Introduction:

International Financial Reporting Standards (IFRS) are a set of accounting standards developed and issued by the International Accounting Standards Board (IASB). These standards provide a common framework for the preparation and presentation of financial statements, ensuring transparency, comparability, and reliability of financial information across different countries and industries.

The IFRS Course is designed to provide participants with a comprehensive understanding of the key principles, concepts, and requirements of IFRS. It aims to equip participants with the knowledge and skills necessary to apply IFRS effectively in practice and stay up to date with the latest developments in international accounting standards.

The course begins with an overview of the importance of IFRS in global financial reporting. Participants will learn about the benefits of adopting a common set of accounting standards, including improved transparency, increased investor confidence, and enhanced comparability of financial statements.

Next, the course delves into the core principles and concepts of IFRS. Participants will explore topics such as the conceptual framework, recognition and measurement of assets, liabilities, income, and expenses, as well as the presentation and disclosure requirements for financial statements. They will gain a deep understanding of the underlying principles that guide the preparation of high-quality financial information.

Furthermore, the course covers specific IFRS standards and their practical application. Participants will study key standards such as IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers, and IFRS 16 Leases. They will learn how to apply these standards to various transactions and events, including complex financial instruments, revenue recognition, and lease accounting.

The course also addresses emerging issues and updates in IFRS. Participants will explore current developments and amendments to IFRS standards, as well as the ongoing convergence efforts between IFRS and US Generally Accepted Accounting Principles (GAAP). They will also gain insights into the future direction of IFRS and the potential impact on financial reporting.

Throughout the course, participants will engage in practical exercises, case studies, and discussions to apply the concepts and principles learned. They will have the opportunity to analyze and interpret financial statements prepared in accordance with IFRS, identify potential issues, and make informed judgments.

By the end of the course, participants will have a comprehensive understanding of IFRS and its practical application in financial reporting. They will be equipped with the knowledge and skills to navigate complex accounting standards, prepare accurate and compliant financial statements, and ensure consistency and transparency in financial reporting across international boundaries.

Objective:

 The primary objective of this course is to enhance participants' understanding of IFRS and its practical implementation in financial reporting. By the end of the course, participants should be able to:

1. Understand the framework and principles of IFRS.
2. Interpret and apply IFRS standards to financial statements.
3. Identify key differences between IFRS and other accounting frameworks.
4. Analyze and evaluate the impact of IFRS on financial reporting.
5. Ensure compliance with IFRS requirements and disclosures.

Organizational Benefits:

 By participating in this course, organizations can expect the following benefits:

1. Enhanced financial reporting accuracy and transparency.
2. Compliance with international accounting standards.
3. Improved credibility and reliability of financial statements.
4. Alignment with global financial reporting practices.
5. Enhanced capacity to analyze and interpret financial statements.

Who Should Attend:

This course is designed for professionals and practitioners working in finance, accounting, auditing, and related fields, including:

1. Financial managers and executives.
2. Accounting and finance professionals.
3. Auditors and internal control officers.
4. Financial analysts and investment managers.
5. Regulatory and compliance professionals.

Duration:

 The course will be conducted over a period of 10 days, providing participants with comprehensive coverage of IFRS principles and standards, as well as opportunities for hands-on practice and case studies. The duration can be adjusted based on specific requirements and the level of detail desired.

Course Outline:

1. Introduction to International Financial Reporting Standards (IFRS)
• Overview and history of IFRS.
• Benefits and challenges of adopting IFRS.
• Framework and conceptual underpinnings of IFRS.
2. IFRS Framework and Presentation of Financial Statements
• Structure and components of financial statements under IFRS.
• Principles of fair presentation and compliance with IFRS.
• Disclosure requirements and reporting formats.
3. IFRS 1: First-time Adoption of IFRS
• Principles and requirements for transitioning to IFRS.
• Opening balance sheet adjustments and exemptions.
• Disclosures and presentation for first-time adopters.
4. IFRS 2: Share-based Payment
• Accounting for share-based payment transactions.
• Measurement and recognition of share-based payments.
• Disclosures and presentation requirements.
5. IFRS 3: Business Combinations
• Definition and recognition of business combinations.
• Acquisition method and measurement of goodwill.
• Disclosure and presentation of business combinations.
6. IFRS 4: Insurance Contracts
• Accounting for insurance contracts under IFRS.
• Measurement and recognition of insurance liabilities.
• Disclosures and presentation requirements.
7. IFRS 5: Non-current Assets Held for Sale and Discontinued Operations
• Classification and measurement of non-current assets held for sale.
• Presentation and disclosure of discontinued operations.
• Impairment considerations for non-current assets held for sale.
8. IFRS 6: Exploration and Evaluation of Mineral Resources
• Accounting for exploration and evaluation activities.
• Recognition and measurement of exploration and evaluation assets.
• Disclosures and presentation for mining companies.
9. IFRS 7: Financial Instruments: Disclosures
• Disclosure requirements for financial instruments.
• Classification and measurement of financial instruments.
• Disclosures for risk management and fair value measurement.
10. IFRS 8: Operating Segments
• Identification and reporting of operating segments.
• Measurement and disclosure requirements for operating segments.
• Presentation and aggregation of segment information.
11. IFRS 9: Financial Instruments
• Classification and measurement of financial instruments.
• Impairment of financial assets.
• Hedge accounting and fair value measurement.
12. IFRS 10: Consolidated Financial Statements
• Control and consolidation principles under IFRS.
• Preparation and presentation of consolidated financial statements.
• Disclosures for consolidated financial statements.
13. IFRS 11: Joint Arrangements
• Classification and accounting for joint arrangements.
• Equity method and proportionate consolidation.
• Disclosure and presentation for joint arrangements.
14. IFRS 12: Disclosure of Interests in Other Entities
• Disclosure requirements for interests in other entities.
• Presentation and disclosure of significant interests.
• Consolidation and joint arrangements disclosures.
15. IFRS 13: Fair Value Measurement
• Principles and application of fair value measurement.
• Valuation techniques and inputs.
• Disclosures for fair value measurements.
16. IFRS 15: Revenue from Contracts with Customers
• Principles and requirements for revenue recognition.
• Measurement and disclosure of revenue from contracts.
• Disclosures for revenue recognition.
17. IFRS 16: Leases
• Classification and accounting for lease arrangements.
• Measurement and recognition of lease liabilities and right-of-use assets.
• Disclosures and presentation for lease transactions.
18. IAS 1: Presentation of Financial Statements
• Structure and components of financial statements under IAS 1.
• Disclosures and presentation requirements.
• Compliance with IAS 1 principles.
19. IAS 2: Inventories
• Measurement and recognition of inventories.
• Cost formulas and impairment considerations.
• Disclosures and presentation requirements for inventories.
20. IAS 7: Statement of Cash Flows
• Preparation and presentation of the statement of cash flows.
• Classification and measurement of cash flows.
• Disclosures for cash flows.
21. IAS 8: Accounting Policies, Changes in Accounting Estimates, and Errors
• Selection and application of accounting policies.
• Changes in accounting estimates and corrections of errors.
• Disclosure and presentation of accounting policies.
22. IAS 10: Events after the Reporting Period
• Recognition and disclosure of events after the reporting period.
• Adjusting and non-adjusting events.
• Presentation and disclosure requirements.
23. IAS 12: Income Taxes
• Accounting for income taxes under IAS 12.
• Recognition and measurement of current and deferred taxes.
• Disclosures and presentation requirements.
24. IAS 16: Property, Plant, and Equipment
• Measurement and recognition of property, plant, and equipment.
• Depreciation, impairment, and derecognition of assets.
• Disclosure and presentation requirements.
25. IAS 19: Employee Benefits
• Accounting for employee benefits under IAS 19.
• Recognition and measurement of post-employment benefits.
• Disclosures and presentation requirements for employee benefits.
26. IAS 20: Accounting for Government Grants and Disclosure of Government Assistance
• Recognition and measurement of government grants.
• Presentation and disclosure requirements.
• Accounting for government assistance.
27. IAS 21: The Effects of Changes in Foreign Exchange Rates
• Accounting for foreign currency transactions.
• Translation of foreign operations.
• Disclosures and presentation for foreign currency transactions.
28. IAS 23: Borrowing Costs
• Recognition and measurement of borrowing costs.
• Capitalization and disclosure requirements.
• Presentation of borrowing costs.
29. IAS 24: Related Party Disclosures
• Identification and disclosure of related party relationships.
• Transactions and balances with related parties.
• Presentation and disclosure requirements.
30. IAS 27: Separate Financial Statements
• Preparation and presentation of separate financial statements.
• Disclosures and presentation requirements.
• Equity method and investments in subsidiaries.
31. IAS 28: Investments in Associates and Joint Ventures
• Accounting for investments in associates and joint ventures.
• Equity method and proportional consolidation.
• Disclosure and presentation requirements.
32. IAS 29: Financial Reporting in Hyperinflationary Economies
• Financial reporting in hyperinflationary economies.
• Restatement of financial statements.
• Disclosures and presentation for hyperinflationary economies.
33. IAS 32: Financial Instruments: Presentation
• Classification and presentation of financial instruments.
• Offsetting and disclosures for financial instruments.
• Disclosures for compound financial instruments.
34. IAS 33: Earnings per Share
• Calculation and presentation of earnings per share.
• Diluted earnings per share.
• Disclosures for earnings per share.
35. IAS 34: Interim Financial Reporting
• Preparation and presentation of interim financial statements.
• Disclosure and presentation requirements.
• Compliance with IAS 34 principles.
36. IAS 36: Impairment of Assets
• Recognition and measurement of impairment losses.
• Reversal of impairment losses.
• Disclosures and presentation requirements.
37. IAS 37: Provisions, Contingent Liabilities, and Contingent Assets
• Recognition and measurement of provisions.
• Contingent liabilities and contingent assets.
• Disclosure and presentation requirements.
38. IAS 38: Intangible Assets
• Recognition and measurement of intangible assets.
• Amortization and impairment considerations.
• Disclosures and presentation requirements.
39. IAS 39: Financial Instruments: Recognition and Measurement
• Classification and measurement of financial instruments.
• Derecognition and impairment of financial assets.
• Disclosures and presentation for financial instruments.
40. IAS 40: Investment Property
• Measurement and recognition of investment property.
• Transfer and derecognition of investment property.
• Disclosures and presentation requirements.
41. IAS 41: Agriculture
• Recognition and measurement of agricultural activities.
• Biological assets and agricultural produce.
• Disclosures and presentation requirements.
42. IFRIC 1: Changes in Existing Decommissioning, Restoration, and Similar Liabilities
• Accounting for changes in decommissioning liabilities.
• Recognition and measurement of decommissioning provisions.
• Disclosures and presentation requirements.
43. IFRIC 4: Determining Whether an Arrangement Contains a Lease
• Identification and classification of lease arrangements.
• Lease components and separation requirements.
• Disclosures and presentation for lease arrangements.
44. IFRIC 7: Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
• Restatement of financial statements in hyperinflationary economies.
• Recognition and measurement of restated amounts.
• Disclosures and presentation requirements.
45. IFRIC 9: Reassessment of Embedded Derivatives
• Identification and measurement of embedded derivatives.
• Reassessment and bifurcation requirements.
• Disclosures and presentation for embedded derivatives.
46. IFRIC 10: Interim Financial Reporting and Impairment
• Interim impairment testing and recognition.
• Disclosure and presentation requirements.
• Compliance with IFRIC 10 principles.
47. IFRIC 12: Service Concession Arrangements
• Accounting for service concession arrangements.
• Recognition and measurement of intangible assets.
• Disclosures and presentation requirements.
48. IFRIC 14: IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements, and their Interaction
• Recognition and measurement of defined benefit assets.
• Minimum funding requirements and interactions.
• Disclosures and presentation for defined benefit assets.
49. IFRIC 17: Distributions of Non-cash Assets to Owners
• Accounting for distributions of non-cash assets to owners.
• Recognition and measurement of non-cash distributions.
• Disclosures and presentation requirements.
50. IFRIC 19: Extinguishing Financial Liabilities with Equity Instruments
• Accounting for extinguishing financial liabilities with equity instruments.
• Recognition and measurement of extinguished financial liabilities.
• Disclosures and presentation requirements.

General Notes

·         All our courses can be Tailor-made to participants' needs

·         The participant must be conversant in English

·         Presentations are well-guided, practical exercises, web-based tutorials, and group work. Our facilitators are experts with more than 10 years of experience.

·         Upon completion of training the participant will be issued with a Foscore development center certificate (FDC-K)

·         Training will be done at the Foscore development center (FDC-K) centers. We also offer inhouse and online training on the client schedule

·         Course duration is flexible and the contents can be modified to fit any number of days.

·         The course fee for onsite training includes facilitation training materials, 2 coffee breaks, a buffet lunch, and a Certificate of successful completion of Training. Participants will be responsible for their own travel expenses and arrangements, airport transfers, visa application dinners, health/accident insurance, and other personal expenses.

·         Accommodation, pickup, freight booking, and Visa processing arrangement, are done on request, at discounted prices.

·         Tablet and Laptops are provided to participants on request as an add-on cost to the training fee.

·         One-year free Consultation and Coaching provided after the course.

·         Register as a group of more than two and enjoy a discount of (10% to 50%)

·         Payment should be done before commence of the training or as agreed by the parties, to the FOSCORE DEVELOPMENT CENTER account, so as to enable us to prepare better for you.

·         For any inquiries reach us at training@fdc-k.org or +254712260031

·         Website:www.fdc-k.org