IFRS: 2018 Updates Training Courses -

IFRS: 2018 Updates

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Why Attend

Our International Financial Reporting Standards (IFRS): 2018 updates training course will help build the knowledge you need in IFRS for success in today's global business world. Like you, we believe those who understand and apply IFRS will enjoy expanded career opportunities as IFRS's use is spreading around the world. Developed with input from subject matter experts from across the region, this course is designed to provide accounting and finance professionals with the training, knowledge and practical guidance needed to use IFRS and stay up to date with its newest standards and changes.

Course Methodology

The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of theories presented by the consultant and group exercises to exchange experience and apply knowledge acquired throughout the course.

Course Objectives

By the end of the course, participants will be able to:

Describe the setting process in International Financial Reporting Standards (IFRS) and list the currently available standards
Explain the most recent updates on existing IFRS and evaluate the effect of newly issued standards on their organization
Determine the correct presentation and minimum disclosure for components of statement of financial position, statement of comprehensive income, statement of owners' equity and statement of cash flows in accordance with IFRS
Appraise and properly account for transactions affecting current assets and liabilities, non current assets and liabilities, revenues and expenses in accordance with IFRS
Apply professional judgment in applying IFRS for matters relating to non recurrent business transactions

Target Audience

Professionals in the fields of finance and accounting, and professionals seeking to enhance international accounting knowledge from companies implementing IFRS as the standard of reporting.

Target Competencies

Financial statements
Financial reporting
IFRS
Accounting for current non assets and liabilities

Associations

National Association of State Boards of Accountancy (NASBA): Gulf institute Training & Consulting is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website www.learningmarket.org

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2019 - Location & Date

3 Days Course

No Schedules!
Please Contact Us if you have any queries..

Schedule for Me

2020 - Location & Date

3 Days Course

No Schedules!
Please Contact Us if you have any queries..

Schedule for Me

Fees

Per participant - 2020

USD 3,600

Fees + VAT as applicable

Tax Registration Number : 100239834300003

(including coffee breaks and a buffet lunch daily)

Discount Plans & Cancellations Policy

Course Outline

Introduction to IFRS and presentation of financial statements
- Defining the term 'IFRS'
- IFRS standard setting process
- Financial position presentation format as per IAS1, presentation of financial statements
  - Components and classification of current and non-current assets and liabilities
  - Offsetting assets and liabilities
- Income statement minimum presentation requirements as per IAS1, presentation of financial statements
  - Presentation of revenues and expenses by nature or by function
- Components and classification of stockholders’ equity
  - Other comprehensive income: nature of its components
- Supplemental disclosures
IFRS rules for current assets and liabilities
- Cash and cash equivalents (IFRS 9)
- Accounts receivable (IFRS 9):
  - Estimating allowance for doubtful and bad debts
  - Pledging, assigning and factoring of receivables
- Accounts payable and accruals (IFRS 9)
- Inventory (IAS 2):
  - Ownership: when to include inventory in your books
  - Measurement at initial recognition: what to include in 'cost'
  - Inventory cost-flow assumptions
  - Subsequent measurement: lower of cost or net realizable value
IFRS rules for non-current assets and liabilities
- Property, plant and equipment (IAS 16):
  - Initial recognition and subsequent measurement
  - Cost model versus revaluation model
  - Assets held-for-sale (IFRS 5)
  - Treatment of decommissioning costs (IAS 37)
  - Impairment of property, plant and equipment (IAS 36)
- Intangible assets (IAS 38)
  - Situations where some intangible assets are not recognized in financial positions
  - Cost model versus revaluation model
- Investment property (IAS 40)
  - Distinguishing investment property from other assets
  - Cost model versus fair value model
- Provisions, contingent liabilities and contingent assets (IAS 37)
Investment securities (IFRS 9)
- Type of investment securities
- Classification under IFRS 9: Fair Value Through Profit or Loss (FVTPL), Fair Value Through Other Comprehensive income (FVTOCI), amortized cost
- Initial recognition and subsequent measurement
- Transfer between categories
- Impairment of financial assets under the new standard
Revenue from contracts with customers (IFRS 15)
- Scope of IFRS 15
- Describing the five-step model framework under IFRS 15
  - Step 1: Identifying the contract with the customer
  - Step 2: Identifying the performance obligations in the contract
    - Separating goods from services
  - Step 3: Determining the transaction price
    - Effect of time value of money
    - Accounting for variable consideration
  - Step 4: Allocating the transaction price to the performance obligations in the contract
  - Step 5: Recognizing revenue when the entity satisfies a performance obligation
    - Separating performance obligation satisfied at a point in time from performance obligation satisfied over a period of time
IFRS 16, Leases
- Reasons for the transition from IAS 17 to IFRS 16
- Recognition exemptions: expensing lease payments
  - How will the lease of small value items be affected
- Identifying a lease transaction
- Separating components of lease contract
- Accounting by lessees
- Accounting by lessors
- Effective date and transition
Wrap-up on newest standards and list of current and prior years' updates on IFRSs
- Newest standards published by IASB
- Standards amended in 2015 with effect in 2018
- Standards amended in 2016 with effect in 2018
- Standards amended in 2017 with effect in 2018
- Standards amended in 2018

Accounting and Finance

Training Categories