International Financial Reporting Standard (IFRS) and 2009 Updates

ICTD International Centre for Training and Development

How long?

  • 5 days
  • in person

ICTD International Centre for Training and Development

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Who should attend

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

About the course

In a global and increasingly competitive post-Enron world, the need for Corporate Governance and International Financial Reporting Standards is all too evident. This programmed establishes the Case for Corporate Governance and International Financial Reporting Standards by examining the Creative Methods of Accounting adopted and the case of Enron. The Framework for the Preparation and Presentation of Financial Statements in accordance with IFRS is then examined via case studies, syndicate/group work and exercises aimed at increasing knowledge of IFRS an ability to prepare financial statements in accordance with IFRS.

This is followed by an evaluation and interpretation of financial statements and the IFRS.

## Course Objectives

Participants will be able to:

  • Adopt the Language of Accounting and Finance
  • Develop a sound understanding of the International Financial Reporting Standards (IFRS) and their impact on financial reporting
  • Understand the Basic Principles of Assets, Liabilities and Owner’s Equity
  • Effectively interpret accounting transactions according to IFRS
  • Demystify the interpretation of Financial Statements and Reports

## Course Outline

Introduction to IFRS

  • Financial Reporting Framework
  • The Future Agenda for IFRS

Statement of Financial Position

  • Elements of Statement of Financial Position
  • Forms and Format
  • Classification of Assets
  • Classification of Liabilities
  • Classification of Stockholders’ Equity
  • Disclosures

Comprehensive Income

  • Concept of Income
  • Recognition and Measurement
  • Income Statement

Financial Instruments - Assets

  • Cash and Receivables
  • Inventory
  • Property, Plant and Equipment
  • Intangible Assets

Liabilities and Stockholders’ Equity

  • Current Liabilities
  • Contingencies
  • Long-Term Liabilities
  • Accounting for Debt

Revenue Recognition

  • Concepts, Rules and Examples
  • Revenue Recognition Criteria
  • Measurement of Revenue

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International Financial Reporting Standard (IFRS) and 2009 Updates at ICTD International Centre for Training and Development

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