Why Attend This Training Course?

The International Financial Reporting Standards (IFRS) training course equips participants with a comprehensive understanding of IFRS, enhancing their accounting proficiency and ability to effectively manage financial transactions. This course not only empowers delegates to prepare financial statements in strict alignment with IFRS but also reinforces the importance of legal compliance and establishes a foundation for improved corporate governance. Tailored to meet the specific needs of each organization, the training encompasses an overview of the most pertinent IFRS standards. Consequently, delegates will emerge with transferable knowledge and skills that can significantly benefit their organizations, fostering an environment of financial transparency and accountability.

What Is The Training Course Methodology?

ACAD Corp’s methodology depends on enabling participants to interact and exchange experiences, explore their competencies and achieve their career aspirations, using forward-thinking training arts, such as Theoretical Lectures, Workshops, Open discussion to exchange opinions and experiences, Scenarios, innovative thinking brainstorming and teamwork, Role-play and simulation, and Audiovisual tools and materials. Participants will receive an agenda including training material as a reference, in addition to some extra notes and booklets. Training material will be presented in English and Arabic.

Who Should Attend This Training Course?

The training course is designed for

• Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants

• Finance Staff in General Accounting, Payables, Receivables, Inventory, Fixed Assets, etc.

• External, Financial and Internal Auditors

What Are The Training Course Objectives?

By the end of this training course, participants will be able to:

• Emphasize the importance of adhering to key accounting principles and policies to ensure compliance and accuracy in financial reporting

• Provide practical workshops on preparing income statements in accordance with IFRS, focusing on revenue recognition and expense matching

• Train delegates on the correct format and components of statements of financial position, highlighting asset, liability, and equity classifications under IFRS

• Introduce methodologies for preparing and analyzing cash flow statements, focusing on operational, investing, and financing activities

• Discuss guidelines for recognizing, measuring, and derecognizing assets, ensuring participants understand fair value assessments and impairment testing

• Cover accounting practices related to mergers and acquisitions, including purchase price allocation and goodwill impairment within the IFRS framework

• Conduct sessions customized to the unique needs of the organization, covering relevant IFRS standards that impact business operations directly

• Facilitate group discussions and case studies, allowing delegates to apply IFRS knowledge in real-world scenarios, fostering skill development and organizational growth

What Is The Training Course Curriculum?

Introduction

• Definition of IFRS (International Financial Reporting Standards)

• Importance of standardized accounting practices

• Rationale behind IFRS adoption

• Benefits of a unified accounting framework

• Challenges posed by international accounting diversity

Comparisons between IFRS and US GAAP

• Key similarities and differences

• Implications for multinational corporations

• Ongoing convergence efforts

The Role & Scope of IFRS and IAS

• Overview of IFRS and International Accounting Standards (IAS)

• The standard-setting role of the IASB (International Accounting Standards Board)

• Influence on global financial reporting practices

• The IASB Conceptual Framework

• IFRS, Accounting Concepts & Policies

The Presentation & Preparation of Financial Statements

• Overview of annual reports and financial statements

• IAS 1: Presentation of Financial Statements

• Preparing key financial statements:

  • Income Statement

  • Statement of Financial Position

  • Statement of Cash Flows

  • Importance of notes and disclosures

Accounting for Cash Flow & Financial Instruments

• Importance of cash flow in financial management

• IFRS 7: Preparing a Statement of Cash Flows

• Evaluating cash flow metrics

• Understanding financial instruments and derivatives

• IFRS 7 & 9: Disclosures and recognition of financial instruments

Accounting for Assets

• Differentiation between tangible and intangible assets

• IAS 16: Accounting for Property, Plant, and Equipment

• IAS 36: assessing impairment of assets

• IFRS 13: Fair value measurement

• IAS 38: Recognition of intangible assets

• IAS 2: Inventory accounting

Accounting for Strategic Alliances & Business Combinations

• Overview of strategic alliances, mergers, and acquisitions

• Concept of goodwill in business combinations

• IFRS 3: Accounting for Business Combinations

• IFRS 10: Consolidated Financial Statements

• IFRS 11: Joint Arrangements

• IFRS 12: Disclosure of Interests in Other Entities