International Financial Reporting Standards Updates Training (Online): 8 CPD Points

COURSE OVERVIEW

There is increasing pressure for companies to ensure that their financial reports are compliant with various provisions of International Financial Reporting Standards (IFRS) and principles. In some ways, the biggest challenge facing companies is no longer applying new standards for the first time but figuring out how to apply existing standards to new circumstances.

2024 sees a number of amendments to existing standards as well as expected publication of IFRS 18 Presentation and Disclosure in the Financial Statements.

Candidates will obtain comprehensive knowledge of the new IFRS standards together with examples and illustrations indicating how these standards should be implemented in practice.

This comprehensive one-day IFRS workshop covers the latest developments in IFRS a refresher on widely used IFRS.

WHY SHOULD YOU ATTEND:

• The radical developments of accounting standards and frameworks make it
• imperative for all members in the financial environment to keep abreast with the changes.
• Participants will be well equipped with the necessary financial reporting knowledge to be able to prepare financial statements that are informative and
• in line with internation standards.
• The practical examples make this training event unique and different from the rest. As is impossible to learn accounting without examples.

LEARNING OUTCOMES:

At the end of the seminar, participants will be able to:

• Understand the breadth & depth of implementing the latest IFRS
• developments to keep your organization compliant with up-to date international standards including the new environmental, social and
• governance (ESG) Reporting Standard.
• Gain practical knowledge on all the new developments in IFRS, for example,
• IFRS 9, IFRS 13, IFRS 15, IFRS 16 and IFRS 18, whilst also refreshing the
• principles of the existing standards.
• In line with ESG Reporting, understand the roles and future plans of the International Sustainability Standards Board (ISSB)
• Understanding the principles of the new conceptional framework will give candidates a better insight into future IFRS developments and of changes to accounting standards in the pipeline - The IASB’s workplan.
• Knowledge of integrated reporting and integrated thinking will pave the way for better and comprehensive future corporate reporting.
• Discuss numerous practical examples and illustrations on IFRS.

Training Methodology

Our Training Methodology to be utilized in the presentation of this course is primarily

based on the adult learning principles that include:

• Pre-work to help learners prepare for the quality of the learning
• Group instruction, discussion and illustrative examples
• Practical workshop exercises using realistic scenarios, case studies,
• examples of best practice and the models candidates can use back in the
• workplace or their businesses
• All participants will receive a comprehensive manual containing copies of the
• presentation slides, handouts and other course materials
• 
  

COURSE OUTLINE

Morning Session: IFRS Overview and Framework for Reporting

• New conceptual framework for financial reporting
• Overview of IFRS Principles and Concepts
• The latest on world adoption of IFRS
• First time adoption of IFRS
• IAS 1 – Presentation of Financial Statements
• IAS 7 - Statement of cash flows
• IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
• IAS 37 - Provisions and contingencies
• Case Studies

Afternoon Session: New Standards and their Practical Implications

• What is ESG reporting and why is it important for business?
• Preparing for ESG Reporting in South Africa
• IFRS 9 – Financial Instruments
• IFRS 13 - Fair value measurement
• IFRS 14 – Regulatory Deferral Accounts
• IFRS 15 – Revenue from Contracts with Customers
• IFRS 16 – Leases
• IFRS 18 Presentation and Disclosure in the Financial Statements.
• Future developments
• IFRS and Statutory Audit Procedures
• Case Studies and Practical Implementation