Course Outline

Evolution of International Accounting Standards

Competency Description: As an accounting or other professional, you are a key role in the organization and you need to gain an understanding of the technical and management skills that are crucial to your role.

Key behaviours:

• Technical understanding of principles of IFRS
• Understanding the IFRS conversion process and how this is likely to impact on your organization
• Technical understanding of opportunities and difficulties that conversion presents
• Managing change

Topics to be covered:

• International Financial Reporting Standards (“IFRS”)
• Introduction, History and Overview of Existing and Future Standards
• Roles of the Various Accounting Standards Setting Bodies
• Objectives and Structure of the International Accounting Standards Board (“IASB”)
• Framework, Demand and Adoption of IFRS
• Convergence
• Introduction and Historical Overview
• Issues, Benefits and Problems of Convergence
• IASB/FASB Projects
• U.S. SEC Adoption Timeline and Activities

Structural Framework for the Preparation and Presentation of Financial Statements

Competency Description: As an accounting or other professional, you are a key role in the organization and you need to gain an understanding of the technical and management skills that are crucial to your role.

Key behaviours:

• Technical understanding of Audit Impact
• Understanding the more technical and qualitative aspects in financial statements and the message this sends out
• Technical understanding of opportunities and difficulties that conversion presents
• Managing change

Topics to be covered:

• Purpose and Objectives, including Financial Statement Audit Impact
• Scope, Structure and Content of IFRS Financial Statements
• Accounting Policies and Underlying Assumptions
• Components of Financial Statements, including Qualitative Characteristics
• Measurement and Recognition of the Elements of Financial Statements
• Transition Concerns and Transition Plan Elements

Preparation and Presentation of IFRS Financial Statements

Competency Description: As an accounting or other professional, you are a key role in the organization and you need to gain an understanding of the technical and management skills that are crucial to your role.

Key behaviours:

• Technical understanding of choices available within the IFRS standards
• Understanding the detailed disclosure requirements within IFRS financial statements
• Understanding revenue recognition issues and how to practically apply them
• Being aware of revenue recognition fraud issues

Topics to be covered:

• Structure and Content of Both General and Specific Elements of  Financial Statements
  • IAS 1
  • Balance Sheet
  • Income Statement
  • Presenting Either a Statement of Changes In Equity or a Statement of Recognized Income or Expense (“SORIE”)
  • Statement of Cash Flow
  • Consolidation Criteria and Requirements

• Notes to Financial Statements and Related Disclosures
• Revenue Recognition and Reporting Requirements

Conversion Preparation to IFRS

Competency Description: As an accounting or other professional, you are a key role in the organization and you need to gain an understanding of the technical and management skills that are crucial to your role.

Key behaviours:

• Technical understanding of main differences between IFRS and US standards
• Understanding the detailed valuation and disclosure requirements
• Setting management implementation plans
• Dealing with change management issues

Topics to be covered:

• Examining Substantive Differences in Disparate Accounting Treatments
  • Inventory
  • Fixed Assets
  • Valuation
  • Revaluation
  • Depreciation
  • Deferred Taxes
  • Contingencies

• Performing Thorough Assessments
  • Technical Accounting and Tax Implications and Risks
  • Supporting Established Processes and Infrastructure Considerations
  • Adopting Implementation Plans

• Conversion Issues and Concerns
  • Technical Accounting and Tax Conversion Issues
  • Designing Supporting Processes and Infrastructure Features
  • Developing Revised Organization Plans and Change Strategies

• Conversion Maintenance
  • Implementing  Support Processes and Infrastructure Features
  • Change Management Execution Strategies
  • Conversion Transfers
  • Comparative Analysis of Companies Adopting or Not Adopting IFRS

Impact of IFRS on Financial Statements Interpretations

Competency Description: As an accounting or other professional, you are a key role in the organization and you need to gain an understanding of the technical and management skills that are crucial to your role. It is vitally important that you not only have the skills to prepare your own financial statements but can also appraise performance and benchmark that against competitors.

Key behaviours:

• Understanding of a range of techniques for performances appraisal and benchmarking
• Understanding the implications for bank covenants and investors
• Understanding the importance of governance and current issues and best practice
• Being aware of the technical difficulties of benchmarking and industry comparison

Topics to be covered:

• International Accounting and Diversity Considerations
• Financial Analysis Tools and Techniques
  • Common Size Statements
  • Trend Analysis
  • Ratio Analysis
  • Dupont Analysis
  • Z Scores
  • Investment Ratios
  • Cash Flow Ratios
  • Peer Group and Industry Comparisons
• Importance of Corporate Governance and Awareness of IFRS Best Practices
• Future IFRS Considerations