Participants will receive access to the recorded sessions of the course.
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The global financial reporting environment is complex and in a state of perpetual change which can place a heavy burden on businesses to comply with the reporting requirements. A big challenge facing businesses is ensuring that the right people within the organisation understand the relevant accounting requirements in order to achieve compliance with the accounting standards.
This course provides a holistic approach to developing accounting policies that are coherent and faithful. It draws in diverse elements of the IFRS framework to present a full image of well-written financial statements.
Training Objectives
By the end of the programme, participants will be able to:
In terms of Knowledge
- Outline and analyse the reporting requirements emanating under IFRS.
- Get to grips with all the key standards on accounting policies: IAS 8, IAS 21, IAS 10 and IAS 24.
- Understand the reasons why companies need to develop proper financial reporting policies.
- Describe how accounting foreign exchange might potentially impact both the statement of financial position and the statement of comprehensive performance.
- Know how to handle events after the reporting period.
- Familiarise yourself with IFRS 13 and its influence on other standards.
- Understand the impact and how to report related party transactions.
- Explain how to prepare interim financial statements.
In terms of Skills
- Apply the requirements of IFRS.
- Review and develop holistic and coherent accounting policies.
- Prepare financial statements on a going concern basis.
- Establish the need to deploy tools to support the application of IFRS 13.
- Implement the steps required when there is a need for accounting policy change.
- Translate the financial information properly.
- Reflect on the events after reporting period to accounts.
- Prepare interim financial statements
In terms of Attitude
- Manage stakeholders’ expectations.
- Assess the readiness of the organization 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
- Motivate other employees to follow specific procedures and policies in order properly apply the standards discussed
Training Outline
Changes in policies
- IAS 8 explained
- Objective, scope and key definitions
- Selecting accounting policies
- Changing accounting policies
- Changes in accounting estimates
- Errors
- Sources of confusion in IAS 8
Foreign exchange
- IAS 21 explained
- Objective, scope and key definitions
- Functional currency in foreign operations
- Accounting for functional currency
- Exchange differences
- Translating to the presentation currency
Events after the reporting date
- IAS 10 explained
- Objective, scope and key definitions
- Spotting events after the reporting date
- Adjusting events
- Non-adjusting events
- No longer a going concern
- Disclosures
Related parties
- IAS 24 explained
- Objective, scope and purpose
- Related parties
- Related party transactions
- Disclosures
- Related party transactions in practice
Fair value
- Objective, scope and key definitions
- Defining fair value
- Measuring fair value
- The hierarchy
- Disclosures concerning fair value
Other types of reporting
- Other types of reporting explained
- IFRS 8:
– Objective, scope and key definitions
-Disclosures
-Objective, scope and key definitions
-Condensed financial statements
-Disclosures
-Objectives and scope
-Basic measurements, calculations and disclosures
Who Should Attend
The programme is ideal for:
- Accountants in an investment bank or treasury operation/internal audit in a bank
- Individuals working in non-banking entities where they are considering hedge accounting for the first time
- Industry controllers, external auditors, analysts and other finance professionals who are interested in learning about derivatives and hedge accounting
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 & Auditing. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
