The Impact of COVID-19 on IFRS Financial Statements

The Impact of COVID-19 on IFRS (International Financial Reporting Standards) Financial Statements explores standards from The IFRS Foundation that have been affected.

The business and economic threats from the coronavirus (COVID-19) outbreak continue. It has interrupted the movement of people and goods throughout the world, and many levels of government have instituted restrictions on individuals and businesses. Businesses are dealing with lost revenue and disrupted supply chains and there has been significant volatility in financial markets. The resulting
impact on financial reporting will be significant. Entities need to carefully consider the accounting implications of this situation. The Impact of COVID-19 on IFRS Financial Statements is a useful tool to educate on changes in the industry.

TARGET COMPETENCIES ​

This IFRS Training comprehensive training course will enable each participant to appreciate and understand the following target competencies:

• How to determine whether to apply the going concern basis​
• How should government assistance be accounted for?​
• Have changes been made to lease contracts?​
• Which disclosures concerning coronavirus are appropriate?​
• What is the impact on revenue-cycle accounting?​
• What is the impact on employer benefits?

WHO SHOULD ATTEND ?​

This well-researched course, The Impact of COVID-19 on IFRS, will benefit executives who are responsible for the finance and accounting functions in their organisation.

• Accounting Professionals
• Finance Directors
• Head of Finance​
• Chief Finance Officers
• Accounts Managers
• Accountants​
• Auditors​
• Analysts​​

Organisations consider this course as a great opportunity to train their young officers in the complexities
of accounting in the industry.

COURSE OUTLINE

​Introduction to COVID Effects on IFRS​

• ​Conceptual Framework​
• Uncertainty and Accounting ​
• Economic Impact of enterprise-wide operations​
• Effect on Reporting performance​
• Assessment of going concern status and treatment of material uncertainties (IAS 1)​

​Non-financial assets​

• Impairment of non-financial assets​
• Impairment disclosures ​
• Associates and joint ventures​
• Inventories​
• Property, plant and equipment​
• air value measurement of non-financial assets and liabilities​

​Financial instruments​

• Classification and measurement of financial assets under IFRS 9​
• Impairment under IFRS 9​
• Hedge accounting under IFRS 9​
• Hedge accounting under IAS 39​
• Borrowings and other financial liabilities under IFRS 9​
• ‘Own use’ under IFRS 9​
• Disclosures under IFRS 7​
• Fair value of financial assets and liabilities​
• Subsidiaries, associates and joint ventures measured at fair value​
• Classification and measurement of financial assets under IAS 39​
• Impairment of financial assets under IAS 39​
• Borrowings and other financial liabilities under IAS 39​

​Leases​

Cash and cash equivalents​

Revenue recognition and government grants​

• Revenue​
• Government assistance​

​Non-financial obligations​

• Provisions​
• Onerous contracts​
• Contingent assets​
• Employee benefits and share-based payments​
• Income taxes​

​Going concern and events after the reporting period​

• Events after the reporting period​
• Presentation and disclosure​

Effects on Reporting​

• Presentation of financial statements​
• Breach of covenants​
• General disclosures​
• Financial risks​
• Disclosure outside the financial statements​
• Interim financial statements.

 

VENUE:

Choice between  in-house / External Venue/ Live Online Classroom

Do you have more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save more on the cost of sending delegates to a public course and dramatically increase your ROI.

If you want to run this course at a location convenient to you or if you want a completely customized learning solution, we can help.

We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

DURATION :

1 day

COST :

R8,599

Contact us for our pricing for self-funded individuals

Contact us today