Nigerian Seminars and Trainings

Search all upcoming seminars, conferences, short management courses and training in Nigeria and around the World

business logo

Financial Accounting Impact of COVID-19: An In-depth Look at IFRS

By: Fontini Consulting Ltd

Ghana

06 - 10 Dec, 2021  5 days

Follow Event

  

USD 3,500

Venue: Golden Tulip Hotel Accra Ghana-Liberation Road Accra

The COVID-19 pandemic took the world by surprise and resulted in operational and financial disruptions in entities operating across all sectors. Therefore, it is critical for financial controllers, auditors, and financial analysts to understand and assess the impact of this crisis on financial statements.

Using the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS), our subject matter experts have compiled a list of accounting issues that professionals should refer to when recording accounting transactions and preparing financial statements. By attending this course, you will be able to reduce the risk of misstatement and provide relevant, reliable, and faithfully represented financial information to relevant stakeholders.

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:

  • Identify the qualitative and quantitative disclosures required in financial statements to increase the understandability of balances and transactions
  • Recognize important adjustments and allowances required and their effect on financial statements
  • Properly account for events and circumstances that are likely to affect balances of assets, liabilities, equity, revenues and expenses
  • List the accounting and financial reporting impact of COVID-19 on the entity’s financial statements and determine the best structure and presentation practices
  • Prepare year-end and interim financial statements

Target Audience

Professionals in the field of finance and accounting, accountants at all levels seeking to enhance practical finance and accounting knowledge, and certified financial and accounting personnel.

Target Competencies

  • Preparing financial statements
  • Disclosing financial information
  • Applying International Financial Reporting Standards (IFRS)
  • Applying professional judgement in financial reporting

Course Outline

  • Accounting issues: Framework and IAS 1 to IAS 16
  • Framework
  • Going concern assumption
  • IAS 1 Presentation of Financial Statements
  • Significant judgments and key source of estimation
  • Breach of loan covenants
  • IAS 2 Inventories
  • Abnormal waste and production overheads
  • Cost versus net realizable value
  • IAS 10 Events After the Reporting Period
  • Adjusting events
  • Non-adjusting events
  • IAS 12 Income Taxes
  • Deferred tax assets and liabilities
  • Valuation allowance for deferred tax assets
  • IAS 16 Property, Plant and Equipment
  • Depreciation during cessation of activity
  • Accounting issues: IAS 19 to IAS 37
  • IAS 19 Employee Benefits
  • Liabilities for employee termination
  • IAS 20 Government Grants
  • Assistance, support and subsidies received
  • IAS 23 Borrowing Costs
  • Interest capitalization during periods of suspension
  • IAS 28 Investments in Associates and Joint Ventures
  • Recognition of losses from interests in associates and joint ventures
  • IAS 36 Impairment of Assets
  • Cash-generating-units
  • Goodwill
  • Intangible assets under development
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets
  • Onerous contract provisions
  • Provision for restructuring plans
  • Contingent assets from insurance reimbursements

Accounting issues: IFRS 2 to IFRS 9

  • IFRS 2 Share-based Payment
  • Vesting conditions for equity-settled share-based payments
  • Fair value of equity instruments for equity-settled share-based payments
  • IFRS 7 Financial Instruments: Disclosures
  • Liquidity risk disclosures
  • Credit risk disclosures
  • IFRS 9 Financial Instruments

Expected credit loss calculations

  • Changes in probability of default
  • Changes of amount at risk
  • Changes in loss given default: collateral value changes
  • Hedge accounting: probability of forecasted transactions
  • Accounting issues: IFRS 13 to IFRS 17
  • IFRS 13 Fair Value Measurement
  • Reflect market participant views under current market conditions
  • IFRS 15 Revenue from Contracts with Customers
  • Measurement and recognition of variable consideration
  • Probability of customers meeting their obligations

IFRS 16 Lease

  • Modification to timing and amount of lease payments
    • Finance lease treatment
    • Operating lease treatment
  • IFRS 17 Insurance contracts
  • Recognition of insurance obligations
Golden Tulip Hotel Accra Ghana-Liberation Road Accra Dec 06 - 10 Dec, 2021
USD 3,500.00
(Convert Currency)

DR. FRANCIS OKEREKE 08035062583

Related Courses

Fundamentals of Oil and Gas Accounting Fundamentals of Oil and Gas Accounting

4 days, 13 - 16 Dec, 2021 

2021-12-13 12:12:00 2021-12-13 12:12:00
Abuja FCT, Nigeria

Fontini Consulting Ltd

This all important seminar will address the fundamentals of IFRS in the oil and gas industries. ...

Understanding the Brand Development and Management Function Understanding the Brand Development and Management Function

4 days, 06 - 09 Dec, 2021 

2021-12-06 12:12:00 2021-12-06 12:12:00
Lagos State, Nigeria

Fontini Consulting Ltd

This all important seminar will adress the nitty grity of Understanding the brand Development and management funcion ...

Internal Auditing Strategies in the Oil and Gas Sector Internal Auditing Strategies in the Oil and Gas Sector

4 days, 06 - 09 Dec, 2021 

2021-12-06 12:12:00 2021-12-06 12:12:00
Abuja FCT, Nigeria

Fontini Consulting Ltd

This all important seminar will address the nitty gritty of internal Auditing in the Oil and Gas Sector. Details on request ...

Advanced Bank Internal Audit and Risk Management Strategies Course Advanced Bank Internal Audit and Risk Management Strategies Course

3 days, 07 - 09 Dec, 2021 

2021-12-07 12:12:00 2021-12-07 12:12:00
Lagos State, Nigeria

Fontini Consulting Ltd

This course is designed to provide internal auditors with the key skills they require prior to commencing internal auditing assignments within financial service institutions. Looking at the various ...