International Financial Reporting Standards (IFRS) course

The International Financial Reporting Standards (IFRS) Course is intended for finance professionals, accountants, auditors, and business leaders seeking a thorough understanding of IFRS standards. In today’s interconnected global economy, adherence to IFRS is vital for consistency and transparency in financial reporting, especially for companies operating across borders. This course covers all the essential IFRS standards, including financial instruments (IFRS 9), revenue recognition (IFRS 15), leases (IFRS 16), insurance contracts (IFRS 17), and more, equipping participants with the skills necessary to apply these standards within their respective organizations.

Upon completing this course, participants will have a strong grasp of international financial reporting principles, the ability to prepare and analyze IFRS-compliant financial statements, and the skills to interpret complex financial data to make informed decisions. The course also highlights recent updates to IFRS, focusing on changes in accounting standards that impact financial management and compliance across diverse industries. Through practical case studies and exercises, participants will gain hands-on experience applying IFRS to real-world financial situations.

Mastering IFRS compliance provides organizations with a competitive advantage, enabling them to meet regulatory standards, enhance investor confidence, and communicate financial results clearly across international markets. This comprehensive IFRS training ensures that professionals are well-prepared to navigate the complexities of global financial reporting.

Course Objectives

• Develop a comprehensive understanding of all major IFRS standards.
• Learn to prepare IFRS-compliant financial statements.
• Understand the key differences between local GAAP and IFRS.
• Master specific standards, such as IFRS 9, IFRS 15, IFRS 16, and IFRS 17.
• Stay up-to-date with the latest IFRS updates and their impact on businesses.
• Ensure accurate financial reporting for financial instruments, leases, and revenue recognition.
• Enhance skills in fair value accounting and consolidation.
• Learn how to manage the transition from local accounting standards to IFRS.
• Improve transparency and manage risks through standardized financial reporting.

Organization Benefits

• Ensure compliance with global financial reporting regulations.
• Boost investor confidence with transparent and consistent financial statements.
• Improve operations across borders with standardized IFRS practices.
• Minimize financial reporting errors and increase accuracy.
• Enhance decision-making with reliable, standardized financial data.
• Streamline global financial operations with a uniform accounting framework.
• Mitigate financial risks by implementing the latest IFRS guidelines.
• Promote transparency and accountability within the organization.
• Enhance the credibility of the organization in global markets.
• Gain a competitive edge by adopting best practices in international financial reporting.

Target Participants

This course is ideal for a variety of professionals, including:

• Finance Managers responsible for preparing or reviewing financial statements.
• Accountants transitioning to or maintaining IFRS compliance.
• Auditors requiring an in-depth understanding of IFRS standards.
• Financial Controllers managing corporate financial reporting.
• Corporate Treasurers overseeing global financial operations.
• Chief Financial Officers (CFOs) ensuring the organization’s compliance with global standards.
• Investors and analysts reviewing IFRS-compliant financial data.
• Legal professionals working with financial compliance and corporate finance.
• Consultants advising clients on IFRS-related matters.
• Government and regulatory officials monitoring corporate financial practices.

Course Outline

• Module 1: Overview of IFRS and Standard Setting
  • Introduction to IFRS and the role of the IASB.
  • The conceptual framework for financial reporting.
  • Transition from local GAAP to IFRS.
  • Case study: A company’s transition to IFRS.
  • The need for consistent global reporting standards.
  • Recent IFRS updates.
• Module 2: Financial Instruments (IFRS 9)
  • Overview of IFRS 9: Classification and measurement.
  • Impairment of financial assets.
  • Hedge accounting and its application.
  • Case study: Financial instrument reporting in a global context.
  • Differences between IFRS 9 and IAS 39.
  • Disclosure requirements under IFRS 9.
• Module 3: Revenue from Contracts with Customers (IFRS 15)
  • The five-step revenue recognition model under IFRS 15.
  • Identifying performance obligations in contracts.
  • Revenue recognition at a point in time versus over time.
  • Case study: Revenue recognition in the service industry.
  • Transitioning from previous standards to IFRS 15.
• Module 4: Leases (IFRS 16)
  • IFRS 16: Impact on lease accounting.
  • Recognizing lease liabilities and right-of-use assets.
  • Exemptions for short-term leases and low-value assets.
  • Case study: Applying IFRS 16 in retail.
  • Transition from IAS 17 to IFRS 16.
  • Key disclosures under IFRS 16.
• Module 5: Insurance Contracts (IFRS 17)
  • Overview of IFRS 17 in the insurance industry.
  • Recognizing insurance liabilities and revenues.
  • Measurement models under IFRS 17.
  • Case study: IFRS 17’s impact on an insurance firm.
  • Transition from IFRS 4 to IFRS 17.
• Module 6: Consolidation (IFRS 10) and Joint Arrangements (IFRS 11)
  • Overview of IFRS 10: Consolidated financial statements.
  • Understanding IFRS 11: Joint ventures and arrangements.
  • Case study: Consolidation in multinational companies.
  • Equity method of accounting for joint ventures.
  • Disclosure requirements for consolidated entities.
• Module 7: Fair Value Measurement (IFRS 13)
  • Overview of IFRS 13 and the principles of fair value accounting.
  • The fair value hierarchy: Levels 1, 2, and 3.
  • Case study: Fair value measurement of investment properties.
  • Disclosure and reporting of fair value measurements.
  • Challenges in fair value measurement.
• Module 8: Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)
  • Recognition criteria for provisions and contingencies.
  • Case study: Provisioning in construction.
  • Disclosure requirements for provisions and contingencies.
• Module 9: Income Taxes (IAS 12)
  • Overview of IAS 12: Accounting for taxes.
  • Recognizing and measuring deferred tax assets/liabilities.
  • Case study: Taxation in IFRS-compliant firms.
• Module 10: Property, Plant, and Equipment (IAS 16)
  • Recognition and measurement of PPE under IAS 16.
  • Case study: Revaluation of assets.

General Information

• Customized Training: Our courses can be tailored to meet your specific needs.
• Language Proficiency: A good command of English is required.
• Certification: A certificate will be issued by Stepsure Training And Research Institute upon successful completion of the course.
• Contact Us: For more details, contact us at info@stepsureresearchinstitute.org or call +254 723 482 495.
• Website: Visit our website at www.stepsureresearchinstitute.org for more information.