Comprehensive Guide to IAS and IFRS

Introduction:

This training program explores the key principles and applications of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). It provides participants with a comprehensive understanding of these standards, focusing on their implementation and impact on financial reporting. It empowers them to navigate and apply IAS and IFRS effectively to ensure accurate and compliant financial statements.

Program Objectives:

By the end of this program, participants will be able to:

• Understand the framework and key principles of IAS and IFRS.

• Apply IAS and IFRS standards to various financial reporting scenarios.

• Analyze and interpret financial statements prepared under IAS and IFRS.

• Ensure compliance with regulatory requirements and best practices.

• Address common challenges and issues in implementing IAS and IFRS.

Targeted Audience:

• Financial Accountants.

• Auditors.

• Financial Analysts.

• Compliance Officers.

• Finance Managers.

Program Outline:

Unit 1:

Introduction to IAS and IFRS:

• Overview of IAS and IFRS.

• History and evolution of international accounting standards.

• Objectives and benefits of IAS and IFRS.

• The role of the International Accounting Standards Board (IASB).

• Key differences between IAS and IFRS.

Unit 2:

IAS 1 – Presentation of Financial Statements:

• Structure and components of financial statements.

• Presentation and disclosure requirements.

• Key concepts: Going concern, accrual basis, and consistency.

• Understanding and applying the presentation of financial performance.

• Case studies on financial statement presentation.

Unit 3:

IAS 2 – Inventories:

• Definition and scope of inventories.

• Measurement of inventories: Cost and net realizable value.

• Accounting for inventory costs and write-downs.

• Disclosure requirements for inventories.

Unit 4:

IAS 16 – Property, Plant, and Equipment:

• Recognition and measurement of property, plant, and equipment.

• Depreciation methods and impairment.

• Revaluation and its impact on financial statements.

• Derecognition and disposal of assets.

Unit 5:

IAS 36 – Impairment of Assets:

• Identifying and measuring impairment losses.

• Recoverable amount and impairment testing.

• Reversal of impairment losses.

• Disclosure requirements related to impairments.

• Real-world examples of impairment assessment.

Unit 6:

IFRS 9 – Financial Instruments:

• Classification and measurement of financial assets and liabilities.

• Impairment of financial assets.

• Hedge accounting and its application.

• Disclosure requirements for financial instruments.

Unit 7:

IFRS 15 – Revenue from Contracts with Customers:

• Revenue recognition principles and criteria.

• Five-step model for revenue recognition.

• Identifying performance obligations and measuring revenue.

• Presentation and disclosure requirements for revenue.

Unit 8:

IFRS 16 – Leases:

• Definition and scope of leases.

• Lessee and lessor accounting models.

• Measurement and recognition of lease liabilities and assets.

• Lease modifications and disclosures.

Unit 9:

IFRS 17 – Insurance Contracts:

• Overview of IFRS 17 and its objectives.

• Measurement and recognition of insurance contracts.

• Presentation and disclosure requirements.

• Impact on financial statements and industry practices.

• Real-world examples of insurance contract reporting.

Unit 10:

Challenges and Future Directions in IAS and IFRS:

• Common challenges in applying IAS and IFRS standards.

• Recent updates and changes in IAS and IFRS.

• The future of international financial reporting standards.

• Impact of technological advancements on financial reporting.

• Action planning for adapting to new standards.