International Financial Reporting Standards (IFRS) Training Course

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Introduction Key Learning Outcomes Training Methodology Outline

Introduction

This GLOMACS IFRS training course, designed in line with SOCPA certification requirements, provides professionals with a comprehensive understanding of International Financial Reporting Standards (IFRS) and their practical applications across different industries. As the most widely adopted financial reporting framework worldwide, IFRS ensures transparency, consistency, and comparability in financial statements.

This training course offers an in-depth study of advanced IFRS topics, focusing on complex standards, practical implementation, and compliance strategies. Participants will gain insights into new and evolving IFRS regulations, along with updates from the International Accounting Standards Board (IASB).

Participants will develop expertise in:

Understanding accounting standards and their impact on financial reporting
Complying with disclosure and consolidation requirements for financial statements
Structuring IFRS-compliant financial statements, including fundamental assumptions and disclosures
Recognizing and measuring financial elements based on international accounting principles
Applying IFRS standards for revenue recognition and financial reporting

Key Learning Outcomes

Upon completing this IFRS training course, participants will be able to:

Understand current IFRS requirements and upcoming changes, including the SOCPA-IFRS convergence roadmap
Apply IFRS principles to prepare compliant financial statements with proper disclosures
Interpret recognition and measurement criteria under IFRS, as aligned with SOCPA standards
Analyze fair value measurement principles and their impact on financial reporting
Implement best practices for IFRS adoption and compliance across industries

Training Methodology

The training course will be delivered interactively, covering all IFRS & SOCPA requirements in a clear and practical manner, with a comprehensive review of the objectives and rationale of the standards included. Active participation will be encouraged through a combination of direct instruction, case study analysis, examples, and exercises to illustrate the application of standards.

Course Outline

Day 1

Evolution of International Accounting Standards and Financial Reporting

IFRS:
- Introduction, history, and overview of current and future standards.
- Convergence between IASB and SOCPA.
Framework for Preparing and Presenting Financial Statements:
- Scope, structure, and content of financial statements as per SOCPA.
- Measurement and recognition of elements in financial statements.
IFRS Financial Statement Presentation and Post-Reporting Period Events:
- IAS 1: Presentation of Financial Statements.
- IAS 7: Statement of Cash Flows.
- IAS 8: Accounting Policies, Changes in Accounting Estimates, and Errors.
- IAS 37: Provisions, Contingent Liabilities, and Contingent Assets.
- IAS 10: Events After the Reporting Period.

Day 2

Recognition and Measurement of Non-Current Assets

IAS 16: Property, Plant, and Equipment:
- Asset valuation.
- Revaluation.
- Depreciation.
IAS 38: Intangible Assets.
IAS 36: Impairment of Assets.
IFRS 5: Non-Current Assets Held for Sale and Discontinued Operations.
IAS 40: Investment Property.
Case Studies.

Day 3

IFRS Impact on Financial Statements 1

IAS 2: Inventories.
IAS 12: Income Taxes.
IAS 21: Effects of Changes in Foreign Exchange Rates.
IAS 23: Borrowing Costs.
IFRS 6: Exploration for and Evaluation of Mineral Resources.
IAS 24: Related Party Disclosures.
IAS 20: Accounting for Government Grants and Disclosure of Government Assistance.
Case Studies.

Day 4

Financial Instruments and IFRS Impact on Financial Statements 2

Financial Instruments:
- IFRS 9: Financial Instruments.
- IAS 32: Financial Instruments: Presentation.
- IAS 39: Recognition and Measurement.
- IFRS 7: Financial Instruments: Disclosures.
IFRS Impact on Financial Statements:
- IFRS 13: Fair Value Measurement.
- IAS 33: Earnings Per Share.
- Case Studies.

Day 5

Consolidated Reporting, New Standards, and Practical Implications

IAS 28: Investments in Associates and Joint Ventures.
IFRS 3: Business Combinations.
IAS 27: Separate Financial Statements.
IFRS 10: Consolidated Financial Statements.
New Standards:
- IFRS 15: Revenue from Contracts with Customers.
- IFRS 16: Leases.
Case Studies.

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