Ifrs Updates And Implementation Strategies: Navigating The Evolving Landscape

Introduction:

International Financial Reporting Standards (IFRS) are constantly evolving, requiring professionals to stay up-to-date with the latest pronouncements and interpretations. This comprehensive training course on IFRS Updates and Implementation Strategies equips participants with the knowledge and practical skills to navigate these changes effectively. Participants will learn about recent amendments, new standards, and emerging interpretations, along with practical guidance on implementation, disclosure requirements, and best practices. This course empowers professionals to confidently apply IFRS, ensuring accurate financial reporting and compliance.

Target Audience:

This course is designed for professionals involved in financial reporting and IFRS compliance, including:

• Accountants
• Auditors
• Financial Controllers
• Financial Analysts
• Preparers of Financial Statements
• Anyone responsible for IFRS implementation

Course Objectives:

Upon completion of this IFRS Updates and Implementation Strategies training course, participants will be able to:

• Understand the latest amendments to existing IFRS standards.
• Learn about new IFRS standards and their implications.
• Interpret and apply IFRS pronouncements accurately.
• Develop effective IFRS implementation strategies.
• Understand disclosure requirements for new and amended standards.
• Assess the impact of IFRS changes on financial reporting.
• Update accounting policies and procedures accordingly.
• Manage the transition to new IFRS standards.
• Communicate IFRS changes effectively to stakeholders.
• Apply IFRS in various business contexts.
• Ensure compliance with IFRS requirements.
• Improve the quality and accuracy of financial reporting.
• Reduce the risk of errors and misstatements.
• Stay up-to-date with the evolving IFRS landscape.
• Contribute to sound financial decision-making.

DURATION

10 Days

COURSE OUTLINE

Module 1: Introduction to IFRS and the IASB

• Overview of the International Accounting Standards Board (IASB) and its role.
• The global landscape of IFRS adoption and its impact.
• The IFRS Conceptual Framework and its importance.
• The process of developing and issuing IFRS standards.
• Key principles of IFRS application.

Module 2: Recent Amendments to Existing IFRS Standards

• Detailed review and analysis of recent amendments to existing IFRS standards.
• Focus on the practical application of these amendments through case studies.
• Understanding the effective dates and transitional provisions.
• Implications for comparative financial statements.
• Common challenges in implementing amendments.

Module 3: New IFRS Standards: Overview and Impact Assessment

• Introduction to new IFRS standards issued by the IASB.
• Understanding the key requirements and objectives of new standards.
• Assessing the potential impact of new standards on financial reporting.
• Identifying key areas of change and their implications.
• Developing a gap analysis to assess implementation needs.

Module 4: IFRS Implementation Strategies: Planning and Project Management

• Developing a comprehensive IFRS implementation plan.
• Project management methodologies for IFRS implementation.
• Setting up a project team and defining roles and responsibilities.
• Establishing timelines and milestones.
• Managing resources and budgets.

Module 5: Accounting Policy Updates and Documentation

• Reviewing and updating accounting policies to align with new and amended IFRS standards.
• Documenting accounting policies and procedures.
• Ensuring consistency in accounting treatment.
• Communicating changes in accounting policies to stakeholders.
• Maintaining a robust system of internal controls.

Module 6: Data Gathering and Analysis for IFRS Implementation

• Identifying data requirements for new and amended IFRS standards.
• Gathering and analyzing relevant financial data.
• Data quality and validation.
• Data management systems and tools.
• Addressing data gaps and limitations.

Module 7: System Changes and IT Considerations

• Assessing the impact of IFRS changes on IT systems.
• Updating accounting software and ERP systems.
• Integrating new data requirements into existing systems.
• Testing and validating system changes.
• Managing IT-related risks.

Module 8: Disclosure Requirements for New and Amended Standards

• Understanding the disclosure requirements for new and amended IFRS standards.
• Preparing compliant financial statement disclosures.
• Communicating IFRS changes effectively to users of financial statements.
• Ensuring transparency and completeness in disclosures.
• Addressing common disclosure challenges.

Module 9: Transition and Comparative Reporting

• Understanding the transitional provisions for new IFRS standards.
• Preparing comparative financial statements under the new standards.
• Addressing any restatement requirements.
• Communicating the impact of the transition to stakeholders.
• Managing the transition process smoothly.

Module 10: Training and Communication Strategies

• Developing training programs for staff on new and amended IFRS standards.
• Communicating IFRS changes effectively to internal and external stakeholders.
• Building awareness and understanding of IFRS requirements.
• Using different communication channels and methods.
• Addressing stakeholder questions and concerns.

Module 11: Internal Control Considerations

• Assessing the impact of IFRS changes on internal controls.
• Updating internal control procedures to ensure compliance.
• Identifying and mitigating risks related to IFRS implementation.
• Testing the effectiveness of internal controls.
• Maintaining a strong internal control environment.

Module 12: Audit Implications of New and Amended Standards

• Understanding the audit implications of new and amended IFRS standards.
• Working with auditors to ensure compliance.
• Preparing for audit procedures related to IFRS implementation.
• Addressing any audit findings or recommendations.
• Maintaining a strong audit trail.

Module 13: Industry-Specific IFRS Issues

• Exploring IFRS issues specific to different industries (e.g., financial services, telecommunications, real estate).
• Understanding industry-specific accounting practices and reporting requirements.
• Addressing common IFRS implementation challenges in specific industries.
• Sharing best practices for IFRS application within industries.

Module 14: Emerging Issues and Future Developments in IFRS

• Discussing emerging issues and future developments in IFRS.
• Analyzing the potential impact of future IFRS changes.
• Staying up-to-date with the evolving IFRS landscape.
• Participating in consultations and standard-setting activities.
• Preparing for future IFRS changes.

Module 15: Case Studies and Practical Exercises

• Analyzing real-world examples of IFRS implementation.
• Working through case studies and practical exercises.
• Applying IFRS principles to complex accounting scenarios.
• Developing implementation plans and strategies.
• Sharing best practices and lessons learned.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 5 working days before commencement of the training.