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