IFRS: Master Class

This is a practical workshop on IFRS standards applicable to Manufacturing, Service oriented, finance and Oil & gas industry



Course Content

A. Introduction to IFRS

B. Inventories

- Initial recognition of inventories

- Measurement of inventories

- Inventories Versus PPE 

- Disclosures

C. Property, plant and equipment (IAS 16)

- Initial recognition of property, plant and equipment

- Subsequent measurements

- Derecognition of property, plant and equipment

- Disclosures

D. Revenue (IAS 18)

- What is revenue

- Nature of revenue 

- Recognition of revenue (impact of warranties etc.)

- Disclosures

E. Impairments (IAS 36)

- Overview of impairments of non-financial assets

- Assessment of non-financial assets for impairment

- Cash Generating Unit (CGU)

- Estimation of recoverable value of non-financial assets

- Subsequent treatment of impairment provisions

- Disclosures

F. Leases (IAS 17)

- What is a lease

- Finance lease versus Operating lease

- Accounting for finance and operating leases

- Disclosure 

G. Financial instruments (IAS 32, IAS 39, IFRS 7):

- Classification of financial assets and liabilities

- Initial recognition of financial instruments

- Practical session on application of amortized cost on borrowings, trade and other receivables etc.

- Fair value computation e.g. equity, debt instruments etc

- Impairment and Disclosures

H. Employee benefits (IAS 19)

- Nature of employee benefits

- Accounting for short term employee benefits

- Accounting for other long term employee benefits

- Accounting for post-employment and termination benefits

- Disclosures

I. Related parties (IAS 24):

- Identification of related parties 

- Extent of disclosures

J. Intangible Assets (IAS 38)

- Initial recognition

- Subsequent measurement

- Derecognition

- Disclosures

K. Presentation of financial statements (IAS 1)

- Overview of IAS 1 

- Statement of financial position

- Statement of comprehensive income

- Statement of cash flows

- Statement of changes in equities

- Disclosures

L. Provisions (IAS 37)

- Introduction to IAS 37 on provisions

- Recognition and measurement of provisions

- Decommissioning and Restructuring provision

- Disclosures

M. Borrowing cost

- What are qualifying assets

- What are borrowing costs

- When to commence and cease capitalizing

- Disclosures

N. Investment in associates and joint arrangement

Associates

- Recognition

- Measurement

- Disclosure

O. Joint Arrangement

- Definitions

- Types

- Accounting