Name: International Financial Reporting Standards (IFRS) and 2021 Updates
Start: 2021-12-19
End: 2021-12-23
Location: Dubai

Quick Enquiry Download Brochure Call Me Back

Course Methodology

<p>The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of different theories, group exercises to exchange experience and apply knowledge acquired throughout the course.</p>

Course Objectives

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

Describe the setting process in 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 statements of financial position, statements of comprehensive income, statements of owners' equity, and statements of cash flows in accordance with IFRS
Appraise and properly account for transactions affecting current assets and liabilities, non current assets and liabilities, and revenues and expenses in accordance with IFRS
Use professional judgment in applying IFRS for matters relating to non recurrent business transactions

Target Audience

Professionals in the fields of finance and accounting as well as professionals seeking to enhance their international accounting knowledge from companies implementing IFRS as the standard of reporting.

Target Competencies

Understanding financial statements
Financial reporting
Applying IFRS
Accounting for current and non current assets and liabilities
Classifying investments
Describing updates and amendments
Assessing impact on financial accounts

Introduction to IFRS and presentation of financial statements
- Defining the term 'IFRS'
- IFRS standard setting process
- Financial position presentation format as per IAS1, presentation of financial statements
  - Components and classification of current and non-current assets and liabilities
  - Offsetting assets and liabilities
- Income statement minimum presentation requirements as per IAS1, presentation of financial statements
  - Presentation of revenues and expenses by nature or by function
- Components and classification of stockholders’ equity
  - Other comprehensive income: nature of its components
- Supplemental disclosures

IFRS rules for current assets and liabilities
- Cash and cash equivalents (IFRS 9)
- Accounts receivable (IFRS 9):
  - Allowance for doubtful and bad debts: based on new impairment model of IFRS 9
  - Pledging, assigning and factoring of receivables
- Accounts payable and accruals (IFRS 9)
- Inventory (IAS 2):
  - Ownership: when to include inventory in your books
  - Measurement at initial recognition: what to include in 'cost'
  - Inventory cost-flow assumptions
  - Subsequent measurement: lower of cost or net realizable value

IFRS rules for non-current assets and liabilities
- Property, plant and equipment (IAS 16):
  - Initial recognition and subsequent measurement
  - Cost model versus revaluation model
  - Assets held-for-sale (IFRS 5)
  - Treatment of decommissioning costs (IAS 37)
  - Impairment of property, plant and equipment (IAS 36)
- Intangible assets (IAS 38)
  - Why some intangible assets are not recognized on balance sheet
  - Cost model versus revaluation model
- Investment property (IAS 40)
  - Distinguishing investment property from other assets
  - Cost model versus fair value model
- Provisions, contingent liabilities and contingent assets (IAS 37)

Financial assets (IFRS 9)
- Type of investment securities
- Classification under IFRS 9: Fair Value Through Profit or Loss (FVTPL), Fair Value Through Other Comprehensive income (FVTOCI), amortized cost
- Initial recognition and subsequent measurement
- Transfer between categories
- Impairment of financial assets under the new standard

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
  - Step 3: Determining the transaction price
  - Step 4: Allocating the transaction price to the performance obligations in the contract
  - Step 5: Recognizing revenue when the entity satisfies a performance obligation

IFRS 16, Leases
- Recognition exemptions: expensing lease payments
  - How will the lease of small value items be affected
- Identifying a lease transaction
- Accounting by lessees
- Accounting by lessors
- Effective date and transition

Meirc Professional Certificate (MPC)

MPC certified courses by Meirc Training and Consulting are designed for those willing to challenge themselves and go the extra distance. Participants who fully attend an MPC course and successfully complete the test on the last day, will receive a Meirc Professional Certificate (MPC), in addition to the one they receive for attendance. MPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.