IFRS Demystified: Core Concepts & Applications

Learning Objectives

• 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 Description

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.

Overview

• Publicly Accountable Enterprises (PAE's)

  9 mins
• First time adoption overview

  24 mins
• Asset / Liability IFRS measurement standards

  49 mins
• Annual asset impairment test checklist

  82 mins
• Hierarchy of IFRS application

  119 mins
• Disclosure requirements

  157 mins
• Accounting for impairment recovery: Example

  191 mins
• Obtaining control of a business

  244 mins
• Contingent consideration

  279 mins
• Single fair value framework

  315 mins
• Common valuation oversights: Income approach

  363 mins