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Financial Accounting and Reporting (IFRS)

FA31

Introduction

This course equips delegates with an in-depth understanding of the International Financial Reporting Standards (IFRS) and their application in global finance. Participants will explore the essential frameworks and reporting standards, gaining skills to navigate and implement IFRS effectively. The course is designed to enhance financial decision-making and reporting accuracy, providing professionals with practical tools and insights to address real-world financial challenges and advance their careers in finance.

Who should attend

This course is ideal for finance professionals who are engaged in or responsible for financial reporting, analysis, and compliance. It benefits accountants, financial managers, and auditors seeking to deepen their knowledge of IFRS and improve their financial reporting skills in an international context. Participants aiming to boost their confidence in applying IFRS standards and enhance their capability to make informed financial decisions will find this course particularly valuable.

COURSE PROFILE

Foundations of IFRS

  • Exploring the origins, governance, and evolution of IFRS
  • Examining the structure and purpose of the primary financial statements
  • Interrelating the statements of Financial Position, Income, and Cash Flows
  • Discussing the principles of revenue and cost recognition and profit calculation
  • Understanding comprehensive income and changes in equity

Asset Management and Reporting

  • Classifying and valuing non-current assets including property, plant, and equipment
  • Differentiating between tangible and intangible assets and their implications
  • Implementing policies for repairs, maintenance, and asset enhancements
  • Calculating depreciation and amortisation and handling asset disposals
  • Methods of inventory valuation and reporting

Liabilities and Equity Analysis

  • Identifying and accounting for different types of liabilities
  • Reporting employee benefits and understanding their impact on financial statements
  • Equity transactions and their disclosure in financial reporting
  • Exploring capital structure and financial instruments
  • Analysing reserves, provisions, and contingent liabilities

Cash Flow Management and Analysis

  • Defining operational, investing, and financing activities
  • Constructing and analysing cash flow statements
  • Identifying cash flow patterns and their implications for financial health
  • Evaluating capital investment decisions through cash flow analysis
  • Forecasting future cash flows and managing liquidity

Advanced Financial Reporting Challenges

  • Navigating complex revenue recognition issues
  • Accounting for leases under IFRS 16
  • Addressing foreign currency translation and transactions
  • Discussing non-routine reporting issues like mergers and acquisitions
  • Ethical considerations in financial reporting
SKILLS

At the end of this course, delegates will be able to:

  • Apply IFRS standards to prepare accurate financial statements.
  • Analyse financial reports to assess organisational health.
  • Navigate complex reporting standards and apply them in a global context.
  • Implement strategic decisions based on solid financial data.
  • Manage and report on assets and liabilities effectively.
  • Forecast and manage cash flows to enhance financial stability.
  • Address and resolve ethical issues in financial reporting.
  • Use financial analysis tools to support business decisions.

 

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