IFRS Fixed Assets (Property, Plant & Equipment)

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 assets 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 Accounting CPE 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.

This online Accounting CPE webinar covers the following key topics:

• 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 CPE course 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 know how to write the appropriate Notes
• To recognize the unique disclosure and presentation requirements of IFRS for Fixed Assets

Recommended For

• This CPE course for CPAs is recommended for CMAs, CIAs, Chief Accounting Officers, Financial Reporting Directors, CEOs, Accountants, and Other Professionals involved in the preparation and review of financial statements.

Who Should Attend?

Webinar Qualifies For

• 2 CPE Credit for Internal Audit Practitioner (IAP)
• 2 CPD Credit for Chartered Professional Accountant (CPA Canada)
• 2 CPE Credit for Certified Valuation Analyst (CVA)
• 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
• 2 CPE Credit for Certified Management Accountants (CMA)
• 2 CPE Credit for Certified Internal Auditors (CIA)
• 2 CPE Credit for Certified Fraud Examiner (CFE)
• 2 CPD Credit for Accredited in Business Valuation (ABV)
• 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
• 2 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
• 2 CPD Credit for Certified Financial Forensics (CFF)
• 2 CPE Credit for Certified Government Financial Manager (CGFM)
• 2 CRE Credit for Certified Corporate FP&A Professional (FPAC)
• 2 PL Credit for Chartered Financial Analyst (CFA)
• 2 PL Credit for Certificate In Investment Performance Measurement (CIPM)
• 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
• 2 CE Credit for Certified Wealth Strategist (CWS)
• 2 General Credit for Accountant/Bookeeper

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