International School Of Management ISM U N L O C K I N G K N O W L E D G E. Certificate in IFRS. International Financial Reporting Standards

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1 ISM International School Of Management U N L O C K I N G K N O W L E D G E Certificate in IFRS International Financial Reporting Standards

2 About the course This programme which is designed according to the International Accounting Standards Board (IASB) and Association of Chartered Certified Accountants (ACCA) curricular with inputs from ICAN professional assessors is certified by the International School of Management (ISM), Lagos for professional practitioners and accounting/finance graduates. As the convergence in accounting standards accelerates globally, more than 120 countries (including Nigeria) have subscribed to the IFRS. It is now compulsory for publicly traded companies but also unavoidable for every company in Nigeria to use international financial reporting standards (IFRS) developed by the International Accounting Standards Board (IASB) instead of the previous standards used in Nigeria ( Nigerian GAAP ). Many professionals and organisations are expected to embrace this major shift in accounting practice and financial reporting in Nigeria. The implementation of IFRS represents a massive shift in financial reporting philosophy as well as compliance with new technical accounting requirements. Therefore, the International School of Management (ISM), Lagos has been the IFRS provider of choice to many professionals and corporate organisations in the last 2 years. The adoption of IFRS in Nigeria also has implications for the capital market players, equity or non-equity investors and the regulators. Of particular importance is this new development to many foreign investors interested in the Nigerian markets. This three-days intensive and rigorous expert level course has been designed to enable participant to understand the impact of the adoption of IFRS on both company financial statements in particular and business decisions and practices in general. The programme delivers the skills to prepare professionals and their organisations for the implementation of IFRS. It explains the IASB's philosophy of financial reporting, the technical requirements of IFRS and the impact of IFRS reporting on investment and financing decisions, mergers and acquisitions, other contractual arrangements and investor relations. Participants will be able to apply the skills gained from this programme to the preparation of IFRS financial statements and they will also learn how to analyse IFRS financial statements in business and economic decision making.

3 Who should attend? The transition to IFRS, which began in Nigeria in 2012, currently has major implications for the professional accountants, chief financial officers, corporate treasurers, investment and securities analysts, corporate financiers, bankers, accounting/finance tutors and other preparers and users of company financial statements.

4 Specific benefits to the participants and their organisations Participants will be able to deal with the challenges of transition from statements of accounting standards to IFRS Participants will learn about the implication of IFRS for tax reporting and other local regulations They will to use IFRS financial statements in investment and financing decisions Participants will comprehend the impact of IFRS on their organisations and other businesses. They will be more familiar with the reasons for the adoption of new financial reporting regime and its numerous advantages They will understand the IASB's approach to financial reporting and its likely impact on company financial statements They will be aware of likely future changes in IFRS Participants will be able to handle conflicts between the IFRS and the local regulations on accounting and Financial reporting About the International School of Management (ISM) Lagos ISM Lagos is a niche world class Nigerian business school with enviable professional and academic alliances across Africa,Europe and America. ISM Lagos is approved by the Federal Ministry of education and the Lagos State Agency for Mass Education as a postgraduate level academic institution for the provision of further and higher education in business and finance. The institution parades a faculty of seasoned Nigerians and foreigners in strategic alliance with Laureate Online Education in Netherlands and Resource Development International (RDI) in the UK for offering graduate and postgraduate level qualifications up to doctoral level with prestigious partner universities such as University of Liverpool, Walden University, Roehampton University London and University of Bradford. Faculty: ACCA, ICAN & ICAEW Certified ISM Lagos is proud of a dedicated and passionate seven (7) member faculty of IFRS experts who have extensive IFRS training, advisory & conversion experiences. Our dedicated IFRS faculty members are all certified professionals having written relevant examinations and satisfied the requirements of regulators such as ACCA, ICAN and ICAEW. Majority of our faculty members are also IFRS consultants to regulatory bodies. In line with our scholar-practitioner philosophy, all our faculty members have been in the professional accounting practise within banks, blue chip corporations and international professional accounting firms. Profile of individual faculty member is available upon request.

5 Course Outline The transition to IFRS The regulatory background IFRS financial statements Preparation and presentation framework Decision usefulness, transparency and comparability Key principles - recognition and measurement of assets, liabilities, income and expenses Key principles - disclosure and presentation The transition from national standards to IFRS The basic standards - assets Property, plant and equipment, intangible assets and inventories Impairment of assets The basic standards - liabilities Provisions, employee benefits including pensions and leases Income taxes The basic standards - income and expenses Revenue from the sale of goods, services and long-term contracts Statement of cash flows IFRS financial statements More complex issues - financial instruments Primary and derivative financial instruments On balance sheet versus off balance sheet Investments in equity and debt securities - cost or market value Hedging instruments and hedge accounting Own equity and debt instruments Derecognition issues including securitisations Some of the specific standards to be treated The Conceptual Framework for Financial Reporting IFRS 1 First-time Adoption of International Financial Reporting Standards IFRS 2 Share-based Payment IFRS 3 Business Combinations IFRS 4 Insurance Contracts IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 6 Exploration for and Evaluation of Mineral Resources IFRS 7 Financial Instruments: Disclosures IFRS 8 Operating Segments IFRS 9 Financial Instruments IFRS 10 Consolidated Financial Statements IFRS 11 Joint Arrangements IFRS 12 Disclosure of Interests in Other Entities IFRS 13 Fair Value Measurement IFRS 14 Regulatory Deferral Accounts IFRS 15 Revenue from Contracts with Customers IFRS 16 Leases IFRS 17 Insurance Contracts

6 Some of the specific standards to be treated (Cont d) IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 7 Statement of Cash Flows IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 10 Events after the Reporting Period IAS 11 Construction Contracts IAS 12 Income Taxes IAS 16 Property, Plant and Equipment IAS 17 Leases IAS 18 Revenue IAS 19 Employee Benefits IAS 20 Accounting for Government Grants and Disclosure of Government Assistance IAS 21 The Effects of Changes in Foreign Exchange Rates IAS 23 Borrowing Costs IAS 24 Related Party Disclosures IAS 26 Accounting and Reporting by Retirement Benefit Plans IAS 27 Separate Financial Statements IAS 28 Investments in Associates and Joint Ventures IAS 29 Financial Reporting in Hyperinflationary Economies IAS 32 Financial Instruments: Presentation IAS 33 Earnings per Share IAS 34 Interim Financial Reporting IAS 36 Impairment of Assets IAS 37 Provisions, Contingent Liabilities and Contingent Assets IAS 38 Intangible Assets IAS 39 Financial Instruments: Recognition and Measurement IAS 40 Investment Property IAS 41 Agriculture Groups of companies Subsidiaries, associates, joint ventures and special purpose entities Foreign subsidiaries Mergers, acquisitions and disposals Accounting for business combinations including goodwill Accounting for discontinuing and discontinued operations

7 The wider implications of the transition from national to international standards Investor relations, investment analysis and investment decisions Management compensation Acquisition agreements and other contractual arrangements Treasury IT systems Registration & Enquiries Duration : 4 days Registration : N15, 000 (non refundable) Tuition : N200, 000 FOR FURTHER ENQUIRIES, PLEASE CONTACT: International School of Management (ISM) Lagos 5 Yesuf Abiodun Street, Oniru, Victoria Island, Lagos. Tel: , , , registrar@ism.edu.ng Website: PLEASE MAKE CHEQUE TO INTERNATIONAL SCHOOL OF MANAGEMENT ISM International School Of Management U N L O C K I N G K N O W L E D G E * Participants are provided with six months update access to our IFRS online class for discussion, update Q&A, conversion tips and support via our interactive online platform