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International Financial Reporting Standards (IFRS) have changed how companies account for long-lived tangible assets (PPE) on their financial statements.

Accountants are expected to decide how to first record the acquisition of long-lived assets, assess the value at which they are presented on future financial statements, and work out the allocation of the cost of these assets over future reporting periods.

In addition, IFRS allows periodic re-evaluation of long-lived assets under certain conditions, but with so many choices for assigning a value, just exactly how do you do it? This hands-on workshop will provide you with easy-to-follow guidelines that will ensure that you can comply with these new standards.

Learning Objectives

  • Define how to first record the acquisition of long-lived assets on the balance sheet
  • Identify the main concepts and rules for property, plant, and equipment revaluation methods under IFRS
  • Define the rules for the capitalization of borrowing costs
  • Recognize how to handle non-monetary (exchange) transactions
  • Define disclosure requirements for the financial statement presentation
Last updated/reviewed: October 31, 2017

15 Reviews (65 ratings)Reviews

4
Anonymous Author
Great overview of the differences between IFRS and GAAP. The key difference for me personally was: IFRS allows reversal of previously recognized impairment (unlike GAAP) if historical cost was used.
4
Member's Profile
Great presentation. I'd like to see the presentation material expanded so I can keep for future reference. It's more like a outline for public speaking.
4
Anonymous Author
The material was informative. Examples were able to be followed along. The slide presentation could have been a little more visually pleasing.
5
Anonymous Author
The outline of the course was presenting it simple but the content was difficult. The course is related to the basic knowledge of accounting.
5
Member's Profile
A lot of information to digest, but it is laid out in a very logical order, and carefully explained.
3
Anonymous Author
Nice test of GAAP vs. IFRS policies for someone with 0 IFRS knowledge.
4
Anonymous Author
Intense topic. Lecture could have been aided by better visuals.
4
Member's Profile
Very well explained and I liked the explanation on impairment.
4
Anonymous Author
Topical information on IFRS treatment of balance sheet items.
5
Member's Profile
Thank you very much for your valuable courses.
4
Anonymous Author
Excellent coverage of the key concepts
5
Anonymous Author
Excellent Course!!
5
Member's Profile
great info
4
Anonymous Author
good class
4
Member's Profile
Good

Prerequisites

Course Complexity: Intermediate

Prerequisite: Exposure to IFRS accounting

 

Advanced Preparation: None

 

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
IFRS and The Value of Assets
  16:11Qualitative Characteristics, Assets, and Mixed Asset Measurement Model Under IFRS
  30:47Fair Value and Fixed Assets
  13:24Long Lived Assets
  11:49Depreciation vs. Revaluation
Conclusion
  17:33Accounting for Impairment and Course Conclsuion
Continuous Play
  1:33:15How IFRS Lets you Change the Value of Assets on the Balance Sheet
SUPPORTING MATERIALS
  PDFSlides: Asset Valuation IFRS
  PDFAsset Valuation IFRS Glossary Index
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM