International Financial Reporting Standards IFRS :: مركز المجد للجودة وتطوير الموارد البشرية

Training Course Objectives

Understanding the current and potential future requirements of IFRS, including the final prospects and timetable for the convergence of GAAP and IFRS
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

Training Course Content

Evolution of International Accounting Standards

International Financial Reporting Standards (‘IFRS”)

Introduction, History and Overview of Existing and Future Standards

Roles of the Various Accounting Standards Setting Bodies

Objectives and Structure of the International Accounting Standards Board (“IASB”)

Framework, Demand and Adoption of IFRS

Convergence

Introduction and Historical Overview

Issues, Benefits and Problems of Convergence

IASB/FASB Projects

U.S. SEC Adoption Timeline and Activities

Contract Profitability - Pricing

Pricing strategy and tactics

Profit planning

Cost estimating

Cost-based pricing

Market-based pricing

Value-based pricing

Profit objective

Market structure

Follow-on business

Risk

Z score

Market structure

Follow-on business

Risk

Z score

Preparation and Presentation of IFRS Financial Statements

Structure and Content of Both General and Specific Elements of Financial Statements

IAS 1

Balance Sheet

Income Statement

Presenting Either a Statement of Changes In Equity or a Statement of Recognized Income or Expense (“SORIE”)

Statement of Cash Flow

Consolidation Criteria and Requirements

Notes to Financial Statements and Related Disclosures

Revenue Recognition and Reporting Requirements

Conversion Preparation to IFRS

Examining Substantive Differences in Disparate Accounting Treatments

Inventory

Fixed Assets

Valuation

Revaluation

Depreciation

Deferred Taxes

Contingencies

Performing Thorough Assessments

Technical Accounting and Tax Implications and Risks

Supporting Established Processes and Infrastructure Considerations

Adopting Implementation Plans

Conversion Issues and Concerns

Technical Accounting and Tax Conversion Issues

Designing Supporting Processes and Infrastructure Features

Developing Revised Organization Plans and Change Strategies

Conversion Maintenance

Implementing Support Processes and Infrastructure Features

Change Management Execution Strategies

Conversion Transfers

Comparative Analysis of Companies Adopting or Not Adopting IFRS

Impact of IFRS on Financial Statement Interpretations

International Accounting and Diversity Considerations

Financial Analysis Tools and Techniques

Common Size Statements

Trend Analysis

Ratio Analysis

Dupont Analysis

Z Scores

Investment Ratios

Cash Flow Ratios

Peer Group and Industry Comparisons

Importance of Corporate Governance and Awareness of IFRS Best Practices

Future IFRS Considerations