International Financial Reporting Standards (IFRS)
Course Summary:

Magna Skills is proud to present an intensive and comprehensive course on International Financial Reporting Standards (IFRS). This course is designed for finance professionals, accountants, auditors, and individuals seeking a deep understanding of the globally recognized accounting standards that govern financial reporting.

Participants will gain the knowledge and skills necessary to navigate the complexities of IFRS and apply them effectively in real-world scenarios.

Course Objectives:

  1. Understand the Foundation of IFRS:

    • Explore the conceptual framework and principles that form the basis of IFRS.
    • Analyze the structure and organization of the IFRS framework.
  2. Master IFRS Reporting Requirements:

    • Gain proficiency in the preparation and presentation of financial statements under IFRS.
    • Learn the key accounting policies and disclosures required by IFRS.
  3. Apply IFRS to Specific Industries:

    • Examine industry-specific applications of IFRS, including banking, insurance, and manufacturing.
    • Understand how IFRS addresses unique challenges in diverse sectors.
  4. Manage Transition to IFRS:

    • Navigate the process of transitioning from local Generally Accepted Accounting Principles (GAAP) to IFRS.
    • Evaluate the impact of IFRS adoption on financial statements and business operations.
  5. Enhance Analytical Skills:

    • Develop the ability to interpret and analyze financial statements prepared under IFRS.
    • Understand the implications of accounting choices on financial reporting.

Course Outline

Module 1: Introduction to IFRS

  • Overview of IFRS and its significance in the global financial landscape.
  • Historical development and the current status of IFRS adoption worldwide.
  • The conceptual framework and fundamental principles of IFRS.

Module 2: Financial Statements under IFRS

  • Preparation and presentation of financial statements.
  • IFRS requirements for income statements, balance sheets, and cash flow statements.
  • Accounting policies, estimates, and errors.

Module 3: IFRS Reporting for Specific Industries

  • IFRS applications in banking and financial services.
  • IFRS considerations in the insurance industry.
  • Industry-specific challenges and solutions.

Module 4: Transitioning to IFRS

  • Strategies for transitioning from local GAAP to IFRS.
  • Impact assessment on financial statements and business operations.
  • Practical guidance on managing the transition process.

Module 5: Case Studies and Practical Applications

  • Real-world case studies illustrating the application of IFRS principles.
  • Hands-on exercises and simulations to reinforce learning.
  • Discussion of current issues and emerging trends in IFRS.

Module 6: IFRS Certification Exam Preparation

  • Review of key concepts covered in the course.
  • Practice exams and quizzes to assess knowledge and readiness.
  • Tips and strategies for success in the IFRS certification exam.

Join us at Magna Skills and embark on a journey to master the complexities of International Financial Reporting Standards. Elevate your professional expertise and gain a competitive edge in the dynamic world of finance.