Financial Accounting and Reporting (IFRS) (FA31)
Duration: 5 days
This course offers a practical and comprehensive guide to IFRS, aimed at professionals seeking to enhance their technical knowledge and interpretation of financial reports in accordance with international standards. Delegates will examine key IFRS principles, gain clarity on how to prepare and interpret financial statements, and explore emerging topics and complex scenarios. Real-world case studies, updates from IASB, and hands-on exercises will ensure that participants leave with greater confidence and capability in applying IFRS in diverse business contexts. 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.
This course is designed for finance professionals involved in financial reporting, compliance, and audit functions. It is particularly relevant for accountants, finance managers, controllers, internal auditors, and analysts who use or interpret financial statements based on IFRS. It is equally valuable for professionals preparing for IFRS adoption or transition, or those operating in multinational environments where consistent, high-quality financial reporting is essential.
Understanding Reporting Frameworks
- Exploring the purpose and evolution of IFRS
- Reviewing the structure and role of the IASB and IFRIC
- Identifying key standards and their practical applications
- Understanding the Conceptual Framework for Financial Reporting
Interpreting Financial Statements
- Analysing components: Statement of Financial Position, Performance, and Cash Flows
- Recognising revenue, expenses, and other comprehensive income
- Understanding accounting policies, estimates, and errors (IAS 8)
- Applying fair presentation and compliance with IFRS (IAS 1)
- Examining notes and disclosures for transparency (IAS 37)
Group Financial Reporting
- Accounting for business combinations (IFRS 3)
- Applying consolidation principles (IFRS 10, IAS 28)
- Handling joint ventures and associates
- Addressing goodwill, impairment, and non-controlling interest
- Managing foreign currency translation (IAS 21)
Topical IFRS issues
- Reviewing leases under IFRS 16
- Exploring financial instruments (IFRS 9)
- Applying IFRS 15 (Income from contracts)
- Managing sustainability reporting and ESG disclosures under IFRS Foundation updates
- Responding to IFRS changes and exposure drafts
Analysing Financial Statements
- Ratios and financial performance indicators
- Assessing financial position and liquidity
- Using analytical tools for decision-making
- Presenting findings to internal and external stakeholders
At the end of this course, delegates will be able to:
- Explain the purpose and structure of IFRS and its global relevance
- Prepare financial statements in accordance with IFRS principles
- Apply key IFRS standards to complex group structures and transactions
- Evaluate topical issues including leasing, financial instruments, and fair value
- Interpret and analyse IFRS-based financial reports using key performance indicators
- Ensure compliance and transparency through improved disclosures
- Communicate financial insights effectively to both technical and non-technical audiences
- Monitor emerging developments from the IASB and adapt reporting practices accordingly