS1.
• Apply the options available emanating from IFRSs.
• Manage stakeholder’s expectations
• Assess the readiness of the organisation to apply the requirements of the standards
• Recommend solutions to address the changes to the standards
• Adopt a formal policy to be followed when addressing IFRS requirements
• Justify the importance of applying the IFRSs requirements
• Justify the need of a company to apply the requirements of the standards

Training Outline

World View of IFRS

• Introductions
• Course overview
• Adoptions of IFRS around the world
• Recent IFRS Changes – What’s New?

Applying IFRS 9: Financial Instruments

• IFRS 9’s classifications of financial assets
• Business models and contractual cash flow characteristics
• Impairment of receivables

Applying IFRS 15: Revenue Recognition

• IFRS 15’s 5-step approach
• Practical examples of recognition of revenue over time
• Contract assets and contract liabilities

IFRS 16: Applying the leasing standard

• Summary of the new approach
• Overview of the consequences
• Revised definition of a lease
• Optional exemptions of leases
• How a lessee should initially recognise a lease

Accounting for Assets: How much fair value is there now in IFRS?

• Different types of use of fair value: initial measurement, subsequent measurement, and impairment
• How much fair value was already in IASs?
• How much fair value has IASB added by 2022?
• Under the options, how much fair value is chosen by companies?

Presentation of Financial Statements; and why are there two income statements?

• Amendments to IAS 1 in recent years
• Changes to IAS 1 and IAS 7 (new standards expected, resulting from ED of 2019)
• Preparing the Statement of Changes in Equity
• Why are there two income statements?
• Examples of contents of Other Comprehensive Income
• When and why are items reclassified out of OCI?

Liabilities and equity: What exactly is the dividing line, and why does it matter?

• The IASB’s exposure draft (expected 2022) on ‘Financial Instruments with Characteristics of Equity
• How this will affect practice

Practical problems with ‘liabilities’ in IFRS: Definition, recognition, and measurement

• Why certain things are not liabilities (e.g., most share-based payments, proposed dividends, restructuring provisions, non-controlling interests)
• When to recognise law cases against the company
• How the various liabilities are measured under IFRS

Options remaining in IFRS in 2022: Which should your company choose?

• Options on presentation in IAS 1 and IAS 7
• Options on asset measurement: inventories, PPE, investment property, and intangibles
• Other IFRS options available to companies

Who Should Attend

• Accountants
• Financial analysts
• Financial Controllers
• Internal and External Auditors
• Lawyers
• Bankers
• Business owners
• Non-financial professionals and managers

Training Style

• Illustration of key terms and concepts
• Preparation and discussion of practical examples, including mini cases
• The course will have both a theoretical and practical framework with real examples drawn from actual companies, local and international
• Activities and Break-out groups

CPD Recognition

This programme may be approved for up to 7 CPD units in Accounting and Auditing. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

In-house Training

For groups within the same organisation, this course may be customized to meet any specific needs and delivered in-house.