Instructor for this course
more

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: May 17, 2022

Included In Certifications

This course is included in the following Certification Programs:

17 CoursesIFRS Certificate Program

  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

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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  3:57Learning Objectives for 2022 IFRS Update
  2:20Interest Rate Benchmark Reforms-Phase 2
  8:20Amendments to IFRS 16-Leasing, IFRS 3-Business Combination and IFRS 16-Property Plant and Equipment
  2:42Amendments to IFRS 37-Cost of Fulfilling an Onerous Contract
  9:32Annual Improvements
  5:22Amendments to IAS 1-Classification of Liabilities as Current and Disclosures of Accounting Policies
  3:17Amendments to IAS 8-Definition of Accounting Estimates
  3:24Amendments to IAS 12-Deferred Tax Arising and IFRS 17-Insurance Contracts
  11:32Standard Setting Agenda Projects on the Horizon
CONTINUOUS PLAY
  50:262022 IFRS Update
SUPPORTING MATERIAL
  PDFSlides: 2022 IFRS Update
  PDF2022 IFRS Update Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM