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IAS 1 Financial Statement Presentation- IFRS

  • Accountant
  • CPA/ABV
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CFA
  • IAP
  • QIAL
  • CIPM
  • CBA/MCBA
  • FPAC
  • CFIRS
  • CWS

Published: March, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Objectives of IAS 1
    10 mins
  • Overview : What does it apply to?
    25 mins
  • Fair presentation and compliance with IFRSs
    36 mins
  • Comparative information
    47 mins
  • Statement of profit or loss and other comprehensive income
    71 mins

Course Description

What does IFRS require when presenting general purpose financial statements to ensure comparability both with financial statements of previous periods and with the financial statements of other organizations?

What are some of the differences between presenting financial statements under US GAAP and under IFRS? Quite a few actually! US GAAP uses rules while IFRS is much more principles-based, leaving room for judgment in what fits the circumstances best. It allows for financial statements to be more suited to the needs of the users and ultimately presents a “truer” picture of the financial condition and performance of the entity.

IAS1 is very specific and a clear understanding of this standard is essential to presenting an IFRS compliant statement that meets the general-purpose needs of the users of the financial statements.

This CPE webinar will give you a bird’s eye view as well as use a drill-down approach for presenting clear, reliable, relevant, and comparable information in a financial statement that complies with IFRS standard number IAS1.

This online Accounting CPE webinar covers the following key topics:

  • Review additional statements management needs to provide with IFRS financial statements.
  • Understand the “Do’s and Don’ts” of formatting IFRS financial statements.
  • Learn the asset/ liability offsetting rules for presentation in IFRS financial statements.
  • Understand what needs to be in the Notes to financial statements and what can stay out
  • Know the disclosure requirements of IAS 1.
  • Examine general concepts and rules for presentation of IFRS financial statements under IAS 1
  • Know the minimum inclusion requirements in order to comply with IAS 1.
  • Explore options for presenting profit or loss and other comprehensive income together or in two sections as part of the IFRS financial statements.

This CPE course will describe in detail the overall requirements for the presentation of financial statements, guidelines for their structure, minimum requirements for their content, what to include and what not to include, as well as a good view as to what should be in the notes to the statements.

Learning Objectives

  • To examine the major parts of the IFRS financial statements (profit-or-loss statement, balance sheet, statement of equity, cash flow statement, and notes)
  • To discuss easy to follow, step-by-step walk through of IAS 1
  • To explore the minimum inclusion requirements in order to comply with IAS 1.
  • To explore the guidelines for the structure and options for presenting the profit and loss and other comprehensive income as per IFRS
  • To recognize the disclosure requirement as per IAS 1

Recommended For

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

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Auditors
  • Certified Fraud Examiner
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • Certified Valuation Analysts
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Young CPA

Course Qualification

Webinar Qualifies For

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

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • 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 through its website: www.NASBARegistry.org.

Presenter

About Presenter

Michel Morley

Founder, Mike Morley

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.

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4

5 Ratings

Excellent

1

Very Good

3

Average

1

Poor

0

Terrible

0

EL

Etienne Lévesque, CPA (CA)

Aug 17th, 2022

n/a

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