IFRS Mastery: Principles, Practices and Applications
Introduction
With more than 100 countries now requiring or permitting the use of **International Financial Reporting Standards (IFRS)**, they have become the most widely accepted and applied accounting standards across the globe. The differences between **Generally Accepted Accounting Principles (GAAP)**, primarily established by the **FASB**, and IFRS under the **IASB**, are narrowing quickly as the convergence process advances.
This comprehensive programme is designed to equip professionals with the essential knowledge, skills, and tools to understand, apply, and transition to IFRS. Participants will explore:
* The scope, structure, and components of IFRS-compliant financial statements
* Key recognition and measurement principles under IFRS
* Differences and convergence issues between IFRS and GAAP
* Revenue recognition, disclosures, and transition concerns
* Practical application through financial analysis, case studies, and reporting
Objectives
By completing this programme, participants will be able to:
* Understand the **current and future requirements of IFRS**, including GAAP–IFRS convergence
* Prepare and present **IFRS-compliant financial statements** with appropriate disclosures
* Apply recognition and measurement principles under the **IASB’s Framework**
* Manage the **transition process to IFRS**, including exemptions and exceptions
* Analyse and interpret the impact of IFRS on financial performance and reporting
* Understand **fair value measurements** and related accounting and presentation issues
* Strengthen decision-making using IFRS-based analysis tools
Programme Outline
Day One – Evolution of International Accounting Standards
* Introduction, history, and overview of IFRS
* Objectives and structure of the IASB
* Roles of standard-setting bodies
* Adoption and global demand for IFRS
* Convergence of GAAP and IFRS
* Benefits, issues, and challenges of convergence
* U.S. SEC adoption roadmap and IASB/FASB joint projects
Day Two – Contract Profitability & Pricing under IFRS Context
* Pricing strategy and tactics
* Profit planning in IFRS environments
* Cost estimating methods
* Cost-based, market-based, and value-based pricing
* Profit objectives and financial impact
* Market structures and risk evaluation
* Z-score applications for financial stability assessment
Day Three – Preparation and Presentation of IFRS Financial Statements
* Structure and content of IFRS financial statements (IAS 1)
* Balance Sheet and Income Statement presentation
* Statement of Changes in Equity / SORIE
* Statement of Cash Flows under IFRS
* Consolidation: criteria and requirements
* Disclosures and notes to financial statements
* Revenue recognition requirements under IFRS
Day Four – Conversion to IFRS: Preparation, Issues & Execution
* Substantive differences between IFRS and GAAP (inventory, fixed assets, revaluation, depreciation, deferred taxes, contingencies)
* Technical accounting and tax implications of conversion
* Designing processes, systems, and infrastructure for IFRS adoption
* Implementation planning and change management strategies
* Comparative analysis: companies adopting vs. not adopting IFRS
* Conversion maintenance and ongoing compliance
Day Five – Impact of IFRS on Financial Analysis and Reporting
* International accounting diversity considerations
* Financial analysis tools under IFRS:
* Common-size statements
* Trend and ratio analysis
* DuPont analysis
* Z-scores and investment ratios
* Cash flow ratios
* Peer group and industry benchmarking
* Role of corporate governance and IFRS best practices
* Future of IFRS: upcoming standards and trends
Enquiries and Registration
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