International Financial Reporting Standards (ifrs) Updates: Maintaining Financial Reporting Excellence

Introduction:

The landscape of International Financial Reporting Standards (IFRS) is constantly evolving, requiring financial professionals to stay informed and adapt. This comprehensive training course on IFRS Updates equips participants with the specialized knowledge and skills to navigate the latest IFRS developments. Participants will learn how to interpret and apply new standards, understand the impact of recent changes, and ensure compliance with evolving reporting requirements. This course bridges the gap between standard-setting and practical application, empowering professionals to maintain financial reporting excellence.

Target Audience:

This course is designed for financial professionals involved in financial reporting, auditing, and accounting, including:

• Accountants
• Auditors
• Financial Analysts
• CFOs and Finance Managers
• Anyone responsible for IFRS compliance

Course Objectives:

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

• Understand the latest changes and developments in IFRS.
• Interpret and apply new IFRS standards and amendments.
• Assess the impact of IFRS updates on financial statements.
• Ensure compliance with evolving IFRS reporting requirements.
• Analyze the implications of IFRS changes for specific industries.
• Understand the role of the International Accounting Standards Board (IASB).
• Apply practical examples and case studies to real-world scenarios.
• Communicate IFRS updates effectively to stakeholders.
• Enhance their ability to maintain accurate and compliant financial reporting.
• Improve their efficiency and accuracy in IFRS application.
• Contribute to improved financial transparency and comparability.
• Stay up-to-date with the latest trends and interpretations in IFRS.
• Become a more valuable and sought-after IFRS expert.
• Understand ethical considerations in IFRS application.
• Learn how to use IFRS resources and tools effectively.

DURATION

10 Days

COURSE CONTENT

Module 1: Introduction to IFRS and the IASB

• Overview of IFRS and its global significance.
• The role and structure of the International Accounting Standards Board (IASB).
• The IFRS Foundation and its mission.
• Understanding the IFRS conceptual framework.
• The process of developing and issuing IFRS standards.

Module 2: Recent Amendments and Interpretations

• Detailed analysis of recently issued amendments to existing IFRS standards.
• Review of IFRIC Interpretations and their practical implications.
• Understanding the effective dates and transition requirements.
• Impact of amendments on specific industries and transactions.
• Practical examples and case studies.

Module 3: IFRS 15: Revenue from Contracts with Customers Updates

• Review of IFRS 15 principles and application.
• Recent clarifications and amendments related to revenue recognition.
• Industry-specific challenges and solutions.
• Impact of changes on contract modifications and variable consideration.
• Practical application and implementation guidance.

Module 4: IFRS 16: Leases Updates

• Review of IFRS 16 principles and lessee accounting.
• Recent amendments related to lease modifications and COVID-19 related rent concessions.
• Understanding the impact of changes on lease liabilities and right-of-use assets.
• Practical guidance on implementation and disclosure.
• Analyzing lessor accounting changes.

Module 5: IFRS 9: Financial Instruments Updates

• Review of IFRS 9 principles and classification.
• Updates related to expected credit losses (ECL) and impairment.
• Recent amendments and clarifications related to hedge accounting.
• Impact of changes on financial asset measurement.
• Practical examples and implementation challenges.

Module 6: IFRS 17: Insurance Contracts Updates

• Understanding the principles of IFRS 17 and its impact on insurance accounting.
• Recent amendments and clarifications related to transition requirements.
• Impact of changes on measurement and presentation of insurance contracts.
• Analyzing the effects on financial statements of insurance companies.
• Practical implementation considerations.

Module 7: Disclosure Requirements and Materiality

• Understanding the principles of disclosure and materiality.
• Recent amendments related to disclosure requirements.
• Developing effective disclosure strategies.
• Analyzing the impact of changes on financial statement presentation.
• Practical guidance on assessing materiality.

Module 8: Sustainability Reporting and IFRS

• The intersection of sustainability reporting and IFRS.
• Analyzing the development of sustainability disclosure standards.
• Understanding the impact of climate-related disclosures (e.g., TCFD).
• Exploring the future of integrated reporting.
• The role of IFRS in supporting sustainable business practices.

Module 9: Industry-Specific IFRS Updates

• Analyzing IFRS updates relevant to specific industries (e.g., banking, oil and gas, real estate).
• Industry-specific challenges and solutions.
• Impact of changes on financial reporting in particular sectors.
• Case studies and practical applications for different industries.

Module 10: Transition and Implementation Challenges

• Understanding the challenges of transitioning to new IFRS standards.
• Developing effective transition plans.
• Analyzing the impact on systems, processes, and controls.
• Practical guidance on implementation and change management.
• Addressing common implementation issues.

Module 11: IFRS and Technology

• The role of technology in IFRS compliance.
• Using accounting software and tools for IFRS reporting.
• Analyzing the impact of data analytics and automation.
• Understanding the implications of blockchain and AI.
• Exploring the future of technology in IFRS.

Module 12: IFRS and Regulatory Developments

• Analyzing the interaction between IFRS and local regulations.
• Understanding the role of regulators in IFRS implementation.
• Impact of regulatory changes on IFRS reporting.
• Preparing for regulatory audits and inspections.
• Compliance with regional adaptations of IFRS.

Module 13: Ethical Considerations in IFRS Application

• Understanding the ethical principles underlying IFRS.
• Analyzing ethical dilemmas in IFRS application.
• The role of professional judgment and skepticism.
• Maintaining integrity and objectivity in financial reporting.
• Ethical considerations in disclosure and transparency.

Module 14: Practical Case Studies and Application

• Analyzing complex case studies related to IFRS updates.
• Applying IFRS principles to real-world scenarios.
• Developing practical solutions to implementation challenges.
• Group discussions and interactive exercises.
• Analyzing and interpreting financial statements under new IFRS standards.

Module 15: The Future of IFRS and Continuous Learning

• Exploring the future direction of IFRS.
• Staying up-to-date with emerging trends and developments.
• Developing a continuous learning plan for IFRS professionals.
• Utilizing IFRS resources and tools effectively.
• Building a network of IFRS professionals.

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.