Boards of Directors and Senior Executives have a slightly different considerations of IFRS, unique in nature and most focused on aiding them to optimize their oversight function. Given the increased subjectivity and management disclosures involved in IFRS, Board members and senior executives need to have a strong understanding of their role in reviewing and approving IFRS statements as well as ensuring strong corporate governance and transparency for shareholders. Accountants will take care of the technical details; however, Boards of Directors need to have an understanding of some of the choices inherent in IFRS reporting in order to be able to identify risks from various accounting treatments and to be able to provide guidance as to the objectives of corporate reporting as set out by The IFRS Foundation.
TARGET COMPETENCIES:
By the end of IFRS For Boards, participants will be able to:
- Understand the role of the finance function
- Understanding and interpreting the financial statements
- Preparing and managing budgets
- Accounting principles and hoe accounting works
- Budgetary process
- Management of working capital
- The relationship between margins, volumes and expenses
- Calculations of break-evens and other business calculations
- Describe the setting process in 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, and revenues and expenses in accordance with IFRS
- Use professional judgment in applying IFRS for matters relating to non-recurrent business transactions
After completing the IFRS For Boards s training, you’ll be able to:
- Understand basic IFRS accounting
- Interpret the information and use it to manage day-to-day business activity
- Be more effective in your decision making and directorship role.
WHO SHOULD ATTEND ?
Professionals with little or no IFRS background seeking to enhance their international accounting knowledge from companies implementing IFRS as the standard of reporting.
…..and all Executives in accounting, reporting and/or controlling area.
COURSE OUTLINE :
This course is an overview of IFRS and addresses the unique concerns of senior non-financial management and members of Boards of Directors. Information is presented at a high-level and is not at the level of detail required for the preparers of financial statements. It is designed to help senior professionals understand their role in evaluating IFRS statements and the impact various IFRS treatments could bring to their organizations.
Introduction to IFRS
- Brief history of IFRSs
- Conceptual Framework
- Fair value measurement (IFRS 13)
IFRS rules for current assets and liabilities
- Cash and cash equivalents (IFRS 9)
- Accounts receivable (IFRS 9):
- Allowance for doubtful and bad debts: based on new impairment model of IFRS 9
- Pledging, assigning and factoring of receivables
- Accounts payable and accruals (IFRS 9)
- 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)
- Why some intangible assets are not recognized on balance sheet
- 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)
Financial assets (IFRS 9)
- Type of investment securities
- Classification under IFRS 9: Fair Value Through Profit or Loss (FVTPL), Fair Value Through Other Comprehensive income (FVTOCI), amortized cost
- Initial recognition and subsequent measurement
- Transfer between categories
- Impairment of financial assets under the new standard
Revenue from contracts with customers (IFRS 15)
- Scope of IFRS 15
- Describing the five-step model framework under IFRS 15
- Step 1: Identifying the contract with the customer
- Step 2: Identifying the performance obligations in the contract
- Step 3: Determining the transaction price
- Step 4: Allocating the transaction price to the performance obligations in the contract
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:
2 days
COST:
ZAR 15,999.00
Contact us today for our discounted pricing for self-funded individuals
Course Features
- . 1
- Quiz 0
- Duration 50 hours
- Skill level All levels
- Language English
- Students 23
- Assessments Yes
Curriculum
- 1 Section
- 1 Lesson
- 2 Days
- TRAINING ENQUIRY FORM1
