Student Of IFRS Course Details For 2017 Exam

IFRS Course Details : International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.

Student Of IFRS Course Details For 2017 Exam

IFRS Course Details : If you want to learn IFRS protocols, here are some recommended courses.

1. Certificate Course on International Financial Reporting Standards in 100 hours by ICAI for CA members.
2. Certificate Course on International Financial Reporting Standards Convergence in 2 months by ICWAI for university faculties, students, cost accountants, chartered accountants, company secretaries, senior and middle-level executives in various organisations like statutory bodies and multinationals.
3. Advanced Certificate Program on IFRS in 6 weeks by KPMG for 2+ years working professionals. However, the experience requirement is not necessary for MBA (Finance), CA, CWA and CS.
4. Diploma in International Financial Reporting in 3-6 months by ACCA for graduates holding 3+ years of experience in finance, commerce post-graduates holding 2+ years of experience in finance, auditors and practicing accountancy.
5. IFRS / IND AS Certification Programs in 40 hours for students and professionals attempting ACCA exam.

Student Of IFRS Course Details For 2017 Exam

IFRS Course Details: Approximately 120 nations and reporting jurisdictions permit or require IFRS for domestic listed companies, although approximately 90 countries have fully conformed with IFRS as promulgated by the IASB and include a statement acknowledging such conformity in audit reports. Other countries, including Canada and Korea, are expected to transition to IFRS by 2011. Mexico will require IFRS for all listed companies starting in 2012. Japan has introduced a roadmap for adoption that it will decide on in 2012 (with a proposed adoption date of 2015 or 2016) and is permitting certain qualifying domestic companies to apply IFRS from fiscal years ending on or after March 31, 2010. Still other countries have plans to converge their national standards with IFRS.

Student Of IFRS Course Details For 2017 Exam

IFRS Course Details : By adopting IFRS, a business can present its financial statements on the same basis as its foreign competitors, making comparisons easier. Furthermore, companies with subsidiaries in countries that require or permit IFRS may be able to use one accounting language company-wide. Companies also may need to convert to IFRS if they are a subsidiary of a foreign company that must use IFRS, or if they have a foreign investor that must use IFRS. Companies may also benefit by using IFRS if they wish to raise capital abroad.

Student Of IFRS Course Details For 2017 Exam

IFRS Course Details :Despite a belief by some of the inevitability of the global acceptance of IFRS, others believe that U.S. GAAP is the gold standard, and that a certain level of quality will be lost with full acceptance of IFRS. Further, certain U.S. issuers without significant customers or operations outside the United States may resist IFRS because they may not have a market incentive to prepare IFRS financial statements. They may believe that the significant costs associated with adopting IFRS outweigh the benefits.

Student Of IFRS Course Details For 2017 Exam

IFRS Course Details : The key players are the Securities and Exchange Commission, which is responsible for the supervision and regulation of the securities industry and has oversight responsibility for the FASB; the Financial Accounting Standards Board, an independent body that establishes and interprets U.S. GAAP; and the IASB, which is working with the FASB on the convergence of U.S. GAAP and IFRS. The AICPA has provided thought leadership to the IASB and the FASB on financial reporting topics.

Student Of IFRS Course Details For 2017 Exam

IFRS Course Details :  As IFRS grows in acceptance, most CPAs, financial statement preparers and auditors will have to become knowledgeable about the new rules. Others, such as actuaries and valuation experts who are engaged by management to assist in measuring certain assets and liabilities, are not currently taught IFRS and will have to undertake comprehensive training. Professional associations and industry groups have begun to integrate IFRS into their training materials, publications, testing, and certification programs, and many colleges and universities are including IFRS in their curricula. Some textbooks are already covering IFRS, primarily in a comparative presentation to their instructions on U.S. GAAP. New textbooks covering IFRS are currently being written and should be in circulation in the reasonably near future.

Student Of IFRS Course Details For 2017 Exam

IFRS Course Details : The world has been constantly moving to the single set of global accounting rules. There is a strong ambition to adopt IFRS as a unified set of financial reporting standards all over the planet by 2015. So yes, I understand that accountants and other finance people need to gain at least some degree of IFRS knowledge, since they might face IFRS directly in their job. Maybe it’s also your case.

Now, how to learn IFRS? Where to start?

Well, it depends. First, you should ask yourself at least the following questions:

• What is your current knowledge of IFRS? None at all? Or have you already acquired some base?
• What is your purpose of learning IFRS? How deep knowledge would you like to possess? Do you want to obtain some certificate or “offcial” qualification or just learn it to be able to deal with it in your job?
• What is your budget for learning IFRS? Do you want to keep it free or with minimal financial cost? Or you have a quite generous budget for this?
• How much time are you able or willing to dedicate to your IFRS training? Are you very busy guy and have only evenings / weekends? Or can you afford to skip some days from your daily job and visit classes?

Yes, all this matters, because there are many options what and how to do. So let’s say you are an accountant or financial guy with solid accounting base, but IFRS is something you have heard of but never really touched. There is a certain path to follow no matters tools you chose. Being me in your shoes, I would start my IFRS learning as a step-by-step process:

1. Learn the basic structure of IFRS
2. Read the Framework
3. Get some knowledge about individual standards
4. Develop your knowledge and be up-to-date

So let’s start with the first one.

1. Learn the basic structure of IFRS

Familiarize yourself with the basic structure and concept of IFRS. This is not a hard part. To start digging a bit deeper into this complex topic, you should know what is in front of you. Let me draft a simple picture.

IFRS is an acronym for International Financial Reporting Standards and covers full set of principles and rules on accounting treatment of various items or situations. This full set comprises the following components:

• Framework for the Preparation and Presentation of Financial Statements
• International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)
• Standing Interpretations Committee (SIC) and Interpretations originated from the International Financial Reporting Interpretations Committee (IFRIC)

2. Read the Framework

For any beginner in IFRS, the Framework is the basic concept of IFRS and therefore it is a MUSTREAD document. Anyway, it’s not so time consuming, as the Framework itself has only about 30 pages and as an experienced accounting professional you would be familiar with many concepts in it. You can find full text of the Framework .

3. Get some knowledge about individual standards

Now while you can read the Framework yourself without any pain, it’s almost impossible and ineffective to read and study the texts of individual standards, interpretations and accompanying docs – it’s more than 3 000 pages!

There are many possibilities how to learn basic principles and rules in individual standards. You might want to pick one of them based on your time and budget available. In my opinion, 2 main streams of learning IFRS are face-to-face training and self-study.

Face-to-face training

What I mean by saying “face-to-face” is attending a classic form of the study: long-term courses in the class, short-term seminars or workshops, etc. This should work wonderfully – I learned most of my IFRS basics this way. Let me just sum up pros and cons of face-to-face training:

Pros:

• learning from experienced tutor with personal contact
• high level of interactivity – you might ask for additional explanations or any questions you don’t understand and often you get a feedback from your tutor
• full focus on the topic – when you attend a lecture, you will not be distracted by so many things around you (like 5 minutes for coffee, 5 minutes for “very tiny help” to your colleague or family member) and therefore, your study will be very effective.

Cons:

• high costs – if you’d like to attend really high-quality training, you will pay for it – oh yeah. I remember that the cost of my 6-day course on IFRS was about 4 000 EUR. Of course, tutor and topics covered were wonderful, however, if cost is something that bothers you, then check out other forms of training.
• time consuming – face-to-face training usually takes place during your normal working or business hours and you must find a space in your overloaded schedule. That might be a problem, especially during a high or busy season.
• inconvenient – you might also suffer from certain form of inconvenience. Often, you have to travel to the location that is far far away from your office or home. Or, you might feel distracted by other attendants in the class.

In the second part of this article, I will give you some hints how to effectively learn IFRS by self-study and what good sources you could use in order to stay up to date with the newest developments.

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Student Of IFRS Course Details For 2017 Exam

Syllabus for “IFRS for Specialists in Banking” Qualification

The Financial Statements of Credit Institutions.

Conceptual Foundations of Financial Statements.

• – The objective of financial reporting;
• – The main assumptions;
• – Qualitative characteristics of financial reporting;
• – Elements of Financial Statements: recognition and measurement;
• – Concepts of capital.

IAS 1 “Presentation of Financial Statements”

• – Purpose and application of the standard;
• – Components of financial statements, including Report on Equity;
• – Confidence in reporting and compliance with IFRSs;
• – Presentation of Financial Statements.

IAS 7 “Statement of Cash Flows” (CCF)

• – Purpose and application of the standard. Concepts;
• – The structure of the Cash Flow Statement;
• – Classification of business operations with the objective of CFS;
• – Types of cash flow statement presentation;
• – A direct method for preparation of cash flow statement;
• – The indirect method cash flow statement preparation;
• – Identification of inflows and outflows of cash and cash equivalents provided by the bank’s operations.

IAS 8 “Accounting Policies, Changes in Valuation Calculations and Errors”

• – Purpose of accounting policies;
• – Changes in accounting policies – a retrospective approach;
• – Reflection in the financial statements of changes in accounting; estimates (prospective approach);
• – Errors in the financial statements and methods of their correction.

Elements of Financial Statements of Credit Institutions.

IAS 32 and 39 “Financial Instruments”

• – The concept of financial instruments
• – Identification of financial instruments: financial assets and liabilities derivatives: recognition and rejection of the recognition
• – Classification of financial instruments;
• – Valuation of financial instruments: when registering in financial reporting.
• – Follow-up evaluation: should we expect a mortized cost?
• – Accounting for impairment of financial assets;
• – Derecognition of financial instruments;
• – Hedging;
• – Forward contracts, swaps,futures;
• – Non-market interest rates;
• – Practical applications for banks and other financial institutions;
• – Recommendations to the disclosure.

IFRS 7 “Financial Instruments: Disclosures”

• – Accounting Policies;
• – Profit and loss account;
• – The balance sheet or balance;
• – Statement of cash flows;
• – Statement of changes inequity;
• – Additional disclosures;
• – Basic disclosure requirements for financial instruments;
• – Disclosure of risk management policy;
• – New approaches to disclosure in accordance with IFRS7 “Financial Instruments: Disclosures”.

IAS 16 “Property”

• – The concept;
• – Criteria and Evaluation;
• – Recognition and initial assessment;
• – Follow-up evaluation;
• – Depreciation;
• – Disposals;
• – Disclosure.

IAS 38 “Intangible Assets”

• – The concept;
• – Recognition and development cost;
• – Assessment and reassessment;
• – Depreciation;
• – Disclosure.

IAS 40 “Investment Property”

• – Classification of property;
• – The preparation of financial statements and assessment of investment property.

IAS 36 “Impairment of Assets”

• – Introduction;
• – The procedure fortesting for impairment;
• – The causesof impairment;
• – Definition of cash-generating unit;
• – Calculation of recoverable amount;
• – Restoration of impaired assets;
• – Disclosure.

IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”

• – The criteria for the classification of non-current assets as held for sale;
• – The Group’s assets for retirement;
• – Recognition and measurement.

IAS 17 “Leases”

• – Types of lease -finance/operating lease;
• – Signs and principles of lease classification;
• – Reflection of the lease in the financial lessor and lessee;
• – Reflection of operating leases in the financial statements of the lessor and lessee;
• – Disclosure

IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”

• – Reserves – Definition, Recognition and Measurement;
• – Evaluation;
• – Creation of reserves (reserves for issued loans, other reserves);
• – Contingent liabilities – the definition and recognition;
• – Contingent assets – the definition and recognition;
• – Disclosure

IAS 12 “Income Taxes”

• – Deferred income taxes- a concept:
• – Temporary differences: Temporary taxable differences and deductible temporary differences;
• – Recognition of deferred tax assets and liabilities;
• – Calculation of the tax base of the asset and liability;
• – The calculation of deferred taxes on credit operations;
• – Presentation and disclosure of deferred taxes.

IAS 18 “Revenue”

• – The conditions for recognizing revenue;
• – Recognition of interest income.

IAS 19 “Employee Benefits”

• – Identification of fixed payment of pension plans by the employer groups and plans with defined contribution;
• – Recognition and measurement of pension plans, defined contribution and defined benefit;
• – Reflection of pension plans in accounting, financial statements and notes to the accounts.

IFRS 2 “Share-based payments instruments”

• – The concept of payment based on the equity instruments;
• – Evaluation of the transaction at fair value;
• – The difference between the operations, which offer payments using the shares settled in cash and equity instruments;
• – Disclosure in financial reporting.

Additional Disclosure of Information

IAS 34 “Interim Financial Reporting”

• – The scope of IAS 34;
• – Definitions and minimum of the interim reporting;
• – Information to be included in the notes to the interim financial statements;
• – The period to provide the interim financial statements;
• – Disclosure of estimates of the interim financial statements in annual reports, if in the final period of assessment has changed;
• – Accounting policies for interim reporting;
• – Seasonal income, non-uniform costs and the use of estimates in interim financial statements.

IFRS 8 “Operating Segments”

• – Definitions of industry and geographical segments;
• – Primary and secondary format for segment information;
• – Financial performance, requiring disclosure in respect of primary segment format;
• – Information about the format of the secondary;
• – Criteria for selection of segments for presentation in financial statements;
• – The accounting policies of the segment.

IAS 33 “Earnings per Share”

• – Calculation of earnings per share in accordance with IAS 33;
• – Earnings per share in the event of the year preferential issue or stock split;
• – Calculation for the placement of shares at a premium and with the release of rights;
• – The calculation of diluted earnings per share and issue convertible debtor preferred stock;
• – Issuance of stock options and warrants on shares;
• – Identify the circumstances under which an effect of increasing earnings per share;
• – Conversion of comparative data on earnings per share;
• – Additional disclosures about earnings per share.

IAS 10 “Events after the Balance Sheet Date”

• – Definition of subsequent events- corrective and non-adjusting (the algorithm to reflect events after the reporting date);
• – Recognition of adjusting events;
• – Inclusion in the reporting of non-adjusting events;
• – Disclosure of information about events after the reporting date.

IAS 21 “Effects of Changes in Foreign Exchange Rates”

• – Identification of the functional currency;
• – Assessment at initial recognition of foreign currency transactions;
• – Recognition of exchange differences;
• – Select the presentation currency;
• – How to convert statements into the presentation currency, the current and historical.

IAS 24 “Disclosure of Information of Related Party”

• – The purpose and scope of thestandard;
• – Key Concepts;
• – Criteria for determining related parties;
• – The disclosure requirements for related party;
• – An example disclosure of information of related party.

The Financial Statements of Associated Companies and Joint Ventures

IFRS 3 “Business Combinations”

• – Identification of acquirer;
• – Identification of the date of purchase;
• – Determining the value of combining;
• – Average cost of the combination to the identifiable assets, liabilities and contingent liabilities;
• – Determining the amount of goodwill and minority interest;
• – Basic requirements for disclosure.

IAS 27 “Consolidated and Separate Financial Statements”

• – Definition of subsidiaries;
• – Identification of associates and joint ventures;
• – Presentation of the consolidated financial statements;
• – The procedure and method of consolidation;
• – Reflection of investments in subsidiaries, associates and jointly controlled entities in the separate financial statements (IAS 28, IAS31);
• – Basic requirements for disclosure.

Student Of IFRS Course Details For 2017 Exam

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