Senior Executives and Boards of Directors have some unique considerations related to IFRS, not the least involves their own role in reviewing and approving financial statements. Given the increased subjectivity and management disclosures involved in IFRS, Board members and senior executives need to have a strong understanding of their role in reviewing and approving IFRS statements as well as ensuring strong corporate governance and transparency for shareholders.
Accountants will take care of the technical details; however Boards of Directors need to have an understanding of some of the choices inherent in IFRS reporting in order to be able to identify risks from various accounting treatments and to be able to provide guidance as to the objectives of corporate reporting.
- An overview of IFRS
- Summary of changes between IFRS and GAAP
- Fair values vs historical costs
- Upcoming leasing rules
- Increases in professional judgment and disclosures
- Impact of IFRS choices on financial statements
- Potential impact of IFRS on ratios and bank covenants
- Items of concern during the year of transition
- Impact of IFRS on senior executives and Board members
This workshop is highly interactive and oriented toward senior level executives. Participants will develop an understanding of IFRS by looking through examples which compare GAAP to IFRS. This workshop will also present financial information from public companies which shows the potential impact of IFRS on financial statements and investors.
Who will benefit
This course is an overview of IFRS and addresses the unique concerns of senior non-financial management and members of Boards of Directors. Information is presented at a high-level and is not at the level of detail required for the preparers of financial statements. It is designed to help senior professionals understand their role in evaluating IFRS statements and the impact various IFRS treatments could bring to their organizations.