International Financial Reporting Standards (IFRS)
Course Content
The Conceptual Framework of IFRS
o The need for International Accounting Standards
Introduction to FM Statements
Introduction to Accounting Standards
o International Accounting Standards Board (IASB) Framework
Role of IASB
Status of IASB
Contents of the Framework
Objectives of the FM Statements
Underlying Assumptions of the FM Statements
• Accrual Basis
• Going Concern
Elements of the financial statements (definition and rules for recognition)
Qualitative Characteristics of the Financial Statements
• Understandability
• Relevance (including materiality)
• Reliability
• Comparability
Recognition of the elements of financial statements
Measurement of the financial statements
Historical cost
Net Realizable Value
Current Cost
Present Value
The Fundamental Concepts of Relevance and faithful representation (true and fair view)
Description of SME Sized Entities
Inventories-IAS 02
o Definition of Inventories
o Valuation of Inventories
o interchangeable Items
FIFO Costing
Weighted Average Costing
Construction Contracts-IAS 11
o Definitions of Construction Contracts
o Accounting Treatment of Construction Contracts
o Disclosures in financial statements related to construction contracts
o Financial Statement Extracts for construction contracts
Investment Property-IAS 40
o Definition of Investment Property
o Rules of the recognition of Investment Property
o Measurement
o Disposal of Investment Property
Property, Plant and Equipment (PPE)-IAS 16
o Definitions and Initial measurement of PPE
o Subsequent expenditure on PPE
o Revaluation of PPE
o Depreciation Policy and Methods
o Disposal of PPE
Intangible Assets-IAS 38
o Nature and accounting treatment
o Criteria for Initial recognition and measurement
o Subsequent accounting treatment
o Research and Development Expenditure
o Disposal of Intangible Assets
Provision and Contingencies-IAS 37
o Introduction to Provision
o Legal and Constructive Obligations
o Recognition and Measurement of Provisions
o Introduction to contingent assets and liabilities
Revenues-IAS 18
o Definition of Revenues as per IAS 18
o Rules for the recognition of investment Property
o Measurement
o Disposal of Investment Property
Government Grants-IAS 20
o Definitions and Initial Measurement
o Recognition Criteria
o Non-Monetary Grants
o Disclosures in the financial statements
Borrowing Costs-IAS 23
o Definitions and qualifying assets
o Recognition criteria and capitalization method
o Disclosures in the financial statements
Introduction to Employee Benefits –IAS 19
Accounting for current tax –IAS 12
Foreign Currency Transactions and accounting IAS -21
o Currency Concepts
o Reporting Foreign Currency Transactions
o Initial recognition
o Subsequent measurement
o Treatment of exchange difference
Events after the reporting period-IAS 10
o Definitions
o Treatment of adjusting and non-adjusting events
o Disclosures in the financial statements
Duration:
5 Days
Venue:
Juba, South Sudan
Investment:
590 USD
Investment Covers:
• Training
• Training Materials
• Certificate
• Lunch and refreshment
• Trainer’s fee
• Training Venue
Confirmed Date:
August 01,2016
Contacts:
info@rokyan.com
registration@rokyan.com
WhatsApp/Viber: +93 77 18 48 147
Skype: rokyanmc