Course Description
International Financial Reporting Standards are changing how companies account for long-lived tangible assets on their financial statements. Fixed assets can be classified basically in to two categories i.e tangible & intangible, Under IFRS, IAS-16 –Property, Plant & Equipment deals with tangible fixed asset except the assets held for capital appreciation.
Fixed assets are subject to an unusually large amount of record keeping, as well as very specific accounting treatment under the IFRS accounting framework. In addition, given the large expenditures involved in fixed assets and the complexity of the accounting, you can expect a high degree of auditor interest in this area. Accountants are expected to decide how to first record the acquisition of long-lived assets, assess the value at which they are presented on future financial statements, and work out the allocation of the cost of these assets over future reporting periods. In addition IFRS allows periodic re-evaluation of long-lived assets under certain conditions, but with so many choices for assigning a value, you need to know the exact way of doing it.
This webinar will outline the step-by-step procedure for implementation and examine the many factors that companies need to carefully consider when implementing International Financial Reporting Standards for Fixed Assets.
HIGHLIGHTS OF THE WEBINAR :
- Concepts and rules for Property, Plant, and Equipment
- Choices of Revaluation methods under IFRS
- Impairment of tangible long-lived assets
- Capitalization of borrowing costs
- Retirements and other disposals of long-lived assets
- Nonmonetary (exchange) transactions
- Disclosure requirements
- Financial statement presentation.
The webinar will also discuss examples that will help to develop and understand the process and requirements of accounting for Fixed Assets under IFRS.
Learning Objectives
- To recognize how to first record the acquisition of long-lived assets
- To assess the value at which long-lived assets are presented on future financial statements
- To identify how to work out the allocation of the cost of fixed assets over future reporting periods.
- To write the appropriate Notes
- To recognize the unique disclosure and presentation requirements of IFRS for Fixed Assets
Who Should Attend?
- Accountant
- Accounting Firm
- Accounting Managers
- Accounting Practice Owners
- Accounts Director
- CPA (Industry)
- CPA - Mid Size Firm
- CPA - Small Firm
- CPA in Business
- Entrepreneurial Accountant
- Entrepreneurial CPA
- Senior Accountant
- Staff of Accounting Firm
- Tax Accountant (Industry)
- Young CPA
