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.
What differentiates financial statements from financial reporting?
Financial statements and financial reporting are sometimes used interchangeably; however, financial statements are the products of financial reporting and are formal, while financial reporting provides financial information for decision-making. Financial statements are frequently utilized to measure and convey the financial health of a firm to external parties. Firms, businesses, or organizations compile financial statements for each accounting period.
The Rcademy International Financial Reporting Standard (IFRS) Specialist course is intended to refresh and enhance participants’ knowledge of the rules that govern accounting and financial reporting. The course covers the concepts, essentials, and fundamentals of the IFRS standards, how they came to be, and their significance in the international standardization of reporting systems. Participants will also learn about global financial reporting and international financial reporting standards (IFRS) classification.
Upcoming start dates
Suitability - Who should attend?
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
Course delivery details
The IFRS Certificate Program is a comprehensive curriculum designed to meet attendees’ expectations while enhancing their knowledge and skills about the subject matter. Different practical techniques that will ensure participants’ constant and active learning will be utilized in delivering the course. Renowned professionals and experts in the field with several years of practice and experience will teach the course. The course modules are drafted from exhaustive and careful research into the subject matter.
The Rcademy Certified IFRS Specialist Course integrates practical and theoretical learning presented through lecture notes, case studies, real-life scenarios, and slides on the concepts. Attendees will also partake in seminar workshops, presentations, quizzes, and constant feedback on lessons taught to gauge and determine their maximum satisfaction.
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