IFRS Workshop with Current Updates

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

• Describe the setting process in International Financial Reporting Standards (IFRS) and list the currently available standards
• Explain the most recent updates on existing IFRS and evaluate the effect of newly issued standards on their organization
• Determine the correct presentation and minimum disclosure for components of statement of financial position, statement of comprehensive income, statement of owners' equity and statement of cash flows in accordance with IFRS
• Appraise and properly account for transactions affecting current assets and liabilities, non-current assets and liabilities, revenues and expenses in accordance with IFRS
• Apply professional judgment in applying IFRS for matters relating to non-recurrent business transactions

• • Revenue from contracts with customers (IFRS 15)
  • Scope of IFRS 15
  • Describing the five-step model framework under IFRS 15
  • Step 1: Identifying the contract with the customer
  • Step 2: Identifying the performance obligations in the contract
  • Separating goods from services
  • Step 3: Determining the transaction price
  • Effect of time value of money
  • Accounting for variable consideration
  • Step 4: Allocating the transaction price to the performance obligations in the contract
  • Step 5: Recognizing revenue when the entity satisfies a performance obligation
  • Separating performance obligation satisfied at a point in time from performance obligation satisfied over a period of time
  • IFRS 16, Leases
  • Reasons for the transition from IAS 17 to IFRS 16
  • Recognition exemptions: expensing lease payments
  • How will the lease of small value items be affected?
  • Identifying a lease transaction
  • Separating components of lease contract
  • Accounting by lessees
  • Accounting by lessors
  • Effective date and transition
  • Wrap-up on newest standards and list of current and prior years' updates on IFRSs
  • Newest standards published by IASB
  • Standards amended in 2015 with effect in 2018
  • Standards amended in 2016 with effect in 2018
  • Standards amended in 2017 with effect in 2018
  • Standards amended in 2018

   

  FOR WHOM:

  Accountants, Controllers, Managers of Fixed Assets, Divisional and Plant Managers and all Executives involved in Fixed Asset Accounting and Administration.

  TRAINING METHODOLOGY

  The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.