Cambridge
Academy
In London

Introduction:

The global convergence of International Financial Reporting Standards (IFRS) is rapidly gaining momentum for the preparation of financial statements, encompassing both large corporations and medium-sized companies. The adoption of IFRS is expanding each year asmore countries implement these standards.

As a result of the widespread acceptance of IFRS, there is an increasing demand for financial professionals who possess not only a solid foundation but also a comprehensive understanding of its intricacies. Given that the IFRS landscape is constantly evolving, professionals are required to stay updated and informed.

About The Conference:

This comprehensive 5-day program offers an up-to-date overview of IFRS reporting requirements, presenting the standards from a practical, technical, and commercial perspective. Real-life company challenges will be examined, and participants will have the opportunity to explore various commercial concepts through the use of Excel models, which

will be provided as valuable take-away resources.

The conference aims to enhance participants' knowledge and skills in comprehending and applying accounting standards and the theoretical framework in the preparation of financial statements for entities, including groups. It will also cover the analysis and interpretation of these financial statements. Complex International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) will be explored in detail. By completing this course, participants will gain a broader and deeper understanding of accounting and financial reporting, equipping them to tackle the challenges they may encounter in the dynamic world of finance.

Course Objectives

By the end of this course, participants will be able to:

·        Gain a comprehensive understanding of the IFRS standards through practical explanations and illustrative examples.

·         Acquire knowledge of how financial statement consolidation is carried out using the principles of IFRS 10.

·        Familiarise yourself with the new Revenue standard (IFRS 15) and comprehend its application in financial reporting.

·         Receive the actual IAS and IFRS standards utilised in the course, allowing you to engage in further reading and review while the instructor elucidates the concepts.

Target Audience

This course is designed for:

·         Professionals involved in financial analysis.

·        Individuals working in accounting roles.

·        Managers responsible for portfolio management

·        Analysts specialising in securities.

·        Experts in credit and investment analysis

·        Managers overseeing pension funds.

·         Auditing professionals

Course Outlines

Day 1: Introduction to IFRS:

·         Overview of IFRSs

·         Concise historical background of IFRSs

·         Conceptual Framework in IFRS

·        Content of IFRS Financial Statements:

·         Presentation of financial statements according to IAS 1

·         Understanding the Statement of Cash Flows (IAS 7)

·         Accounting policies, changes in accounting estimates, and errors (IAS 8)

·         Handling discontinued operations (IFRS 5)

·         Events occurring after the reporting period (IAS 10)

·         Insights into operating segments (IFRS 8)

·         Disclosures on related parties (IAS 24)

·         Interim financial reporting (IAS 34)

·        Value measurement according to IFRS 13

·        Assets:

·         Understanding Inventories (IAS 2)

·         Property, Plant & Equipment (IAS 16)

·         Treatment of Borrowing Costs (IAS 23)

·         Intangible Assets (IAS 38)

·         Investment Property (IAS 40)

·         Impairment of Assets (IAS 36)

Day 2:Liabilities:

·         Lease Accounting (IFRS 16)

·         Employee Benefits (IAS 19)

·         Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)

·         Share-Based Payment (IFRS 2)

·        Financial Instruments:

·         Financial Assets and Liabilities, Hedging, and Derivatives (IAS 32, IAS 39, IFR

·         Disclosures for Financial Instruments (IFRS 7)

·        Income Taxes:

·         Understanding Income Taxes (IAS 12) Revenue:

·         Revenue Recognition from Contracts with Customers (IFRS 15) Foreign Currency Issues:

·         Effects of Changes in Foreign Exchange Rates (IAS 21

·        Business Combinations, Consolidations, Associates & Joint Arrangements:

·         Business Combinations (IFRS 3)

·         Consolidated Financial Statements (IFRS 10)

·         Separate Financial Statements (IAS 27)

·        Investments in Associates and Joint Ventures (IAS 28)

·         Joint Arrangements (IFRS 11)

·         Disclosure of Interests in Other Entities (IFRS 12)

·        Transitioning to IFRSs:

·         First-time Adoption of IFRSs (IFRS 1)Expected Future Developments:

·        ASB Work Plan (Work plan of the Accounting Standards Board)

Day 3:Workshop in IFRS Financial Statements analysis.

Day 4:Workshop in IFRS Financial Statements applications.

Day 5:Site visit at a relevant organisation.