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.
Last updated/reviewed: August 4, 2023
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    This course is included in the following Certification Programs:

    17 CoursesInternational Financial Reporting Standards (IFRS) Certification

    1. General Considerations for Preparing Financial Statements in Accordance with IFRS
    2. IFRS vs. U.S. GAAP - Major Differences in Accounting
    3. 2022 IFRS Update
    4. IFRS for Small and Medium-Sized Entities Compared to Full IFRS
    5. Accounting for Revenue from Contracts with Customers per IFRS 15
    6. Accounting for Leases under IFRS 16
    7. IFRS - Accounting for Share-Based Payment Awards per IFRS 2
    8. Accounting for Financial Instruments under IFRS 9
    9. Accounting for Nonfinancial Assets under IFRS
    10. Accounting for Business Combinations under IFRS 3
    11. IFRS - Accounting for Employee Benefits per IAS 19 and IFRIC 14
    12. Accounting for Investments in Other Entities, Including Consolidation, under IFRS
    13. IFRS - Accounting for Income Taxes per IAS 12
    14. IFRS - Derivatives and Hedge Accounting under IFRS 9
    15. IFRS - Special Accounting Topics
    16. IFRS - Special Financial Reporting Issues
    17. IFRS - General Financial Statement Disclosures
    2 Reviews (15 ratings)

    Reviews

    5
    Anonymous Author
    Good overview of those working in public companies requiring IFRS reporting.

    5
    Member's Profile
    Material was useful and the presentation was clear and easy to follow

    Prerequisites
    Course Complexity: Foundational

    No advanced preparation or prerequisites are required for this course.

    Education Provider Information
    Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
    Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
    Instructor for this course
    Course Syllabus
    INTRODUCTION AND OVERVIEW
      Learning Objectives for 2022 IFRS Update3:57
      Interest Rate Benchmark Reforms-Phase 22:20
      Amendments to IFRS 16-Leasing, IFRS 3-Business Combination and IFRS 16-Property Plant and Equipment8:20
      Amendments to IFRS 37-Cost of Fulfilling an Onerous Contract2:42
      Annual Improvements9:32
      Amendments to IAS 1-Classification of Liabilities as Current and Disclosures of Accounting Policies5:22
      Amendments to IAS 8-Definition of Accounting Estimates3:17
      Amendments to IAS 12-Deferred Tax Arising and IFRS 17-Insurance Contracts3:24
      Standard Setting Agenda Projects on the Horizon11:32
    CONTINUOUS PLAY
      2022 IFRS Update50:26
    SUPPORTING MATERIAL
      Slides: 2022 IFRS UpdatePDF
      2022 IFRS Update Glossary/ IndexPDF
    REVIEW AND TEST
      REVIEW QUESTIONSquiz
     FINAL EXAMexam