ACCA IFRS Certificate - Practical course

Complete IFRS course in Practice for all accountants, students, financial managers and professionals who would like improve or begin their studies in a complete and updated IFRS training, in a practical and efficient way
Updated with IFRS 14 and IFRS 15
Prepares you for the ACCA CERTIFR
Comparison between IFRS – UK GAAP - US GAAP
You will gain International Certificate in IFRS
Enrollment for the ACCA CertIFR assesment included

Why I should Learn IFRS?

 

International Financial Reporting Standards (IFRS) was designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.

They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards.

IFRS includes standards, rules and many interpretations to prepare a high-quality set of financial statements that are comparable, understandable, reliable and relevant to internal or external users.

· Thousands of accountants are using or planning to use IFRS in a short period. Many professionals managed to leverage their careers quickly in new conversion projects worldwide.
 

· Participants will deal, in a practical way, with all the requirements of IFRS, as issued by the IASB, and main interpretations (SICs and IFRICs) tied to these standards. The course includes hundreds of practical examples and many extra activities to consolidate your knowledge with an excellent level of detail. The course is primarily designed to bring a robust knowledge to participants in a practical and efficient way.

 

 

Contents 
1. 
The nature and operations of the IASB
2. 
The status and use of IFRSs around the world
3. 
Presentation and profit
4. 
Accounting for assets and liabilities - part 1
5. 
Accounting for assets and liabilities - part 2
6. 
Group accounting
7. 
Disclosure standards
8. 
Principal differences between UK/US GAAP and IFRS
9. 
Proposals for change
Details 

Benefits of Seminar

  • High class course materials - IFRS Explained Book for every participant.
  • Indusrty Expert Tutors.

DAY 1

 

Scope

 

INTRODUCTION, FRAMEWORK AND FINANCIAL STATEMENTS

 

Standards

 

  • IAS 1 presentation of financial statements,
  • IAS 34 interim financial reporting,
  • IAS 7 statement of cash flows,
  • IAS 33 earnings per share,
  • IAS 8 accounting policies, changes in accounting estimates and errors,
  • IFRS 8 operating segments

 

Terminology

 

  • IAS 1    general purpose financial statements, impracticable, IFRSs, material omissions, notes, other comprehensive income, owners, profit or loss, reclassification adjustments, total comprehensive income
  • IAS 34  interim period, interim financial report
  • IAS 7    cash, cash equivalents, cash flows, operating activities, investing activities, financing activities
  • IAS 33  antidilution, contingent share agreement, contingently issuable ordinary shares, dilution, options, warrants and their equivalents, ordinary share, potential ordinary share, put options
  • IAS 8    accounting policies, a change in accounting estimate, IFRSs, material omissions, prior period errors, retrospective application, retrospective restatement, impracticable, prospective application
  • IFRS 8  operating segment

 

Implementation

 

•          Consistent application of latest version of IFRSs

•          Illustrative financial statements

Bonus Issues

 

•          EXtensible Business Reporting Language: A few words about this business reporting tool (XBRL).

•          The new UK GAAP regime: FRS and IFRS

DAY 2

 

Scope

 

TANGIBLE - INTANGIBLE FIXED ASSETS, LEASES GOVERNMENT GRANTS AND BORROWING COSTS

 

Standards

 

  • IAS 16 property plant and equipment,
  • IAS 38 intangible assets,
  • IAS 40 investment property,
  • IAS 17 leases,
  • IAS 20 accounting for government grants and disclosure of government assistance,
  • IAS 23 borrowing costs

 

Terminology

 

  • IAS 16  carrying amount, cost, depreciable amount, depreciation, entity specific value, fair value, impairment loss, property plant and equipment, recoverable amount, residual value, useful life
  • IAS 38  amortization, asset, carrying amount, cost, depreciable amount, development, entity specific value, fair value, impairment loss, intangible asset, monetary assets, research, residual value, useful life
  • IAS 40  carrying amount, cost, fair value, investment property, owner occupied property, property interest
  • IAS 17  lease, finance lease, operating lease, non cancellable lease, inception of lease, commencement of the lease term, lease term, minimum lease payments, lessee, lessor, fair value, economic life, useful life, guaranteed residual value, unguaranteed residual value, initial direct costs, gross investment in the lease, net investment in the lease, unearned finance income, implicit interest rate, lessee’s incremental borrowing rate of interest, contingent rate
  • IAS 20  government, government assistance, government grants, grants related to assets, grants related to income, forgivable loans, fair value
  • IAS 23  borrowing costs, qualifying asset

 

Implementation

 

•          Cost of an internally generated intangible asset

•          Revaluation method

•          Fair value method

•          Impairment loss and reversal of impairment loss

 

DAY 3

 

Scope

 

INVENTORIES, REVENUE RECOGNITION FOREIGN, OPERATIONS AND HYPERINFLATIONARY ECONOMIES

 

Standards

 

  • IAS 2 inventories,
  • IAS 18 revenue,
  • IAS 11 construction contracts,
  • IAS 21 the effects of changes in foreign exchange rates,
  • IAS 29 financial reporting in hyperinflationary economies

 

Terminology

 

  • IAS 2    inventories, net realisable value, fair value
  • IAS 18  revenue, fair value
  • IAS 11  Construction contract, fixed price contract, cost plus contract,
  • IAS 21  closing rate, exchange difference, exchange rate, fair value, foreign currency, foreign operation, functional currency, group, monetary items, net investment in a foreign operation, presentation currency, spot exchange rate
  • IAS 29  restatement of financial statements, historical cost financial statements, current cost financial statements, hyperinflationary economy

 

Implementation

 

•          Revenue recognition for sale of goods and service

•          Exchange differences reserve

 

 

 

DAY 4

 

Scope

 

PROVISIONS, IMPAIRMENT, EMPLOYEE BENEFITS AND DISCONTINUED OPERATIONS OR ASSETS HELD FOR SALE

 

Standards

 

  • IAS 37 provisions, contingent liabilities and contingent assets, IAS 36 impairment of assets,
  • IAS 19 employee benefits,
  • IFRS 2 share-based payments,
  • IFRS 5 non current assets held for sale and discontinued operations

 

Terminology

 

  • IAS 37  provision, liability, obligation event, legal obligation, constructive obligation, contingent liability, contingent asset, onerous contract, restructuring
  • IAS 36  carrying amount, cash generating unit, corporate assets, costs of disposal, depreciable amount, depreciation (amortisation), fair value, impairment loss, recoverable amount, useful life, value in use
  • IAS 19  employee benefits, short term employee benefits, post employment benefits, other long term employee benefits, termination benefits, post employment benefits plans, defined contribution plans, defined benefit plans, multi employer plans, net defined benefit liability (asset), asset ceiling, present value of a defined benefit obligation, assets held by a long term employee benefit fund, qualifying insurance policy, fair value, service cost, net interest on the net defined benefit plan, actuarial gains and losses, return on plan assets, settlement
  • IFRS 2  Cash settled share based payment transaction, employees and others providing similar services, equity instrument, equity instrument granted, equity settled share based payment transaction, fair value, grant date, intrinsic value, market condition, measurement date, reload feature, reload option, share based payment arrangement, share based payment transaction, share option, vest, vesting conditions, vesting period
  • IFRS 5  cash generating unit, component of an entity, costs to sell, current asset, discontinued operation, disposal group, fair value, firm purchase commitment, highly probable, non current asset probable, recoverable amount, value in use

 

 

 

Implementation

 

•          Derecognition principles of IFRS 9

•          Classification of financial assets

•          Short term paid absences

•          Multi employer plans

•          Actuarial valuation method

•          Attributing benefit to periods of service

•          Measurement of termination benefits

•          Identifying the cash generating unit to which an asset belongs

•          Recoverable amount and carrying amount of a cash generating unit

•          Goodwill

•          Impairment loss for a cash generating unit

•          Expected cash flow approach

•          Measurement of provisions

 

DAY 5

 

Scope

 

SPECIFIC ENTITIES’ STANDARDS

 

Standards

 

  • IAS 41 agriculture,
  • IAS 26 accounting and reporting by retirement benefit plans, IFRS 4 insurance contracts,
  • IFRS 6 exploration for and evaluation of mineral resources

 

Terminology

 

  • IAS 41  agricultural activity, agricultural produce, biological asset, biological transformation, costs to sell, group of biological assets, harvest
  • IAS 26  retirement benefit plans, defined contribution plans, defined benefit plans, funding, participants, net assets available for benefits, actuarial present value of promised retirement benefits, vested benefits
  • IFRS 4  cedant, deposit component, direct insurance contract, discretionary participation feature, fair value, financial guarantee contract, financial risk, guaranteed benefits, guaranteed element, insurance asset, insurance contract, insurance liability, insurance risk, insured event, insurer, liability adequacy test, policyholder, reinsurance assets, reinsurance contract, reinsurer, unbundle 
  • IFRS 6  exploration and evaluation assets, exploration and evaluation expenditures, exploration for and evaluation of mineral resources,

 

Implementation

 

•          Biological assets

 

FINANCIAL INSTRUMENTS AND FAIR VALUE

 

Standards

 

  • IAS 32 financial instruments: presentation,
  • IAS 39 financial instruments: recognition and measurement, IFRS 7 financial instruments: disclosures,
  • IFRS 9 financial instruments,
  • IFRS 13 fair value measurement

 

Terminology

 

  • IAS 32  financial instrument, financial asset, financial liability, equity instrument, fair value, puttable instrument,
  • IAS 39  amortised cost of a financial asset or financial liability, effective interest method, effective interest rate, transaction costs, firm commitment, forecast transaction, hedging instrument, hedged item, hedge effectiveness
  • IFRS 7  credit risk, currency risk, interest rate risk, liquidity risk, loans payable, market risk, other price risk, past due,
  • IFRS 9  derecognition, derivative, fair value, financial guarantee contract, financial liability at fair value through profit or loss, held for trading, reclassification date, regular way purchase or sale
  • IFRS 13            active market, cost approach, entry price, exit price, expected cash flow, fair value, highest and best use, income approach, (level 1,2,3) inputs, market approach, market corroborated inputs, market participant, most advantageous market, non performance risk, observable inputs, orderly transaction, principal market, risk premium, transaction costs, transport costs, unit of account, unobservable inputs

 

Implementation

 

•          Classification of financial instruments

•          Hedge accounting

 

INVESTMENTS IN OTHER ENTITIES, BUSINESS COMBINATIONS AND CONSOLIDATION

 

Standards

 

  • IAS 27 separate financial statements,
  • IAS 28 investments in associates and joint ventures,
  • IFRS 3 business combinations,
  • IFRS 10 consolidated financial statements,
  • IFRS 11 joint arrangements,

 

Terminology

 

  • IAS 27  consolidated financial statements, separate financial statements,
  • IAS 28  associate, equity method, joint arrangement, joint control, joint venture, joint venturer, significant influence
  • IFRS 3  acquiree, acquirer, acquisition date, business, business combination, contingent consideration, equity interests, fair value, goodwill, identifiable, intangible asset, mutual entity, non controlling interest owner
  • IFRS 10 consolidated financial statements, control of an investee, decision maker, group, investment entity, non controlling interest, parent, power, protective rights, relevant activities, removal rights, subsidiaryIFRS 11 joint arrangement, joint control, joint operation, joint operator, joint venture, joint venturer, party to a joint arrangement, separate vehicle

 

Implementation

 

•          Relevant activities and direction of relevant activities

•          Substantive rights

•          Potential voting rights

•          Exposure to variability of returns from other interests

•          Joint control

•          Terms of the contractual arrangement

•          Elimination of intra group balances

•          Elimination of intra group transactions

•          Equity method

•          Intra group cash flows and consolidated cash flow statements

 

DEFERRED TAXATION, DISCLOSURE STANDARDS AND FIRST ADOPTION

 

Standards

 

  • IAS 12 income taxes,
  • IAS 10 events after the reporting period,
  • IAS 24 related party disclosures,
  • IFRS 12 disclosures of interests in other entities,
  • IFRS 1 first time adoption of IFRS

 

Terminology

 

  • IAS 12  accounting profit, taxable profit, tax expense (income), current tax, deferred tax liabilities, deferred tax assets, temporary differences, tax base
  • IAS 10  events after the reporting period
  • IAS 24  related party, related party transaction, close members of the family, compensation, key management personnel, government, government related entity
  • IFRS 12 income from a structured entity, interest in another entity, structured entity,
  • IFRS 1  date of transition to IFRS, deemed cost, fair value, first IFRS financial statements, first IFRS reporting period, first time adopter, IFRSs, opening IFRS statement of financial position, previous GAAP

 

Implementation

 

•          Adjusting and non adjusting events after the reporting period

•          Tax base

•          Taxable temporary differences

•          Initial recognition of an asset or liability

•          Deductible temporary differences

•          Measurement

•          Relationship between tax expense (income) and accounting profit

 

Course Details
Format 
WORKSHOP
Duration 
Five (5) DAYS
Language 
100% ENGLISH
Start Date 
25 Sep 2017   10:15 AM     
End Date 
29 Sep 2017   5:15 PM     
Location 
LONDON
Price 
£4,850.00
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