IFRS - First Time Adoption, Exemption & Option, Fixed Assets, Revenue Recognition, Fair Value Measurement IFRS

Course Description

International Financial Reporting Standards (IFRS) encourage transparency and accountability of financial statements prepared by companies, small firms, and government agencies. It minimizes the margin of error and manipulation of any holdings and irregularities of funds, transactions, and balances. IFRS are accepted and followed for these and many more benefits. However, its implementation is tricky. It requires an in-depth understanding of some of the crucial concepts for correct interpretations.

When reporting under IFRS, U.S. Publicly Accountable Enterprises (PAEs), including the U.S. publicly traded companies, must publish their first comparative financial statements (including quarterly statements) based on IFRS. They will need to implement the new standards well in advance of that date using IFRS Standard #1. It was issued specifically to help companies in their transition including a reconciliation financial statement bridging the gap between the two – GAAP and IFRS. This course outlines the step-by-step process for implementation examining the required factors to carefully consider.

IAS 16 Property, plant, and equipment deals with the tangible fixed assets except the assets held for capital appreciation. Fixed assets attract a large amount of record-keeping and specific accounting treatment under the IFRS accounting framework. The first recording of the long-lived assets and periodic re-evaluation of long-lived assets under certain conditions are some of the concerns that an accountant should be aware of and look closely to. This online CPE webinar covers this and many other factors that are required to attend to while implementing IFRS for the fixed assets. It will discuss examples that will help in understanding and eventually the development of the process to fulfill the accounting requirements for the fixed assets.

Revenue recognition covers a wide range of potential points at which revenue can be recognized. In this CPE webinar speaker, Michel Morley addresses revenue recognition principles for both IFRS and GAAP. IFRS changes how companies recognize revenue on their financial statements. Accountants are expected to decide how to choose the appropriate recognition strategy for each type of transaction, event, and fair valuation using specific guidance. This course covers easy-to-follow guidelines to comply with by examining the factors that need careful consideration. 

Fair value recognition is an important subject with reference to changes in IFRS and US GAAP. This online CPE course helps accountants to track the expected impact of the changes in the rules that must be disclosed in the current financial statements. Such disclosures need notes to reach a certain decision. The webinar covers detailed examples of measuring the fair value of individual assets, especially as prepared by a valuation specialist.

This online CPE Course on Accounting covers the following Key topics: 

• Scope, applicability, and exceptions of Standard #1
• Sizing up the impacts of implementation: questions you need to ask
• Planning the approach: accounting policies and decision criteria
• Mixed asset valuation model: revaluation and historical cost
• Setting up the opening IFRS balance sheet and GAAP/IFRS reconciliation requirement
• Transitional provisions, Disclosure requirements, and financial statement presentation
• Practical examples to help develop an understanding of the process and requirements of switching over to IFRS from GAAP.
• Concepts and rules for Property, Plant, and Equipment; and Choices of Revaluation methods and their review under IFRS
• Impairment of tangible long-lived assets, Capitalization of borrowing costs, Retirements, and other disposals of long-lived assets
• Nonmonetary (exchange) transactions
• Examine concepts and rules for revenue recognition, and Review nonmonetary (exchange) transactions
• Understand service contracts, construction contracts, joint ventures, and shared contracts accounting under IFRS
• Understand accounting for change orders, contract options, and claims
• How IFRS 13 simplifies Fair Value measurement, and how IFRS 13 affects financial instruments, intangibles, non-financial assets, and liabilities
• Commonly used valuation techniques and Adjusted net asset approach
• Common oversights to avoid in applying these techniques to Fair Value measurement

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

Learning Objectives

• To be acquainted with the latest information regarding the First-Time adoption of IFRS
• To familiarize with the procedures for transitioning to IFRS and establishing initial policies
• To add and remove assets and liabilities as per Standard requirements
• 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 recognize the unique disclosure and presentation requirements of IFRS for Fixed Assets
• To identify when revenue is recognized because it is probable that future economic benefits that will flow to the entity can be measured reliably.
• To identify the circumstances in which these recognition criteria will be met and, therefore, revenue will be recognized.
• To identify what parts of FASB’s Topic 820 (formerly SFAS 157) are aligned with IFRS 13
• To explore examples of how IFRS 13 affects financial instruments, intangibles, non-financial assets, and liabilities

Who Should Attend?

Webinar Qualifies For

• 8 CPD Credit for Accredited in Business Valuation (ABV)
• 8 CPE Credit for Certified Management Accountants (CMA)
• 8 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
• 8 CPE Credit for Certified Valuation Analyst (CVA)
• 8 CPD Credit for Chartered Professional Accountant (CPA Canada)
• 8 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
• 8 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
• 8 CE Credit for Certified Wealth Strategist (CWS)
• 8 General Credit for Accountant/Bookeeper

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