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International Financial Reporting Standards (IFRS) and 2020 Updates Course

By: McTimothy Associates Consulting LLC  

Lagos State, Nigeria

04 - 06 Jul, 2022  3 days

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NGN 125,000

Venue: 12b, Olumoroti Street Gbagada Phase 2, By Gbagada Exp.way Lagos

Other Dates

Venue Date Fee  
12b, Olumoroti Street Gbagada Phase 2, By Gbagada Exp.way Lagos, Lagos State, Nigeria 27 - 29 Oct, 2022 NGN125000

Our International Financial Reporting Standards (IFRS) and 2017 updates will help build the knowledge you need in IFRS for success in today's global business world. Like you, we believe those who understand and apply IFRS will enjoy expanded career opportunities as its use is spreading around the world. Developed with input from subject matter experts from across the region, this course is designed to provide accounting and finance professionals with the training, knowledge and practical guidance needed to use IFRS and stay up to date with its newest standards and changes.

Course Methodology

The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of theories presented by the consultant and group exercises to exchange experience and apply knowledge acquired throughout the course.

Course Objectives

By the end of the course, participants will be able to:

  • Describe the setting process in International Financial Reporting Standards (IFRS) and list the currently available standards
  • Explain the most recent updates on existing IFRS and evaluate the effect of newly issued standards on their organization
  • Determine the correct presentation and minimum disclosure for components of statements of financial position, statements of comprehensive income, statements of owners' equity and statements of cash flows in accordance with IFRS
  • Appraise and properly account for transactions affecting current assets and liabilities, non-current assets and liabilities, revenues and expenses in accordance with IFRS
  • Apply professional judgment in applying IFRS for matters relating to non-recurrent business transactions

Target Audience

Professionals in the fields of finance and accounting, and professionals seeking to enhance international accounting knowledge from companies implementing IFRS as the standard of reporting.

Target Competencies

  • Understanding financial statements
  • Financial reporting
  • Applying IFRS
  • Accounting for current and non-current assets and liabilities
  • Classifying investments
  • Describing updates and amendments
  • Assessing impact on financial accounts

Course Outline

  • Introduction to international financial reporting standards (IFRS)
  • Setting and developing IFRSs
  • The IFRS standard setting process
  • Defining the term 'IFRS'
  • List of currently available IFRSs
  • Current year and prior year's updates on IFRSs
  • Newest standards published by IASB
  • Statement of financial position and equity components (International Accounting Standard - IAS 1)
  • Financial position presentation format as per IAS1, presentation of financial statements
  • Elements of statement of financial position
  • Components and classification of current and non-current assets and liabilities
  • Offsetting assets and liabilities
  • Components and classification of stockholders’ equity
  • Supplemental disclosures
  • Statement of comprehensive income (IAS 1)
  • Income statement minimum presentation requirements as per IAS1, presentation of financial statements
  • Presentation of revenues and expenses by nature or by function
  • Other comprehensive income: Nature of its components
  • Operating segments reporting (IFRS 8):
  • Reporting financial information by operating segments
  • Criteria for a segment to be considered a reportable segment
  • Information required to be reported
  • Statement of cash flows (IAS 7)
  • Distinguishing operating, investing and financing activities
  • Flexibility matrix for reporting certain components
  • Treatment of non-cash activities
  • Direct versus indirect methods
  • IFRS rules for current assets and liabilities
  • Cash and cash equivalents (IAS 39)
  • Accounts receivable (IAS 39):
  • Estimating allowance for doubtful and bad debts
  • Pledging, assigning and factoring of receivables
  • Accounts payable and accruals (IAS 39)
  • Inventory (IAS 2):
  • Ownership: when to include inventory in your books
  • Measurement at initial recognition: what to include in cost?
  • Inventory cost-flow assumptions
  • Subsequent measurement: lower of cost or net realizable value
  • IFRS rules for non-current assets and liabilities
  • Property, plant and equipment (IAS 16):
  • Initial recognition and subsequent measurement
  • Cost model versus revaluation model
  • Assets held-for-sale (IFRS 5)
  • Treatment of decommissioning costs (IAS 37)
  • Impairment of property, plant and equipment (IAS 36)
  • Intangible assets (IAS 38)
  • Situations where some intangible assets are not reported on financial positions
  • Cost model versus revaluation model
  • Investment property (IAS 40)
  • Distinguishing investment property from other assets
  • Cost model versus fair value model
  • Provisions, contingent liabilities and contingent assets (IAS 37)
  • Bonds and long term obligations
  • Investment securities (IAS 39 and IFRS 9)
  • Classification of instruments: Fair Value Through Profit or Loss (FVTPL), trading, Held-To-Maturity (HTM) and Available-For-Sale (AFS)
  • Briefing on classification of instruments under the new IFRS 9
  • Initial recognition and subsequent measurement
  • Transfer between categories
  • De-recognition of financial instruments
  • Revenue recognition (IAS 18)
  • Revenue recognition criteria
  • Measurement of revenue
  • Briefing on the new IFRS 15, revenue from contracts with customers
12b, Olumoroti Street Gbagada Phase 2, By Gbagada Exp.way Lagos Jul 04 - 06 Jul, 2022
12b, Olumoroti Street Gbagada Phase 2, By Gbagada Exp.way Lagos, Lagos State, Nigeria 27 - 29 Oct, 2022
NGN 125,000.00 + 6,250.00 (VAT)
(Convert Currency)

Patience 07034854045, 09080022449,08058805333

Group discount of 3-9 attracts 5%, 10 and above group attracts 10% discount

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