Course description
As financial markets worldwide become more interconnected, there will be an even greater need for reliable data. The common standards must be implemented consistently across the world to allow investors and other users of financial statements to examine the financial performance of listed firms on an equal footing with their worldwide rivals. Hence the introduction of IFRS.
What is IFRS?
The aim of the International Financial Reporting Standards is to improve financial reporting transparency by establishing a standardized accounting language. IFRS ensures that firms’ financial results and situations are reported using the same standards and norms by imposing consistent standards and rules. As a result, IFRS makes it easy to compare and analyze the financial consequences of various organizations across international boundaries.
Upcoming start dates
Suitability - Who should attend?
Who Should Attend?
The Certified IFRS Specialist Course by Rcademy is suitable for:
- Chief Accountants:responsible for directing the accounting department
- Finance Directors:tasked with providing strategic and financial assistance
- Finance Managers:responsible for developing financial reports
- Finance Controllers:responsible for drafting the company’s financial report
- Accountants:tasked with various accounting functions
- Management Accountants:responsible for recording and crunching numbers
- Financial Systems Managers:in charge of leading the development, implementation, and administration of the organization’s financial systems
- Financial Analysts:responsible for giving sound advice on business investment decisions
- Financial Auditors:entrusted with analyzing financial statements, papers, data, and accounting entries for the company
- Portfolio Managers:responsible for managing day-to-day portfolio trading, implementing an investment strategy, and investing a fund’s assets
Outcome / Qualification etc.
The Certified IFRS Specialist Course by Rcademy is designed to develop participants’ knowledge and understanding of International Financial Reporting Standards. On completion of the IFRS Specialist course, candidates would have attained the following objectives:
- Learn about the IFRSs and their global applications.
- Prepare financial statements according to IASB guidelines
- Understand, explain, and apply the IASB’s Financial Reporting Conceptual Framework
- Apply financial reporting standards to major financial report elements
- Determine and implement company disclosure standards in financial reports and notes
- Understand the functions of the International Financial Reporting Standards Foundation (IFRSF) and the International Accounting Standards Board (IASB) and how they are changing
- Gain guidance on how to apply IFRS in practice
- Learn how to standardize financial reporting to increase financial statement comparability in major financial marketplaces
- Improve financial reporting consistency and transparency
- Recognize the importance of financial reporting in business performance management
- Analyse and understand financial statements and report critically
Training Course Content
Module 1: Introduction to IFRS: The Nature and Operations of the IASB
- The Origins of the International Accounting Standards Board
- The conceptual framework for financial reporting
- The structure of the IFRS foundation
- International Financial Reporting Standards (IFRS Standards)
- The purpose of financial statements
- International Accounting Standards (IAS Standards)
Module 2: Basics of IFRS
- Overview of IFRS
- Leases
- Inventory accounting
- Impairment of long-lived assets
- Income taxes
- Depreciation
- Accrued expenses
Module 3: Basics of Financial Accounting
- Introduction to financial accounting
- Internal/external users of accounting information
- Financial statements
- Types of financial statements
- Elements of financial accounting
- Financing, operating, and investing
Module 4: Introduction to Financial Reporting
- Definition of terminologies
- Principles of financial reporting
- Fundamentals of financial reporting
- Critical concepts in financial reporting
- Types of financial reports
- Benefits of financial reporting
- Financial reporting in hyperinflationary economies
- Structure of financial reporting systems
Module 5: Conceptual Framework for Financial Reporting
- The objective of financial statements
- Elements of financial statements
- Capital maintenance and concepts of capital
- Recognition of elements of financial statements
- Qualitative characteristics of financial information
Module 6: Financial Accounting and Reporting – Business Context and Critical Principles
- Purpose of financial accounting and reporting
- Key concepts in financial accounting
- Fundamental Principles in corporate governance
- Structure of financial accounting systems
- Fraud, scandals, and creative accounting
- Building a winning business model
Module 7: The Statement of Financial Position and Income Statement
- The IASB Conceptual Framework
- Income Statement: purpose structure and presentation
- Revenue recognition principles
- Liabilities and financial assets
- Tangible and intangible assets
- Inventories
Module 8: The Statement of Cash Flows and Group Reporting
- Group Accounts: Purpose structure and presentation
- Optimizing working capital
- Cash flow forecasting techniques
- Debt capital and equity capital
- Understanding business cash flow drivers
Module 9: Analysis and Interpretation of Financial Reports
- Fundamentals of analyzing financial reports
- Measuring and managing profitability
- The shareholder value concept
- Managing and measuring liquidity
- Predicting corporate distress and failure
- Financial position and forecasting financial performance
Module 10: Designing and Presenting Effective Financial Reports
- The limitations of financial reports
- Developments in Integrated Reporting (IR)
- Developing and using business dashboards
- Designing effective internal business reports
- Incorporating Excel graphics in internal reports
- Making effective financial presentations
- Integrated Reports: purpose, structure, and Presentation
Module 11: Financial Instruments
- Recognition of financial instruments
- Financial assets, financial liabilities & equity
- Hedging and hedge accounting
- Fair value measurement
- Impairment of financial assets
Module 12: Presentation of Financial Statements
- Presentation of financial statements
- Interim financial reporting
- Statement of cash flows
- Post-reporting period
- Selection of accounting policies and accounting estimates
Module 13: Group Financial Statements
- Introduction
- Consolidated financial statements
- Business combination
- Separate financial statements
- Associates & joint ventures
Module 14: IFRS 3 – Business Combinations
- Introduction
- Components of consideration transferred in a business combination
- Assets acquired, and liabilities assumed
- Acquisition method
- Intercompany transactions
- Control of a business
Module 15: IFRS 7 – Financial Instruments: Disclosures
- Introduction
- Significance of financial instruments
- Financial assets and financial liabilities measured at FVPL
- Financial assets measured at FVOCI
- Collateral, breaches, and defaults
- Statement of financial position
Module 16: IFRS 10 – Consolidated Financial Statements
- Principles of consolidated financial statements
- Consolidated financial statement analysis
- Cashflow statements
- Goodwill accounting & purchase price allocation
- Selected topics: Accounting for CI, NCI, equity accounting, profit elimination
Module 17: IFRS 11 – Joint Arrangements
- Scope and objectives
- Measurement – Accounting
- Joint control
- Classification of joint arrangements
- Disclosures
- Contractual arrangement
Module 18: IFRS 17 – Insurance Contracts
- The nature of insurance contracts
- The alternative models
- The General measurement models
- Initial measurement
- Separation of non-insurance elements
- Grouping of insurance contracts
- Fulfillment of cash flows
- The contractual service margins
- Subsequent measurement
- Income statement amounts
- The liability for remaining coverage
- The liability for incurred claims
- Illustrative examples
- Onerous and profitable contracts
- The Premium Allocation Approach
- Illustration of Accounting
- Circumstances for use
Module 19: Accounting for Assets under IFRS
- Impairment of assets
- Intangible assets and investment property
- Equipment, plant, and property
- Inventory
- Disclosure of government assistance and government grants
- Borrowing costs
- Agriculture
Module 20: Accounting for Liabilities
- Lease Liabilities
- Contingent Liabilities
- Share-based payments
- Income Taxes
- Employee Benefits
- Provisions
Module 21: Accounting for Assets, Impairments, and Grants
- IAS 2 Inventories
- IAS 36 Impairment of assets
- IAS 38 Intangible assets
Module 22: Revenue, Presentation, and Profit
- Changes in accounting estimates and errors
- IAS 1 Presentation of financial statements
- IAS 8 Accounting policies
- IFRS 15 Revenue from contracts with customers
Module 23: Other IFRS Standards
- IFRS for SMEs
- Earnings per share
- Exploration and evaluation of mineral resources
- Assets held for sale and discontinued operations
- Related party disclosures
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