Duration: 3 Days
The programme answers questions such as:
1. What are the implications of transitioning to IFRS, including change management issues?
2. How are IFRS financial statement requirements applied to public sector entities, including accounting policies and disclosures?
3. What are the rules relating to first-time adoption of IFRS?
4. When are assets, liabilities, revenues, and expenses recognised under IFRS and how are they measured?
5. Where are major differences found between IFRS and IPSAS?
Course Summary
This three-day course provides a detailed step-by-step guide through the technical issues faced in producing IFRS financial statements by public sector organizations.
Course Benefits
- Appreciate the implications of transitioning to IFRS, including change management issues
- Learn to apply IFRS financial statement requirements to public sector entities, including accounting policies and disclosures
- Understand the rules relating to first-time adoption of IFRS
- Implement the IFRS recognition and measurement rules for assets, liabilities, revenues, expenses, gains and losses
- Comply with IFRS 'fair value' measurement requirements
Teaching Method
- Live group instruction by expert instructors
- Description and explanation of IFRS technical requirements in clear and simple language
- All participants receive copies of the presentation slides and course materials
Course Topic
Programme covers, through the use of case studies and exercises:
1. Income statement presentation and specific disclosures (revenue recognition, segment reporting, discontinued operations, related parties, accounting policies)
2. Cash flow statements
3. Recognition and measurement of assets (property, plant & equipment, intangible assets, inventories, investment property) including the accounting treatment for revaluations, impairment and assets held for sale
4. Interest capitalisation (borrowing costs
5. Accounting estimates and errors
6. Provisions/ non-financial liabilities (including those for employee benefits) and other liabilities
7. Leases
8. Current and deferred taxes
9. Investments in associates and joint ventures
10. Consolidated financial statements
11. Special purpose entities (PFI, PPP) and service concession arrangements
12. Construction contracts
13. Financial instruments, including the treatment of derivatives & hedge accounting
14. Foreign currency transactions and financial statement translation
15. Events after the balance sheet date
16. First-time adoption of IFRS
17. Brief comparisons with other major GAAP (e.g. US & UK GAAP) and discussion of future developments (Exposure Drafts, Draft Interpretations, Discussion Papers, IASB projects and agenda).
2. Cash flow statements
3. Recognition and measurement of assets (property, plant & equipment, intangible assets, inventories, investment property) including the accounting treatment for revaluations, impairment and assets held for sale
4. Interest capitalisation (borrowing costs
5. Accounting estimates and errors
6. Provisions/ non-financial liabilities (including those for employee benefits) and other liabilities
7. Leases
8. Current and deferred taxes
9. Investments in associates and joint ventures
10. Consolidated financial statements
11. Special purpose entities (PFI, PPP) and service concession arrangements
12. Construction contracts
13. Financial instruments, including the treatment of derivatives & hedge accounting
14. Foreign currency transactions and financial statement translation
15. Events after the balance sheet date
16. First-time adoption of IFRS
17. Brief comparisons with other major GAAP (e.g. US & UK GAAP) and discussion of future developments (Exposure Drafts, Draft Interpretations, Discussion Papers, IASB projects and agenda).
