InternationalFinancial

ReportingStandards
(IFRS)

2529Jan2016
UK,London
4,895+Vat

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CourseInstructor
TheCourseDirectorisaninternationallyrecognisedinstructorspecialisinginInternationalFinancialReporting
Standards(IFRS)andUSGenerallyAcceptedAccountingPrinciples(USGAAP).Shehasalsoassistednational
governmentsandcentralbanksinthereformoftheiraccountingsystemsandintheimplementationof
internationalstandardsandbestpractices.

CourseDescription

ThegrowingglobalacceptanceofInternationalFinancialReportingStandards(IFRS)asabasis
forthepreparationoffinancialstatementsoflargeandmediumsizedentitiescreatesaneed
foranincreasinggroupofprofessionalstogainknowledgeandexperienceofthesestandards.
EventhosewithabasicunderstandingofIFRSarerequiredtoconstantlyupdatetheir
knowledgebecauseofthefastevolutionofthesestandardsandthegrowingexperiencethat
practitionersrequire.Asof2005approximately9000listedEuropeancompaniestransferredto
IFRSreporting.Russia,China,Canada,Japan,Australia,India,SouthKorea,Malaysiaand
manyothercountriesareadoptingIFRSorhaveplanstoconvergetheirnationalstandards
withIFRS.

This5daycourseyouwilllearnhowtoprovideuptodate,transparentandforthrightfinancialreporting.IFRS
ischangingrapidlyanditisimportantforthoseusingtheinternationalstandardstoremainabreastof
changes.Thiscourseprovidesavaluabletechnicalupdateasitnotonlycoverscurrentaccountingguidance,
butincludesinformationonnewlyissuedstandardsandupcomingprojects.
Whoshouldattend?
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FinancialAnalysts
Accountants
PortfolioManagers
SecuritiesAnalysts
Credit/InvestmentAnalysts
PensionFundManagers
Auditors

Agenda
Day1

BecomingfamiliarwithIFRSasbasisforthepreparationoffinancialstatements

IntroductiontoIFRS
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TheIASBanditsIFRS
ApplicationofIFRS
UpdateoncurrentprojectsoftheIASB

Activity:ToidentifyandreviewrelevantinternetsourcestokeepuptodatewithIFRS.
IFRSbasicprinciples
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Frameworkforthepreparationandpresentationoffinancialstatements
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Financialstatementelements:assets,liabilities,equity,incomeandexpenses
Measurementandrecognitionprinciples(includingdiscussionoffairvalueaccounting)

Activity:PracticewithillustrationsshowinghowtheFrameworkprinciplesareappliedinrealworldsituations.
Financialstatementpresentation
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StatementofFinancialPosition
StatementofComprehensiveIncome
StatementofChangesinEquity
StatementofCashFlows:choicebetweendirectandindirectmethod

Disclosureissues
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Eventsafterthereportingperiod
Changesinaccountingpolicies,estimatesandaccountingerrors
Relatedparties
Discontinuedoperations
Operatingsegments

Activity:Userealworldandmodelfinancialstatementstoreviewthenewdisclosureandpresentation
requirementsofIFRS.Evaluatefinancialstatementitemsandalternativepresentations.Determinethe
treatmentofeventsafterthereportingperiod.

Day2

Revenuerecognitionandnonfinancialassets
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Saleofgoods
Services
Interest,royaltiesanddividends

Casestudy:Theeffectiveinterestratemethodisillustratedthroughtheaccountingforasaleofgoodswith
adeferredpayment.
Exercise:Numerousscenariosareevaluatedtodeterminetheappropriateaccountingforarrangementswith
varioustermsandfactorstoconsider.
Inventories
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Costcomponentsandvaluationissues
Identifyingandaccountingforinventoryimpairment

Casestudy:Evaluateasituationtodeterminewhetheraninventoryimpairmentshouldberecognisedandthe
appropriatetreatmentofasubsequentchangeinvalue.
Noncurrentassets:recognitionandmeasurement
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Property,plantandequipment
Measurementofthecostofanasset,includingassetretirementobligations
Borrowingcosts
Componentapproach
DepreciatioN
Revaluation
Noncurrentassetsheldforsaleissues

Classpractice:Costandrevaluation.
Determinetheappropriateaccountingforrevaluationoveramultiyearperiod.
Example:Allrelevanttransactionsrelatingtotheconstructionanduseofanoilrig(sitepreparation,
acquisition,environmentalobligations)aretreated.
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Investmentproperty
Definition
Measurementalternatives
investmentpropertytransfers

Casestudy:Identifythecorrectdatesandvaluationsrelatingtoinvestmentpropertytransfersandcosts.
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Intangibleassets
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Purchasedintangibles
Acquisitionaspartofabusinesscombination
Internallygeneratedintangibleassets
Measurementrequirementsandalternatives

Casestudy:Determinetheappropriateaccountingtreatmentofpurchasedandinternallygeneratedintangible
assets.
Impairmentofassets
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Identifyingimpairmentindicators
Determiningrecoverableamount
Measuringandrecognizingimpairment
Cashgeneratingunitsandimpairmentofgoodwill

Casestudy:Evaluatetheimpairmenttestingofgoodwillanddeterminewhetherimpairmentshouldbe
recognizedandtheassetsthatarepotentiallyaffected.

Day3

Nonfinancialliabilitiesandfinancialinstruments
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Leases
Classificationofleasecontracts
Accountingforleasecontracts
Operatingleaseincentives

Casestudies:Applyyourknowledgeofleasecontractstoevaluatethetermsofaleaseandclassifyitasa
financeoroperatinglease.Reviewcontractualarrangementstodeterminewhethertheymeetthedefinition
ofaleaseandrequireleaseaccounting.
Examples:Accountingbythelessorandleseeforleaseclassification,financeandoperatingleases.
Accountingforsaleandleasebacktransactions.
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Employeebenefits
Shorttermemployeebenefits
Pensionplans,definedbenefitanddefinedcontributionplans
Terminationbenefits

Exercises:Decideundervariouscircumstanceswhetherandwhenanemployeebenefitshouldberecognized.
Casestudy:Reviewthevariouscomponentsofapensionplanandtracerelevantinformationtotheamounts
recognizedonthefinancialstatements.
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Provisions,contingentliabilitiesandcontingentassets
Recognitionrequirements
Measurementofprovisions
Futureoperatinglossesandonerouscontracts
Provisionsforrestructuring
Contingencies
Contingentliabilitiesacquiredinabusinesscombination
Disclosures

Groupwork:Distinguishbetweenliabilities,provisionsandcontingentliabilities.Applyrecognitionand
measurementconceptstodetermineappropriateaccountingtreatmentforavarietyofsituations.Calculate
thecorrectamountofprovisiontorecognizeinvarioussituations.
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Sharebasedpayment
Equitysettledsharebasedpayments
Cashsettledsharebasedpayment

Exercises:Identifythepertinentfactsinsharebasedpaymentscenarios,determinethefinancialstatement
impactsandcontrasttheaccountingtreatmentofshareoptionsandshareappreciationrights.
Financialinstruments
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Classifyingfinancialassets
Initialandsubsequentmeasurementoffinancialinstruments
Financialassetimpairment
Derecognition
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Differencebetweenequityandliabilities
Accountingforfinancialliabilities
Disclosurerequirements
NEWIFRS9onclassifyingandmeasuringfinancialinstruments

Exercisesandexamples:Accountingforavarietyoffinancialinstruments,including:
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Initialrecognition
Classificationoffinancialassets
Valuationofdifferentclassesoffinancialinstruments
Derecognition
Impairment
Differentiatingbetweenfinancialliabilitiesandequity

Illustrations:Gainfamiliaritywiththenewfinancialinstrumentdisclosurerequirementsbyreviewingreal
worldfinancialstatementdisclosures.Reviewthecalculationanduseoftheeffectiveinterestmethodapplied
toabond.Evaluatetheseparatingconditionsandaccountingrequirementsforembeddedderivatives
examinetheaccountingtransactionsforacashflowhedge.OverviewofIFRS9andthenewclassificationand
measurementrequirements.

Day4

ApplicationofIFRSforgrouptransactions

Businesscombinations:applicationoftheacquisitionmethod
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Identifyingtheacquirer
Measuringthecostofthebusinesscombination
Recognitionandvaluationoftheacquiredassets,liabilitiesandcontingentliabilities
Calculationofgoodwillorgainfromabargainpurchase
Changestoprovisionalvalues

Casestudy:Accountforabusinesscombinationinwhichtheconsiderationiscontingentandforwhichthe
paymentisdeferred.

Overviewofconsolidationrequirements,associatesandjointarrangements

Consolidatedandseparatefinancialstatements(includingstructuredentities)
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Determiningcontrol
Summaryofconsolidationprocedure
Investmentsinassociates
Determiningsignificantinfluence
Overviewoftheequitymethod
Interestsinjointarrangements
Jointventures
Jointoperations

Casestudies:Whenshouldastructuredentitybeconsolidated?Assesswhetheranentitycontrolsanother
entitywithouthavingmorethan50%ofthevotingrights.Applicationoftheequitymethod
Foreigncurrencyissues
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Foreigncurrencytransactions
Overviewofforeigncurrencyfinancialstatementtranslation

Exercises:Determineanentitysfunctionalcurrency.Identifyitemsresultinginforeignexchangegainorloss.
Calculatetheforeignexchangegainorlossresultingfromamountspayableandreceivableinforeign
currenciesanddiscusshowtherelatedamountswillberecognizedonthefinancialstatements.
Example:Reviewthetranslationoffinancialstatementsofaforeignsubsidiarytofinancialstatementsinthe
functionalcurrencyoftheparent.

Day5

Incometaxes,firsttimeadoptionofIFRS

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Accountingforincometaxes:currentanddeferredtaxes
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Temporaryandotherdifferences
Recognitionandmeasurementofdeferredtaxes
Treatmentoftaxlosscarryforwardsandtaxcredits

Casestudy:Evaluateavarietyofsituationstoidentifydeferredtaximplications.
Groupdiscussion:Basedontheirindividualcountrystaxcodes,participantswillidentifyitemsthatresultin
deferredtaxrecognitionunderIFRSfortheirorganizations.
Example:Calculationofthedeferredtaxescommonlyassociatedwithvariousassetsandliabilities.
OverviewofIFRSIfirsttimeadoptionofIFRS
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BasicprinciplesofIFRSI
Preparingtheopeningstatementoffinancialposition
MandatoryexceptionsfromotherIFRS
Optionalexemptions
Presentationanddisclosurerequirements

Casestudy:StartingfromanationalGAAPfinancialstatement,participantswillfollowthroughtheIFRS1
adjustmentsnecessarytocreatethestatementinaccordancewithIFRS.
Coursesummaryandclose

Abouttheinstructors

TheCourseDirectorisaninternationalinstructorspecialisinginInternationalFinancialReportingStandards
(IFRS)andUSGenerallyAcceptedAccountingPrinciples(USGAAP).Shehasdeliveredtrainingcoursesaround
theworldincludingintheUSA,Europe,Russia,CentralAsia,theCaucuses,theBalkans,SoutheastAsia,
AfricaandtheMiddleEastandhastaughtpeoplefromover130countries.

Shehasalsoassistedseveralnationalgovernmentsinthereformoftheiraccountingsystemsandinthe
implementationofinternationalstandardsandbestpractices.Aswellasteaching,shealsohaswritten
technicalaccountingmaterialforpublication.Shehasover17yearsofexperienceintheapplicationand
trainingofIFRS(formerlyIAS).SheisaU.S.CertifiedPublicAccountant(C.P.A.),aCertifiedManagement
Accountant(C.M.A.)andaCertifiedFraudExaminer(C.F.E.).SheearnedherM.B.A.fromtheUniversityof
WisconsinintheUnitedStates.

Priortoenteringtheinternationalarena,shetaughtgraduatelevelbusinessandfinancecoursesintheUSA
aswellasCPAexaminationreviewcourses.SheisPresidentofKALConsulting,Incorporatedandwasformerly
SeniorVicePresidentinaregionalbankholdingcompany.Shealsoservedforeightyearsontheaccounting
boardofherstate,responsibleforlicensing,examination,monitoringanddiscipliningC.P.Asinthat
jurisdiction.

Venue
CentralLondonHotelVenue,London,UK
AllcoursesareheldatfourorfivestarvenuesinCentralLondon,Zone1.Westrivetoprovideyouwitha
trainingenvironmentofthehighestquality,toensurethatthewholelearningexperienceexceedsyour
expectations.

Yourtrainingvenuewillbeconfirmedbyoneofourcourseadministratorsapproximately34weeksbeforethe
coursestartdate.

customerservice@euromoneylearningsolutions.com | +44 (0)203 553 8244

WhoShouldAttend
FinancialAnalysts
Accountants
PortfolioManagers
SecuritiesAnalysts
Credit/InvestmentAnalysts
PensionFundManagers
Auditors

WhyUs
Whyus

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Knowledgeour150strongteamofindustryspecialisttrainersareworldleadingfinancialleadersand
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