IFRS International Accounting Standards

IFRS International Accounting Standards

OBJECTIVES

• Become aware of the Case for Corporate Governance and International Financial Reporting Standards
• Identify the Creative Methods adopted by companies when preparing their financial statements
• Appreciate the Lessons Learnt from the Enron Case
• Gain an understanding of the Structure of IFRS
• Become aware of the International Adoption of IFRS, Current Issues/IFRS Convergence Projects and the  Problems of Convergence
• Be able to Present Financial Statements in accordance with IFRS
  • Balance Sheet
  • Income Statement
  • EITHER a Statement of Changes in Equity OR A Statement of Recognized Income or Expense (“SORIE”)
  • A Cash Flow Statement
  • Notes, including a Summary of the Significant Accounting Policies
  • Gain an understanding of the major IFRS
  • Be able to evaluate and analyze financial statements and the impact of IFRS

WHO SHOULD ATTEND?

• Those directly responsible for the preparation of financial statements
• Managers and those with accounting and financial responsibilities
• Financial decision makers, whose techniques of decision making and analysis will be improved through attendance
• Professionals acting upon the financial decisions of others, who will gain an appreciation for decision making thereby ensuring shared values within the organization
• Analysts whose role involves evaluating and identifying market and competitive trends

COURSE OUTLINE

Corporate Governance and International Financial Reporting Standards (IFRS)

• Establishing the Case for Corporate Governance and International Financial Reporting Standards
• Creative Accounting
• Enron and the Lessons Learnt
• Corporate Governance
• The Structure of IFRS:
  • International Financial Reporting Standards
  • International Accounting Standards
  • Interpretations
  • Standing Interpretations Committee
• The International Adoption of IFRS
• Current Issues/IFRS Convergence Projects
• The Problems of Convergence

The Framework for the Preparation and Presentation of Financial Statements

• Purpose and Status
• Scope
• Objective
• Underlying Assumptions
• Qualitative Characteristics of Financial Statements
• Elements of Financial Statements
• Recognition of Elements of Financial Statements
• Measurement of the Elements of Financial Statements

The Presentation of Financial Statements in accordance with IFRS

• Balance Sheet
• Income Statement
• EITHER A Statement of Changes In Equity OR A Statement of Recognized Income or Expense (“SORIE”)
• A Cash Flow Statement
• Notes, including a Summary of the Significant Accounting Policies

 The Interpretation of Financial Statements and the impact of IFRS

• Financial Analysis
  • Common Size Statements
  • Trend Analysis
  • Ratio Analysis
  • Du-Pont Analysis
  • Z scores
  • Investment Ratios
  • Cash flow Ratios
  • Peer Group/Industry comparison
  • Sensitivity & Scenario Analysis
• International Accounting Diversity
• Comparative analysis of companies adopting IFRS and those not adopting IFRS
• The Impact of IFRS on accounting diversity
• The Case for further IFRS