PROGRAM DETAILS

Program Overview

The International Financial Reporting Standards (IFRS) represent an unquestionably universal framework for any country seeking integration into the global capital markets. Localized solutions have little to no place in this context, as a growing number of organizations are transitioning to IFRS. Access to capital, both domestically and internationally, is intrinsically tied to the credibility and integrity of financial reporting on an international scale.

IFRS standard setters have embarked on a comprehensive process of enhancing global financial reporting standards. This course is indispensable for IFRS preparers and users, ensuring they stay current with the latest standards and trends.

This 5-day program aims to provide an updated overview of IFRS reporting requirements, delving into the standards from a practical, technical, and business perspective. Real-world corporate challenges will be incorporated, and participants will have access to Excel models that illustrate various commercial concepts (these models will be provided for participants to take away).

This course offers participants a thorough comprehension of the fundamental components of IFRS, building upon the groundwork laid by the IASB’s primary IFRS standards. The program cultivates essential skills by applying robust theoretical knowledge within a practical, real-world case study-driven learning environment.

Learning Objectives

• Gain insight into IFRS standards through practical illustrations and examples.
• Acquire a working knowledge of the consolidation of financial statements using IFRS 10.
• Grasp the implications of recent IFRS amendments and their practical implementation.
• Comprehend the nuances of the new Revenue standard, IFRS 15.
• Enhance your awareness and understanding of the prevailing global trends in International Financial Reporting Standards.
• Anticipate forthcoming IFRS changes and their impact on Financial Reporting.
• Receive access to the actual IAS and IFRS standards utilized in this course, enabling you to follow along while the instructor explains the concepts.

Target Audience:

• Financial Analysts
• Accountants
• Portfolio Managers
• Securities Analysts
• Credit / Investment Analysts
• Pension Fund Managers
• Auditors

Training Methodology

This 5-day program will employ a variety of interactive and participatory teaching methods to enhance learning and engagement. These methods will include:

• Lectures: To provide foundational knowledge and principles.
• Case Studies: Analyzing real-world scenarios to understand best practices and challenges.
• Group Discussions: Encouraging knowledge sharing and problem-solving.
• Role Plays: Practicing negotiation and communication skills.
• Guest Speakers: Inviting experts in the field to share insights and experiences.
• Exercises and Activities: Hands-on tasks to apply concepts learned.
• Site Visits: Field trips to observe supplier operations and best practices.
• Assessments: Evaluations to measure progress and understanding

Program Content

Module 1:

Introduction to IFRS & its significance

• Conceptual Framework

Overview of IFRS Standards & Topics

• Presentation of financial statements (IAS 1)
• Statement of cash flows (IAS 7)
• Accounting policies, changes in accounting estimates and errors (IAS 8)
• Discontinued operations (IFRS 5)
• Events after the reporting period (IAS 10)
• Operating segments (IFRS 8)
• Related party disclosures (IAS 24)
• Interim financial reporting (IAS 34)
•  value measurement (IFRS 13)

Module 2:

Financial Reporting and Analysis

• Financial statement analysis techniques.
• Ratio analysis and interpretation.
• Cash flow analysis and forecasting.
• Earnings quality assessment.
• Workshop: Analyzing real financial statements.

Module 3:

Financial Instruments

• Financial assets and liabilities, hedging and derivatives (IAS 32, IAS 39, IFRS 9)
• Financial instrument disclosures (IFRS 7)

Module 4:

Income Taxes

• Income taxes (IAS 12)

Module 5:

Revenue

• Revenue from Contracts with Customers (IFRS 15)

Module 6:

Foreign Currency Issues

• The effects of changes in foreign exchange rates (IAS 21)

Module 7:

Risk Management in Finance

• Understanding financial risk (market risk, credit risk, liquidity risk).
• Risk assessment and measurement techniques.
• Risk management strategies and tools.
• Case study: Risk management in a dynamic market.

 Module 8:

Advanced Financial Reporting and Consolidation

• Consolidation principles and IFRS 10.
• Business combinations (IFRS 3)
• Separate financial statements (IAS 27)
• Investments in associates and joint ventures (IAS 28)
• Joint arrangements (IFRS 11)
• Disclosure of interests in other entities (IFRS 12)
• Non-controlling interests and special purpose entities.
• Practical exercises: Consolidation and reporting challenges.

 Module 9:

Regulatory Compliance and Case Studies

• Regulatory compliance and ethics in financial reporting.
• Case study: Handling financial reporting scandals.
• Group presentations of case studies.
• Final assessments and Q&A session.

Module 10:

Expected Future Developments

• ASB Work Plan