Certificates in IAS and International Financial Reporting Standards and 2024 Update(IAS & IFRS)

Certificates in IAS and International Financial Reporting Standards and 2024 Update(IAS & IFRS)

INTRODUCTION

Welcome to the “Certificates in IAS and International Financial Reporting Standards and 2024 Update (IAS & IFRS)” training program. This comprehensive course provides participants with in-depth knowledge and practical skills in International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). Keeping abreast of the latest updates and amendments to these standards is crucial for finance professionals to ensure compliance and consistency in financial reporting practices.

OBJECTIVES

By the end of this training program, participants will be able to:

1. Understand the key principles and concepts of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS).
2. Interpret and apply IAS and IFRS requirements to various financial reporting scenarios.
3. Navigate recent updates and amendments to IAS and IFRS, including the 2024 updates.
4. Implement best practices for preparing financial statements in accordance with IAS and IFRS.
5. Enhance decision-making capabilities through accurate and transparent financial reporting practices.

TARGET AUDIENCE

This training program is designed for finance professionals, accountants, auditors, and anyone involved in financial reporting and accounting processes. It is particularly beneficial for individuals seeking to deepen their understanding of IAS and IFRS and stay updated on the latest developments in financial reporting standards.

ORGANIZATIONAL IMPACT

• Improved compliance with IAS and IFRS standards, leading to enhanced transparency and reliability in financial reporting.
• Strengthened financial reporting processes and reduced risk of non-compliance with regulatory requirements.
• Increased efficiency and accuracy in preparing financial statements in accordance with IAS and IFRS.
• Enhanced decision-making through access to accurate and consistent financial information.
• Strengthened investor confidence and trust in the organization’s financial statements.

PERSONAL IMPACT

• Advanced proficiency in interpreting and applying International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS).
• Enhanced analytical skills for assessing the impact of IAS and IFRS requirements on financial statements.
• Increased confidence in navigating recent updates and amendments to IAS and IFRS.
• Expanded career opportunities and potential for professional growth in finance and accounting roles.
• Recognition as a subject matter expert in IAS and IFRS reporting and compliance.

Course Content

Overview of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)

1.  
   • IAS 1: Presentation of Financial Statements
     • Principles of financial statement presentation
     • Disclosure requirements for financial statements
     • Application of IAS 1 in preparing comprehensive financial reports
   • IFRS Framework: Conceptual Framework for Financial Reporting
     • Fundamental concepts underlying financial reporting
     • Objectives and qualitative characteristics of financial information
     • Application of the conceptual framework in preparing financial statements
2. Interpretation and Application of IAS and IFRS Requirements
   • IFRS 9: Financial Instruments
     • Classification and measurement of financial assets and liabilities
     • Impairment of financial assets under the expected credit loss model
     • Hedge accounting requirements and strategies
   • IFRS 15: Revenue from Contracts with Customers
     • Core principles of revenue recognition
     • Identification of performance obligations and transaction price
     • Revenue recognition over time vs. at a point in time
3. Recent Updates and Amendments to IAS and IFRS
   • IAS 36: Impairment of Assets (2024 update)
     • Changes introduced in the 2024 update to IAS 36
     • Impact on impairment testing and asset valuation
     • Implementation challenges and considerations
   • IFRS 16: Leases (2024 update)
     • Overview of amendments introduced in the 2024 update to IFRS 16
     • Changes to lease accounting and reporting requirements
     • Implications for lessees and lessors in various industries
4. Preparation of Financial Statements in accordance with IAS and IFRS
   • IAS 16: Property, Plant, and Equipment
     • Recognition, measurement, and disclosure requirements for property, plant, and equipment
     • Application of IAS 16 in determining the cost and depreciation of assets
     • Presentation and disclosure of property, plant, and equipment in financial statements
   • IAS 38: Intangible Assets
     • Recognition criteria and measurement of intangible assets
     • Amortization and impairment of intangible assets
     • Disclosure requirements for intangible assets in financial statements
5. Navigating Complex Accounting Issues under IAS and IFRS
   • IAS 12: Income Taxes
     • Accounting for current and deferred income taxes
     • Measurement of deferred tax assets and liabilities
     • Recognition and disclosure of income tax in financial statements
   • IFRS 5: Non-current Assets Held for Sale and Discontinued Operations
     • Identification and measurement of non-current assets held for sale
     • Accounting treatment for discontinued operations
     • Presentation and disclosure requirements for assets held for sale and discontinued operations

 

•       IFRS 3: Business Combinations (Non-current Assets Standards)

o   Recognition and measurement of assets and liabilities acquired in business combinations

o   Allocation of purchase price to identifiable assets and liabilities

o   Disclosure requirements for business combinations in financial statements

 

IFRS 7: Financial Instruments: Disclosures (Disclosure Standards)

o   Disclosure requirements for financial instruments, including risk exposures and management strategies

o   Classification and measurement of financial instruments for disclosure purposes

o   Presentation of financial instrument disclosures in financial statements

Interpretation and Application of IAS and IFRS Requirements

IAS 19: Employee Benefits (Non-current Liabilities Standards)

o   Measurement and recognition of employee benefits, including pensions and post-employment benefits

o   Actuarial assumptions and calculations for employee benefit obligations

o   Disclosure requirements for employee benefits in financial statements

IFRS 8: Operating Segments (Segment Reporting Standards)

o   Identification and measurement of operating segments for financial reporting purposes

o   Reporting requirements for segment information, including revenues and operating profits

o   Disclosure of segment information in financial statements

Recent Updates and Amendments to IAS and IFRS

 

IAS 37: Provisions, Contingent Liabilities and Contingent Assets (Liabilities Standards)

o   Recognition and measurement of provisions and contingent liabilities

o   Assessment of probability and reliability in recognizing contingent assets

o   Disclosure requirements for provisions, contingent liabilities, and contingent assets in financial statements

IFRS 17: Insurance Contracts (Insurance Standards)

o   Measurement and recognition of insurance contracts, including premiums and claims liabilities

o   Discounting and risk adjustment requirements for insurance contract liabilities

o   Disclosure requirements for insurance contracts in financial statements

Preparation of Financial Statements in accordance with IAS and IFRS

IAS 34: Interim Financial Reporting (Interim Reporting Standards)

o   Principles and requirements for preparing interim financial statements

o   Recognition and measurement of assets, liabilities, and income in interim periods

o   Disclosure requirements for interim financial statements

IAS 21: The Effects of Changes in Foreign Exchange Rates (Foreign Currency Standards)

o   Accounting treatment for foreign currency transactions and translation of foreign operations

o   Recognition of foreign exchange gains and losses in financial statements

o   Disclosure requirements for foreign currency transactions and translation in financial statements

Navigating Complex Accounting Issues under IAS and IFRS

IAS 36: Impairment of Assets (Impairment Standards)

o   Assessment of impairment for non-financial assets, including goodwill and tangible assets

o   Measurement and recognition of impairment losses in financial statements

o   Disclosure requirements for impairment assessments and losses

IAS 40: Investment Property (Investment Property Standards)

o   Recognition, measurement, and disclosure of investment properties

o   Classification of investment properties and accounting treatment for changes in fair value

o   Presentation requirements for investment properties in financial statements

Impact of IAS and IFRS on Business Operations

IFRS 10: Consolidated Financial Statements (Consolidation Standards)

o   Principles and requirements for preparing consolidated financial statements

o   Identification of control and consolidation of subsidiaries

o   Disclosure requirements for consolidated financial statements

IAS 33: Earnings per Share (Earnings per Share Standards)

o   Calculation and presentation of earnings per share in financial statements

o   Disclosure requirements for earnings per share information

o   Impact of share-based payments on earnings per share calculations

o   Standards on Case Studies and Practical Applications

 

IFRS 13: Fair Value Measurement (Fair Value Standards)

o   Measurement and disclosure of fair value for assets and liabilities

o   Techniques and inputs used in fair value measurements

o   Disclosure requirements for fair value measurements in financial statements

o   Assessment and Evaluation of IAS and IFRS Compliance

 

IAS 20: Accounting for Government Grants and Disclosure of Government Assistance (Government Grants Standards)

o   Recognition and measurement of government grants and assistance

o   Disclosure requirements for government grants and assistance in financial statements

IAS 23: Borrowing Costs (Borrowing Costs Standards)

o   Capitalization and treatment of borrowing costs incurred in acquiring or constructing qualifying assets

o   Disclosure requirements for borrowing costs in financial statements

IFRS 4: Insurance Contracts (Insurance Standards)

o   Recognition and measurement of insurance contracts, including premiums and claims liabilities

o   Discounting and risk adjustment requirements for insurance contract liabilities

o   Disclosure requirements for insurance contracts in financial statements

IAS 32: Financial Instruments: Presentation (Presentation Standards)

o   Classification and presentation of financial instruments as liabilities or equity

o   Disclosure requirements for financial instruments in financial statements

o   Standards on Information standards

 

IFRS 2: Share-based Payment (Share-based Payment Standards)

o   Recognition and measurement of share-based payment transactions

o   Disclosure requirements for share-based payment arrangements in financial statements

IAS 41: Agriculture (Agriculture Standards)

o   Recognition and measurement of biological assets and agricultural produce

o   Disclosure requirements for agricultural activities in financial statements

 

 

Duration :5 Days    Fee:N350,000