Course Overview

What is IFRS? IFRS means International Financial Reporting Standards. They are issued by an independent body called as International Accounting Standards Board. IFRS are accounting standards which should be applied by an organization when they prepare and present the financial statements.

Why you need to attend this International Financial Reporting Certification Course? Many organizations have expanded their businesses and now operate in more than one country. These organizations must follow the local rules regarding the presentation of financial statements.

In the past, such organisations faced problems in complying with a different set of accounting rules and often it results in following different treatment for similar transactions. IFRS addresses these problems by providing a single set of high quality, accounting standards which are recognised internationally.

At present more than 150 countries follow IFRS for their local reporting. With these number of countries opting for IFRS, the demand for finance professionals with a qualification in IFRS is increasing globally.

This Zoe training course will empower you in understanding IFRS by providing practical and detailed knowledge of the key international financial reporting standards (IFRS) and how they are interpreted and applied.

Course Objectives

The objective of this training is to help you in developing your knowledge and understanding of International Financial Reporting Standards. You will also learn how to apply them, as well as the concepts and principles which underpin them.

By the end of this training course you will be able to:

• Learn the key principles of Conceptual Framework for Financial Reporting
• Learn the financial reporting standards applicable to key elements of financial statements
• Learn the disclosure requirements for organisations in financial reports and notes
• Learn the aspects related to consolidated financial statements including subsidiaries, associates and joint arrangements

Training Methodology

Our approach at Zoe Talent Solutions is to design a course that suits the training audience and their professional backgrounds and experience. Classroom sessions are made with presentations by a highly experienced trainer. Participation is encouraged via case studies, problem-solving exercises, group discussion and activities.

The trainer offers a platform for every participant to share their experiences, issues, concerns and best practices from their respective organisations. The trainer provides timely feedback and coaches participants whenever it deems fit.

Zoe Talent Solutions follows the Do–Review–Learn–Apply Model in facilitating all our training courses.

Organisational Benefits

Organisations who register their Finance professionals to attend IFRS (International Financial Reporting Standards) Certification Course, will benefit in the following ways:

• Compare the financial statements more accurately as you can have a clear picture of the financial comparisons of the organisations
• The reporting standards are made simple and have better quality
• Accounting standards get streamlined through IFRS, companies can manage their resources better
• Lower the cost of auditing and statutory reporting
• Businesses can raise more capital from foreign markets at a lower rate as it creates a sense of confidence among the investors

Personal Benefits

Individuals who register to attend IFRS (International Financial Reporting Standards) Certification Course, will benefit in the following ways:

• Learn to standardize financial reporting which eventually improves the comparability of financial statements in major financial markets
• Recognize loss immediately and increase the contracting between companies and management
• Improve consistency and transparency of financial reporting
• Get certified and have the skills that will place you in a great position to get opportunities to work with some of the top organisations
• You can improve your chances of a promotion or getting a better position
• Become an IFRS expert and start a successful career in the financial industry

Who should attend?

• All accounting professionals involved in the preparation of financial statements
• Financial controllers, finance managers, financial systems analysts, senior accountants, financial accountants, management accountants, general ledger accountants, assistant accountants, accounts receivable accountants, accounts payable accountants, payroll accountants
• Decision-makers who depend on timely and accurate financial information
• Chief Financial Officers (CFOs), finance directors and strategic planners

Course Outline

Module 1 – Introduction to the IFRS

• International Accounting Standards Board (IASB) and IFRS Foundation Relationship
• International Accounting Standards (IAS Standards), and International Financial Reporting Standards (IFRS Standards) that are currently in issue
• Conceptual Framework for Financial Reporting
• The status and practice of IFRS standards around the world

Module 2 – Accounting for Assets under IFRS

• Property, Plant & Equipment
• Inventory
• Intangible Assets
• Investment Property
• Leases
• Borrowing Costs
• Agriculture
• Government Grants and Disclosure of Government Assistance
• Impairment of Assets

Module 3 – Accounting for Revenue Recognition

• Revenue from Contracts with Customers
• Contract Costs

Module 4 – Accounting for Liabilities

• Provisions
• Contingent Liabilities
• Lease Liabilities
• Income Taxes
• Employee Benefits
• Share based payments

Module 5 – Financial Instruments

• Financial Assets, Financial Liabilities & Equity
• Recognition of Financial Instruments
• Fair Value Measurement
• Impairment of Financial Assets
• Hedging and Hedge Accounting

Module 6 – Presentation of Financial Statements

• Presentation of Financial Statements
• Statement of Cash Flows
• Interim Financial Reporting
• Selection of Accounting Policies and Accounting Estimates
• Events after the reporting period

Module 7 – Group Financial Statements

• Business Combination
• Consolidated Financial Statements
• Separate Financial Statements
• Associates & Joint Ventures
• Effects of Changes in Foreign Exchange Rates

Module 8 – Other IFRS Standards

• Related Party Disclosures
• Earnings Per Share
• Exploration and Evaluation of Mineral Resources
• Assets Held for Sale and Discontinued Operations
• First time adoption of IFRS
• IFRS for SME’s