International Accounting Standards

International Accounting Standards

OBJECTIVES:

The aims of this course are to:

1. The reasons for the movement toward IFRSs, the changes to the financial reporting environment, and the impact on regional companies
2. The global standard-setting process, including the role of the IASB and national standard-setters
3. The IASB framework for financial reporting and differences between U.S. GAAP and IFRSs
4. Understand the theoretical background to IASB
5. Provide a practical understanding application of the standards for companies in the region

COURSE Outline:

The training course will cover the following topics:

Overview of International Financial Reporting Standards

• The Movement Toward IFRSs
• Significant Events That Have Enhanced the Credibility and Use of IFRSs
• The Global Standard-Setting Process
• The Global Financial Reporting Environment
• The Impact of IFRSs on regional Companies

The Application of International Financial Reporting Standards

• The IASB Framework for Financial Reporting
• First-Time Application of International Financial Reporting Standards
• The IASB agenda

Overview of Similarities and Differences Between Current Regional Practice and International Financial Reporting Standard

• Why Differences in Accounting Standards Exist
• U.S. GAAP versus IFRSs
• Case Studies

Key Aspects of IAS/IFRS

• IAS 1   Presentation of Financial Statements
• IAS 2   Inventories
• IAS 4   Depreciation Account
• IAS 7   Cashflow Statements
• IAS 8   Net Profit and Loss for the Period
• IAS 9   Research and Development Costs
• IAS 11 Construction Contracts
• IAS 16 Property, Plant and Equipment
• IAS 17 Leases
• IAS 21 The Effects of Changes in Foreign Exchange Rates
• IAS 25 Accounting for Investments
• IAS 28 Accounting for Investments in Associates
• IAS 31 Financial Reporting of Interests in Joint Ventures
• IAS 36 Impairment of Assets
• IAS 38 Intangible Assets