International Financial Reporting Standards (IFRS)  Course

Introduction

The International Financial Reporting Standards (IFRS)  Course is designed for finance professionals, accountants, auditors, and corporate leaders who need comprehensive knowledge of the full spectrum of IFRS standards. In today’s globally connected marketplace, IFRS compliance ensures uniformity and transparency in financial reporting, which is critical for companies operating in multiple jurisdictions. This course covers all major IFRS standards, including those governing financial instruments (IFRS 9), revenue recognition (IFRS 15), leases (IFRS 16), and insurance contracts (IFRS 17), among others, to equip participants with the practical skills to apply these standards effectively in their organizations.

By completing this IFRS course, participants will understand the principles of international financial reporting, how to prepare and analyze IFRS-compliant financial statements, and how to interpret complex financial data for informed decision-making. The course also covers recent IFRS updates, addressing changes in accounting standards that influence financial management, reporting, and compliance across various industries. Through case studies, hands-on exercises, and real-world examples, learners will gain practical experience in applying IFRS to diverse financial situations.

Mastering IFRS compliance provides organizations with a competitive edge, enabling them to meet regulatory requirements, enhance investor confidence, and communicate financial performance clearly and consistently across global markets. The IFRS All Standards Course offers in-depth training on the key standards that shape the way financial data is reported, ensuring professionals have the knowledge and tools to drive transparency, accountability, and efficiency in financial reporting practices.

The course will benefit organizations by ensuring accurate, consistent, and globally comparable financial reporting, helping businesses align their financial practices with international standards, attract global investors, and navigate complex financial landscapes confidently. With a focus on the practical application of IFRS, participants will be fully equipped to handle the intricacies of international financial reporting.

Course Objectives

1. Gain a comprehensive understanding of all key IFRS standards.
2. Learn to prepare IFRS-compliant financial statements.
3. Understand the differences between local GAAP and IFRS.
4. Master the application of specific standards such as IFRS 9, IFRS 15, IFRS 16, and IFRS 17.
5. Explore the latest IFRS updates and their business impact.
6. Ensure accurate reporting for financial instruments, leases, and revenue recognition.
7. Enhance skills in fair value accounting and consolidation.
8. Understand how to apply IFRS to complex financial transactions.
9. Learn to manage the transition from local standards to IFRS.
10. Improve transparency and risk management through standardized financial reporting.

Organization Benefits

1. Ensure compliance with global financial reporting regulations.
2. Enhance investor confidence with transparent and comparable financial statements.
3. Improve cross-border operations through standardized IFRS practices.
4. Reduce financial reporting errors and increase accuracy.
5. Strengthen decision-making with reliable, standardized financial data.
6. Streamline global financial operations with a consistent accounting framework.
7. Minimize financial risks by adopting the latest IFRS guidelines.
8. Foster greater transparency and accountability within the organization.
9. Enhance the organization’s credibility in global markets.
10. Gain a competitive edge by adopting best practices in international financial reporting.

Target Participants

• Finance Managers responsible for preparing or reviewing financial reports.
• Accountants transitioning to or maintaining IFRS compliance.
• Auditors needing an in-depth understanding of all IFRS standards.
• Financial Controllers managing the company’s financial reporting.
• Corporate Treasurers handling global financial operations.
• Chief Financial Officers (CFOs) ensuring organizational compliance with global standards.
• Investors and analysts reviewing IFRS-compliant financial data.
• Legal professionals dealing with financial compliance and corporate finance.
• Consultants advising clients on IFRS-related issues.
• Government and regulatory officials overseeing corporate financial practices.

Course Outline

Module 1: Overview of IFRS and Standard Setting

1. Introduction to IFRS and the role of the IASB.
2. The conceptual framework for financial reporting.
3. Understanding the transition from local GAAP to IFRS.
4. Case study: A company's transition from GAAP to IFRS.
5. The importance of consistent global reporting standards.
6. Recent changes and updates in IFRS.

Module 2: Financial Instruments (IFRS 9)

1. Overview of IFRS 9: Classification and measurement.
2. Impairment of financial assets.
3. Hedge accounting and its application.
4. Case study: Financial instrument reporting in a global bank.
5. Differences between IFRS 9 and IAS 39.
6. Disclosure requirements under IFRS 9.

Module 3: Revenue from Contracts with Customers (IFRS 15)

1. Five-step revenue recognition model under IFRS 15.
2. Identifying performance obligations in contracts.
3. Revenue recognition at a point in time vs. over time.
4. Case study: Revenue recognition in a service industry.
5. Disclosure and reporting requirements for IFRS 15.
6. Transition challenges from previous standards to IFRS 15.

Module 4: Leases (IFRS 16)

1. IFRS 16 overview and impact on lease accounting.
2. Recognizing lease liabilities and right-of-use assets.
3. Short-term leases and low-value asset exemptions.
4. Case study: Applying IFRS 16 in the retail sector.
5. Transition from IAS 17 to IFRS 16.
6. Key disclosures under IFRS 16.

Module 5: Insurance Contracts (IFRS 17)

1. Introduction to IFRS 17 and the insurance industry.
2. Recognizing insurance liabilities and revenues.
3. Measurement models under IFRS 17.
4. Case study: IFRS 17’s impact on an insurance firm.
5. Transition from IFRS 4 to IFRS 17.
6. Disclosure requirements under IFRS 17.

Module 6: Consolidation (IFRS 10) and Joint Arrangements (IFRS 11)

1. Overview of IFRS 10: Consolidated financial statements.
2. Understanding IFRS 11: Joint ventures and arrangements.
3. Case study: Consolidation in a multinational company.
4. Equity method of accounting for joint ventures.
5. Disclosure requirements for consolidated entities.
6. Applying the control principle in consolidation.

Module 7: Fair Value Measurement (IFRS 13)

1. IFRS 13 and the principles of fair value accounting.
2. The fair value hierarchy: Levels 1, 2, and 3.
3. Case study: Fair value measurement of investment properties.
4. Disclosure and reporting of fair value measurements.
5. Fair value in financial instruments and its implications.
6. Practical challenges in fair value measurement.

Module 8: Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)

1. Recognition criteria for provisions and contingencies.
2. Understanding the difference between provisions and liabilities.
3. Case study: Provisioning in the construction industry.
4. Environmental obligations and provisions under IAS 37.
5. Disclosure requirements for provisions and contingencies.
6. Contingent assets and their recognition.

Module 9: Income Taxes (IAS 12)

1. IAS 12 overview: Accounting for current and deferred taxes.
2. Recognizing and measuring deferred tax assets and liabilities.
3. Case study: Taxation in an IFRS-compliant company.
4. Disclosure requirements for income taxes.
5. Impact of temporary differences on deferred tax.
6. Tax planning considerations under IAS 12.

Module 10: Property, Plant, and Equipment (IAS 16)

1. Overview of IAS 16 and its application.
2. Recognition and measurement of PPE.
3. Case study: Revaluation of assets under IAS 16.
4. Depreciation and impairment of assets.
5. Capitalizing costs: A practical guide.
6. Disclosure requirements for property, plant, and equipment.

Module 11: Impairment of Assets (IAS 36)

1. Recognizing and measuring asset impairments.
2. Identifying cash-generating units (CGUs).
3. Case study: Impairment testing in manufacturing firms.
4. Disclosure and reporting of impaired assets.
5. Avoiding common pitfalls in impairment assessments.
6. The role of recoverable amount in impairment calculations.

Module 12: Intangible Assets (IAS 38)

1. Understanding IAS 38 and the recognition of intangible assets.
2. Valuation and amortization of intangible assets.
3. Case study: Goodwill and brand valuation.
4. Transitioning from R&D to capitalized intangible assets.
5. Disclosure and reporting of intangible assets.
6. Practical challenges in valuing intangibles.

Module 13: Business Combinations (IFRS 3)

1. Overview of IFRS 3 and accounting for business combinations.
2. Identifying the acquirer and acquisition date.
3. Case study: Accounting for mergers and acquisitions.
4. Measuring goodwill and non-controlling interests.
5. Disclosure requirements for business combinations.
6. Recognizing contingent consideration and indemnification assets.

Module 14: Share-Based Payment (IFRS 2)

1. Understanding the principles of IFRS 2.
2. Case study: Accounting for employee stock options.
3. Recognition and measurement of share-based payments.
4. Equity-settled vs. cash-settled transactions.
5. Disclosure requirements for share-based payment.
6. Practical challenges in implementing IFRS 2.

Module 15: Presentation of Financial Statements (IAS 1)

1. Structure and components of IFRS-compliant financial statements.
2. Case study: Best practices in financial statement presentation.
3. Recognizing assets, liabilities, equity, revenue, and expenses.
4. Disclosure requirements and their practical application.
5. Impact of materiality on financial statement preparation.
6. Transitioning from local standards to IAS 1.

General Information

1. Customized Training: All our courses can be tailored to meet the specific needs of participants.
2. Language Proficiency: Participants should have a good command of the English language.
3. Comprehensive Learning: Our training includes well-structured presentations, practical exercises, web-based tutorials, and collaborative group work. Our facilitators are seasoned experts with over a decade of experience.
4. Certification: Upon successful completion of training, participants will receive a certificate from Foscore Development Center (FDC-K).
5. Training Locations: Training sessions are conducted at Foscore Development Center (FDC-K) centers. We also offer options for in-house and online training, customized to the client's schedule.
6. Flexible Duration: Course durations are adaptable, and content can be adjusted to fit the required number of days.
7. Onsite Training Inclusions: The course fee for onsite training covers facilitation, training materials, two coffee breaks, a buffet lunch, and a Certificate of Successful Completion. Participants are responsible for their travel expenses, airport transfers, visa applications, dinners, health/accident insurance, and personal expenses.
8. Additional Services: Accommodation, pickup services, freight booking, and visa processing arrangements are available upon request at discounted rates.
9. Equipment: Tablets and laptops can be provided to participants at an additional cost.
10. Post-Training Support: We offer one year of free consultation and coaching after the course.
11. Group Discounts: Register as a group of more than two and enjoy a discount ranging from 10% to 50%.
12. Payment Terms: Payment should be made before the commencement of the training or as mutually agreed upon, to the Foscore Development Center account. This ensures better preparation for your training.
13. Contact Us: For any inquiries, please reach out to us at training@fdc-k.org or call us at +254712260031.
14. Website: Visit our website at www.fdc-k.org for more information.