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myCPE

IFRS Demystified: Core Concepts & Applications 7.5 Credits

IFRS Demystified: Core Concepts & Applications 7.5 Credits

Your Guide to First Time Adoption, Exemption & Option, Fixed Assets, Business Combination, and Fair Value Measurement

  • Rating

    4.7
  • Published on

    April, 2024
  • Subject Area

    Accounting

Learning mode

On Demand
  • Access the course at your convenience
  • Take the assessment test
  • Get your certificate
  • Attend the live interactive session
  • Answer the polling questions
  • Get your certificate

Learning Objective

  • Discuss business combination accounting criteria.
  • Acquaint oneself with the latest information regarding the First-Time adoption of IFRS.
  • Familiarize with the procedures for transitioning to IFRS and establishing initial policies.
  • Add and remove assets and liabilities as per Standard requirements.
  • Assess the value at which long-lived assets are presented on future financial statements.
  • Work out the allocation of the cost of fixed assets over future reporting periods.
  • Recognize the unique disclosure and presentation requirements of IFRS for Fixed Assets.
  • Identify the circumstances in which these recognition criteria will be met and, therefore, revenue will be recognized.
  • Identify the alignment between FASB’s Topic 820 (formerly SFAS 157) and IFRS 13.
  • Explore examples of how IFRS 13 affects financial instruments, intangibles, non-financial assets, and liabilities.

Course Overview

IFRS fosters transparency and accountability in financial reporting across various entities, ensuring accuracy and integrity in financial statements. However, navigating its complexities requires a thorough understanding of key concepts.

For U.S. Publicly Accountable Enterprises (PAEs), transitioning to IFRS entails publishing comparative financial statements, including quarterly ones, by IFRS Standard #1. This involves bridging the gap between GAAP and IFRS through meticulous implementation processes outlined in this course.

IAS 16 focuses on property, plant, and equipment, demanding meticulous record-keeping and accounting treatment. This webinar delves into the nuances of recording and re-evaluating long-lived assets, crucial for compliance with IFRS standards.

Amidst heightened merger and acquisition activity, accountants must master IFRS 3 - Business Combinations. They must adeptly integrate acquired assets, liabilities, and equity, assign fair values, and ensure comprehensive disclosures and financial statement presentations.

Fair value recognition, a key aspect of IFRS and US GAAP, undergoes constant evolution. This webinar equips accountants to navigate these changes, offering insights into disclosure requirements and providing practical examples for measuring fair value accurately, especially when involving valuation specialists.

This online CPE Course covers the following Key topics: 

  • Scope, applicability, and exceptions of Standard #1
  • Planning the approach: accounting policies and decision criteria
  • Practical examples to help develop an understanding of the process and requirements of switching over to IFRS from GAAP.
  • Understand service contracts, construction contracts, joint ventures, and shared contracts accounting under IFRS
  • Apply the recognition and measurement of goodwill acquired in the business combination.
  • How IFRS 13 simplifies Fair Value measurement, and how IFRS 13 affects financial instruments, intangibles, non-financial assets, and liabilities

If you are interested in the IFRS and its implementation, the Certified IFRS Professionals Course might interest you.

Podcast Credits

Short Video Credits

On Demand Credits

Live Credits

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Add your qualification details to easily track your compliance. You can also add multiple qualifications for comprehensive coverage.

Additional Information

Credits

7.5

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Elevate Your Career with Michel Morley's CPE Courses at myCPE
Michel Morley

Founder, Mike Morley

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Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

“Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

out of 5

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1,824 ratings

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CT

Charlie Tran, ACCA

A great course that provides a strong foundation of learning for IFRS. It has increased my understanding greatly on this topic.

DW

Deborah Weir, CGFM

Really interesting!

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Inclusions
  • Multiple Credits
    Multiple Credits

    Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.

  • Certifications & Reporting
    Certifications & Reporting

    We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.

  • Credit Tracker
    Credit Tracker

    Track and manage your compliance across all 50 states and over 100 designations. Our Credit Tracker keeps your CPE credits and compliance requirements always up-to-date.

  • Certificate Vault
    Certificate Vault

    Certificate Vault to upload, manage, and access certificates earned from various sources and an integrated credit tracker, allowing users to monitor and manage their credits conveniently for compliance.

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    Stay current with our automated reminder system. Receive timely alerts for your CPE requirements, ensuring you never miss a deadline.

  • Mobile App Access
    Mobile App Access

    The myCPE Mobile App allows you to learn on the go, providing access to educational content on Android and Apple iOS devices. You can learn anytime and anywhere, making it convenient for busy schedules.

  • Live Support
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    Our support team is available via live chat, email, and phone from 9 AM to 5 PM ET. We're here to help with any questions or issues, ensuring you have a seamless experience.

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