Certificate in International Financial Reporting Standards (IFRS)

Course overview

Course outline

1. 1Day 1: Overview of Fundamental Concepts in IFRS

   • History of IFRS
   • The complete set of financial statements
   • Classification of assets and liabilities
   • Components and classification of stockholders’ equity
   • Total Comprehensive Income (TCI)
   • Components of Other Comprehensive Income (OCI)
2. 2Day 2: Income Taxes (IAS 12)

   • Recognition and measurement of current tax
   • Recognition and measurement of deferred tax
   • Recognition in profit and loss
   • Deferred tax asset or liability
   • Presentation and disclosure
3. 3Day 3: Financial Instruments & Consolidation of Financial Statements (IFRS 10)

   • Financial Instruments
   • Classification of financial assets under IFRS 9
   • Business model and cash flow test
   • Amortized cost
   • Fair Value through Profit and Loss (FVTPL)
   • Fair value through Other Comprehensive Income (OCI)
   • Impairment of financial assets
   • Presentation of financial instruments under IAS 32
   • Disclosure requirements under IFRS 7
   • Consolidation of Financial Statements (IFRS 10)
   • Definition of power and control
   • Identification of subsidiary
4. 4Day 4: Consolidation procedures & Types of joint arrangements

   • Consolidation procedures
   • Intercompany transactions
   • Non-Controlling Interests (NCI)
   • Loss of control
   • Accounting for Joint Arrangements and Associates (IAS 28)
   • Types of joint arrangements
   • Joint operations versus joint venture
   • Accounting for joint operations (IFRS 11)
   • Accounting for joint ventures and associates according to the equity method
   • Identification of associates and the concept of significant influence
   • Impairment of investments accounted for under the equity method
5. 5Day 5: Business Combinations (IFRS 3)

   • Determining fair value
   • Steps in the accounting process for business combinations
   • The acquisition method
   • Goodwill and gain from a bargain purchase
   • Two options to measure non-controlling interests
   • Impairment of goodwill