International Financial Reporting Standards (IFRS)

This International Financial Reporting Standards course will cover:

Private and Public Standards - how they have Evolved

• The background and evolution of financial standards around the world
• International Financial Standards for Private and Public Sectors compared
• Underlying financial and accounting principle
• Benefits to the organisations and investors
• Application of standards world-wide

IPSAS and IFRS Convergence

• IPSAS and IFRS – Board structures of Governing Bodies and Due Process
• IPSAS and IFRS – similarities and differences summarised
• Budgeting in the Private and Public Sectors compared
• Disclosure and transparency aspects
• Accounting issues covered by IFRS with no equivalent IPSAS?

IPSAS and IFRS Effective Implementation and Benefits

• Planning for transition and implementation – identification of key issues
• Choosing your approach – “Big Bang” or phased
• Scoping the project
• Project team structure and roles
• Milestone planning
• Managing issues and communication
• Critical success factors

Preparation of IFRS / IAS Compliant Financial Statements

• Disclosure requirements and issues
• Statement of Profit or Loss – example and comments
• Statement of Financial Positions– example and comments
• Statement of Cash flows– example and comments
• Notes to the accounts
• Comparison with US GAAP

Working towards First Time Adoption of IFRS (IFRS 1)

• Critical Success Factors (CSF) in implementing IFRS
• Overview of the most important features of IFRS 1
• Engaging key stakeholders
• The opening IFRS statement of financial position
• Effective project management