IFRS Fundamentals - Comprehensive Workshop

International Financial Reporting Standards (IFRSs) are the world’s most widely applied accounting standards. Over 120 countries now require or permit the use of IFRS. Over 7,000 public companies in the European Union have complied with IFRS since 2005. Many other countries are either adopting IFRSs or have decided to converge their national standards with IFRSs. The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are committed to a systematic program of improving and converging their standards.

This five-day course provides a detailed overview of all major technical IFRS requirements, and includes illustrative financial statements, case studies, examples, coverage of the most significant IFRSs, and interactive participation from the delegates. In addition to a review of current IFRS, course delegates also receive an update on the major new standards on revenue, leases, and financial instruments and the probable impact of their adoption.

This program answers questions such as:
- What are the current and likely future requirements of IFRS?
- How are IFRS recognition and measurement principles applied?
- Where can up-to-date information about IFRS be obtained?
- When are fair value measurements required?
- What are the prospects and timetable for convergence of US GAAP and IFRS?

Course benefits
- Apply the requirements of the standards to prepare IFRS compliant financial statements
- Define the process of transitioning to IFRS and identify the firsttime adoption exemptions and exceptions relevant to an organization
- Explain how the recognition and measurement principles of the IASB’s Framework apply within each accounting standard
- List the standards that require or permit the use of fair value measurement, identify how fair value is measured and specify where the fair value changes are recognized
- Apply the new proposed standards on revenue, leases and financial instruments

Bill Kemp

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