Introduction to the International Financial Reporting Standards (IFRS) program

Transcription

1 Introduction to the International Financial Reporting Standards (IFRS) program September 2017 Introduction to the IFRS is a high level overview of the International Financial Reporting Standards, aimed at providing a general understanding and basic working knowledge for the participants. This course requires no prior accounting knowledge and can be beneficial for Non-Accounting and Finance Staff. General information Comprehensive course materials provided Based on practical exercises and illustrations Question and answer sessions Full solutions provided to all case studies Who for Any professional who requires working knowledge of the International Financial Reporting Standards. This course will be of particular interest to Financial Analysts, Banking professionals, Investment Managers, Entrepreneurs and Managers involved in Budgeting and Board Members. Objectives To understand in a practical context, the basic principles of the International Financial Reporting Standards To understand, analyze, and interpret Financial Statements prepared under IFRS To allow participants to make informed short term and long term financial decisions The programme This is a practical course, which will comprise a mixture of lectures, questions and answer sessions, and many practical exercises and illustrations. Participants will receive comprehensive course notes, which include summaries of the key elements of IFRS together with full case studies and their solutions. Upon completion, the participants will receive the EY Certificate of Attendance

2 Introduction: IFRS framework Historical background of financial reporting internationally IFRS Conceptual Framework with emphasis on the definitions of assets, liabilities, revenues, costs and equity The use of IFRS in the European Union and in the US Presentation of financial statements under IFRS The formats of financial statements Discussion on the requirements of IFRS The operating cycle and current/non-current classification Fundamental accounting concepts Inventories Which costs to include in inventory Basis of valuation lower of cost or net realizable value Methods of apportioning costs to units such as FIFO or weighted average Revenue recognition Major accounting issues in recognition of revenue Substance over form Legal vs. economic transactions Tangible assets Depreciation Changes in the basis of depreciation and revision of useful life The concept of impairment Disclosure and presentation of non-current assets Leases Categories of leases and the impact on the financial statements of the lessor and the lessee Step by step guide as to how to identify whether a lease is finance or operating and the accounting entries required Sale and leaseback transactions Introduction to group accounting (acquisition method, consolidation) Accounting for investments in separate and consolidated financial statements Definitions of subsidiary, associate, control and significant influence related to group accounting Consolidated financial statements Statement of financial position Goodwill Statement of comprehensive income All Rights Reserved EY IFRS program 2

3 Intra group transactions Intangible assets Research and development Measurement after recognition Cost model and Revaluation Model Useful life of intangible assets Impairment losses of intangible assets Statement of cash flows The necessity for a cash flow statement and how they are prepared from the information contained in the income statement, balance sheet and notes to the financial statements The indirect and direct method of presenting the operating cash flows Provisions, contingent liabilities and contingent assets Definition of provision and contingent liabilities When to account for and when to disclose contingent assets and liabilities Provisions for future operating losses and onerous contracts Changes in foreign exchange rates The functional and reporting currencies Treatment of exchange differences Financial instruments (IAS 32, IAS 39, IFRS 7 and IFRS 9) Classification of equity and liabilities Disclosure of the various risks Compound financial instruments such as convertible loan stock Accounting for financial assets and financial liabilities Hedging Various other IFRS Throughout the course various accounting standards and techniques will be discussed and presented All Rights Reserved EY IFRS program 3

4 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. The MENA practice of EY has been operating in the region since For more than 90 years, we have grown to more than 6,000 people united across 20 offices and 15 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region EYGM Limited. All Rights Reserved. ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com/mena

5 Introduction to the International Financial Reporting Standards (IFRS) program September 2017 Registration form Please fax this form to EY Training, Kuwait: or to: For more courses please visit our website: For further details please contact: /5033 Person nominating: I wish to reserve..... place(s) for the above course. Name:... Telephone no:.. Position: Company:... Address: Names of participant(s) Mobile no. Designation Registration fee (per participant) is KD330 which includes: Course material Lunch and other refreshments EY training certificate Special group rates Book three places and get a 10% discount Book six places and pay for five An invoice with all payment details will be send upon receipt of registration form. Payment must be received in full prior to the course start. Course venue: Radisson Blu, Kuwait Date: September 2017 Time: 9:00 a.m. to 4:30 p.m. Cancellation policy A full refund less an administration fee of KD50 will be given for cancellation requests received up to 5 working days before the event. Cancellations must be made in writing (letter/fax/ ) and reach our office before the 5 working days deadline. Delegates who cancel less than five working days before the event, or who don t attend, are liable to pay the full course fee, and no refunds can be given. However, if you wish to attend a subsequent scheduling of the course, and you have paid your course fee in full, you will only be invoiced for 25% of that course fee. Replacement participants are always welcome. EY, Ernst & Young Consultancy Co.WLL,Waleed Abdullah Saoud Al Osaimi & Partners Floor Baitak Tower, Safat Square, Ahmed Al Jaber Street P.O. Box 74, Safat, Kuwait Phone: Fax: EY Assurance Tax Transactions Advisory 2017 EYGM Limited. All Rights Reserved. ey.com/mena