Understanding International Financial Reporting Standards

This In-house training Masterclass will help your financial team develop skills to understanding and applying the body of IFRS, the interpretations and the latest compliance issues.

Course Overview

This In-house training Masterclass will help your financial team develop skills to understanding and applying the body of IFRS, the interpretations and the latest compliance issues.

This In-house programme will ensure your financial team:

  • Understand the rationale for the IFRS
  • Comprehend the IASB’s thinking – what is truly behind the standards – the framework
  • Appreciate why the new standards have been issued and what they mean and how they are to be implemented
  • Identify where IFRS is now and where it is going with regards to convergence and how will this affect the organisation
  • Understand and apply new and revised standards
  • Are aware of the most significant interpretation and compliance issues from 2011/12.
  • Can communicate the reasons for the accounting policies adopted by your organisation
  • Are more conversant with the standards and are able to stand up to the auditors!

Your next step is to call us now on +44 (0)20 7729 6677 or email us at info@falconbury.co.uk or use our contact form and find out how we can help. There are no commitments, and if we cannot help our advice and recommendations are free of charge.

Sample Programme Day 1

Module 1

By the end of this module the participants will understand what lies behind the standards. and will be aware of what is happening currently and the future of IFRS.

What is behind the standards? The IASB framework

  • Theory vs practice
  • Lessons from 2011 compliance issues
  • The issue of ‘fair value’
  • The IASB’s work programme and convergence
  • The IFRS for SMEs – is this of use to you?
  • The new standards for 2012 and on

By the end of this module the team will understand what lies behind the standards. They will be aware of what is happening currently and the future of IFRS.

Module 2

By the end of this module and understanding of what is required as a minimum in a set of financial statements will be achieved. The importance of properly drafted and applied accounting policies will be covered and a review of the need for disclosure of post balance sheet events and related party transactions.

Accounting policies and other disclosure issues

  • Presentation of financial statements and reporting financial performance (IAS 1 revised)*
  • Accounting policies changes in accounting estimates and errors (IAS 8)
  • Events after the balance sheet date (IAS 10)
  • Related party disclosures (IAS 24)
  • First-time adoption of IFRS (IFRS 1)
  • Interim financial reporting (IFRS 34)
  • Too many words? The move to “de-clutter” financial statements

Case study – a study of good and poor accounting policy wording

Module 3

By the end of this module and workshop we will have reviewed all standards affecting profit or loss – foreign currency transactions, for example, which is complex and gives rise to regulators adverse comments on financial statements. We revisit the need for special disclosure where there are discontinued operations.
Income Statement – Profit & Loss Account

  • Revenue (IAS 18) – almost gone!
  • The effects of changes in foreign exchange rates (IAS 21)
  • Employee benefits (IAS 19 revised)
  • Borrowing costs (IAS 23)
  • Accounting for government grants (IAS 20)
  • Income taxes / current tax / deferred tax (IAS 12)
  • Discontinuing operations (IFRS 5)
  • Earnings per share (IAS 33)
  • New – The OCI

Worksop aimed at helping the team understand what the new IFRS on Revenue Recognition is all about – and what compliance difficulties have to be overcome.

Sample Programme Day 2

Module 4

By the end of this module the team will have reviewed the many standards that affect the balance sheet (now statement of financial position), considered compliance issues – depreciation charges, impairment and provisioning. They will also be aware of the changes regarding accounting of leases and off balance sheet transactions which are likely to change significantly.

Statement of Financial Position – the Balance Sheet

  • Property plant and equipment (IAS 16)
  • Investment property (IAS 40)
  • Intangible Assets (IAS 38)
  • Impairment of assets (IAS 36)
  • Inventories/Stock (IAS 2)
  • Construction contracts / Long term WIP (IAS 11)
  • Leases – off balance sheet finance (IAS 17)
  • The new leasing standard may be with us soon – a review
  • Provisions, contingent liabilities and contingent assets (IAS 37)
  • IFRS 13 – Fair value measurement

Module 5

By the end of this module participants will have reviewed the cash flow standard and understood the scope for getting the cash flow message across.

Statements of cash flows

  • Statements of cash flows (Cash flow statements) – IAS 7. A standard which is still misunderstood and badly constructed – even by large companies! Together, we will review good and bad practice to ensure you don’t make mistakes

Case study – compliant cash flow reporting

Module 6

By the end of this module anl understanding of the rationale behind the financial instrument standards, fair value accounting, and studied the arithmetic of the standards and fair value accounting.

Financial instruments

  • Financial instruments – disclosure and presentation (IAS 32)
  • Financial Instruments: recognition and measurement (IAS 39)
  • Financial Instruments: disclosures (IFRS 7)
  • Financial Instruments (IFRS 9)
  • Share based payment (IFRS 2)

Module 7

By the end of this module the team will have reviewed the standards that deal with business combinations and group

Accounting for groups and investments

  • Business combinations (IFRS 3)
  • Investments in associates and joint ventures (IAS 28 revised)  (periods commencing on or after 1 January 2013)
  • Consolidated financial statements (IFRS 10)  (periods commencing on or after 1 January 2013)
  • Consolidated and separate financial statements (IAS 27 – revised) 
  • Accounting for investments in associates (IAS 28)
  • Joint arrangements (IFRS 11) (periods commencing on or after 1 January 2013)
  • Disclosure of interests in other entities (IFRS 12) (periods commencing  on or after 1 January 2013)
  • Operating Segments / Segment reporting (IFRS 8)

Workshop on identifying, classifying and accounting for joint ventures and associates

Module 8

By the end of this module a review of the standards that are sector specific will have been achieved – some are very basic but you will understand how sector specific standards point to the way standards may develop in the future.

Specialised industries and other situations

  • Accounting and reporting by retirement benefit plans (IAS 26)
  • Insurance contracts (IFRS 4)
  • Exploration for and Evaluation of Mineral Resources (IFRS 6)
  • Agriculture (IAS 41)
  • Financial reporting in hyper inflationary economies (IAS 29)
  • Future IFRSs for specialised situations

Module 9

This session reviews some of the more relevant and also controversial IFRICs

IFRIC pronouncements

  • The new and revised IFRS’s aim to deal with most issues in financial reporting however controversies to arise and some industries have specific issues when applying IFRS