International Financial Reporting Standards IFRS and Updates
Introduction
This Discovery Tools training course ” International Financial Reporting Standards IFRS and Updates ” is designed where the diminishing differences between generally accepted accounting principles (GAAP), principally established by the Financial Accounting Standards Board (FASB), and international financial reporting standards (IFRS), as established by the International Accounting Standards Board (IASB”, is narrowing at a faster pace. IFRS are now the world’s most widely accepted and applied accounting standards with more than 100 countries now requiring or permitting their use.
During this comprehensive programme participants will obtain an understanding of the following bodies of knowledge:
- The basic concepts of accounting and financial reporting disclosures and varying reconciling and non-reconciling differences between GAAP and IFRS
- The scope, structure, contents and components of IFRS compliant financial statements, including underlying assumptions and related footnotes disclosures
- Measurement and recognition of the various elements of international accounting principles and standards, including transition concerns
- Revenue recognition and financial reporting requirements
Course Objectives
By the end of this training course, participants will be able to:
- Understanding the current and potential future requirements of IFRS, including the final prospects and timetable for the convergence of GAAP
- Applying standards in accordance with their requirements in terms of preparing IFRS compliant financial statements, including the selection of appropriate accounting policies and related footnote disclosures
- Understanding the recognition and measurement principles as delineated within the IASB’s Framework and comprehending their application within each accounting standard
- Defining and applying the transition process to IFRS and identifying the first-time exemption as well as exceptions relating to the financial statements of a transitioning organization
- Examining accounting standards that either require or permit the use of fair value measurement (including comparisons to U.S. Financial Accounting Standards Nos. 157 and 159), determining fair value measurements and financial statement recognition issues and presentation
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This training course will be held in ( Istanbul / Sharm El Sheikh / Malaysia / Dubai / Cairo / Alexandria / London / Austria / Amsterdam )
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