Companies reporting under International Financial Reporting Standards (IFRS) continue to face a steady flow of new standards and interpretations. The resulting changes range from significant amendments of fundamental principles to some minor changes from the annual improvements process. The changes will affect different areas of accounting, such as recognition, measurement, presentation and disclosure. It can be time-consuming and confusing to keep up to date on the resulting impact on financial statements and disclosures. This course provides an executive summary of recent IFRS updates with current and upcoming effective dates.
Learning Objectives
- Explore where financial statement preparers should focus the most time and attention on now when preparing interim and annual financial statements, such as:
- Costs charged to PP&E in the “testing” phase
- Calculating onerous contract costs
- Calculating the 10 percent test for determining substantially different cash flows
- Discover highlights of recently issued IFRS pronouncements, focusing on changes with upcoming effective dates, such as:
- Classification of liabilities as current
- Defining accounting estimates
- Determining which disclosures to provide to users
- Recognize the most significant accounting and financial reporting changes with future effective dates that entities should be preparing for now.
Included In Certifications
This course is included in the following Certification Programs:
17 CoursesInternational Financial Reporting Standards (IFRS) Certification
- General Considerations for Preparing Financial Statements in Accordance with IFRS
- IFRS vs. U.S. GAAP - Major Differences in Accounting
- 2022 IFRS Update
- IFRS for Small and Medium-Sized Entities Compared to Full IFRS
- Accounting for Revenue from Contracts with Customers per IFRS 15
- Accounting for Leases under IFRS 16
- IFRS - Accounting for Share-Based Payment Awards per IFRS 2
- Accounting for Financial Instruments under IFRS 9
- Accounting for Nonfinancial Assets under IFRS
- Accounting for Business Combinations under IFRS 3
- IFRS - Accounting for Employee Benefits per IAS 19 and IFRIC 14
- Accounting for Investments in Other Entities, Including Consolidation, under IFRS
- IFRS - Accounting for Income Taxes per IAS 12
- IFRS - Derivatives and Hedge Accounting under IFRS 9
- IFRS - Special Accounting Topics
- IFRS - Special Financial Reporting Issues
- IFRS - General Financial Statement Disclosures
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Prerequisites
No advanced preparation or prerequisites are required for this course.
Education Provider Information
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