International Financial
Reporting Standards (IFRS)

01 – 05 July 2024
Sandton Centre, Johannesburg South Africa

International Financial Reporting Standards (IFRS)

Register Now! Limited Seats Available!

R17, 999.00 Per Delegate

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Course overview:

Accounting Standards are constantly changing due to improvements, amendments and new issues, thus keeping up to date with IFRS is a daunting task for every accountant in practice

Entities reporting under International Financial Reporting Standards (IFRS) continue to face a steady flow of new standards and interpretations. The resulting changes range from significant amendments of fundamental principles to some minor changes from the annual improvements process (AIP). They will affect different areas of accounting, such as recognition, measurement, presentation and disclosure

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 Objectives:

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

  • Describe the setting process in 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 statements of financial position, statements of comprehensive income, statements of owners’ equity and statements 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

Targeted Audience:

  • Chief Financial Officers/ Financial Directors
  • Finance executives/ Financial Controller
  • Corporate finance function
  • Accountants
  • Financial Reporting Executives
  • Budget Officers
  • Auditors (internal, External)
  • Strategic and Financial Planners
  • Private Equity and M&A Specialists
  • Investment Bankers
  • Corporate Bankers
  • Investment Managers
  • Senior operations manager

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):
      • Allowance for doubtful and bad debts: based on new impairment model of IFRS 9
      • 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)
      • Why some intangible assets are not recognized on balance sheet
      • 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)
  • Financial assets (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
      • Step 3: Determining the transaction price
      • Step 4: Allocating the transaction price to the performance obligations in the contract
      • Step 5: Recognizing revenue when the entity satisfies a performance obligation
  • IFRS 16, Leases
    • Recognition exemptions: expensing lease payments
      • How will the lease of small value items be affected
    • Identifying a lease transaction
    • 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 2017 with effect in 2020
    • Standards amended in 2018 with effect in 2020
    • Standards amended in 2019 with effect in 2020
    • Standards amended in 2020

End of the workshop

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IN HOUSE AND ONLINE TRAINING

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While both In-House and Online training can present with cost-effectiveness and time-efficacy, there are some very specific differences between in-house courses and those based online.
The demand for additional courses by individuals or groups of people is increasing. Still, it depends entirely on the preferences of a person what type of training he or she wants to receive. Online courses and in-house training carry some similarities but they are considered to exhibit some very pivotal differences too. Despite that, both types of learning can be really beneficial for attendees.

For Registration and other Training arrangements,
contact us on the detail below.

SOUTH AFRICA : +27 11 057 6001
TANZANIA Cell: +255 769 688 544
WhatsApp +27 79 574 0389
info@bmktraining.co.za / www.bmktraining.com