Preparing financial statements under International Financial Reporting Standards (IFRS) may present the need to address special accounting issues. This course covers such topics as when to consolidate another entity into group financial statements, foreign currency translation into a functional currency, adjusting amounts for a hyperinflationary economy, when to capitalize borrowing costs, and how to account for exchanges on non-monetary assets.

Learning Objectives
  • Explore the accounting rules for when to consolidate another entity in the financial statements per International Financial Reporting Standard (IFRS) 10 - Consolidated Financial Statements.
  • Discover how to translate foreign currency into functional currency in accordance with International Accounting Standard (IAS) 21 - The Effects of Changes in Foreign Exchange Rates.
  • Recognize how to handle the situation when an entity’s functional currency is in hyperinflation per International Accounting Standard (IAS) 29 - Financial Reporting in Hyperinflationary Economies.
  • Explore when to capitalize borrowing costs under International Accounting Standard (IAS) 23 - Borrowing Costs.
  • Discover how to account for exchanges of non-monetary assets.
Last updated/reviewed: August 5, 2023

Included In Certifications

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 (23 ratings)

Reviews

4
Anonymous Author
Instructor is easy to listen to in terms of keeping their tone interesting without overdoing it.

3
Anonymous Author
This was a good overview of specialized topics in IFRS.

Prerequisites
Course Complexity: Advanced

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
  Introduction to IFRS – Special Accounting Topics00:45
  Consolidation17:13
  Foreign Currency Translation8:53
  Hyperinflation4:29
  Borrowing Costs4:55
  Non-Monetary Transactions and Conclusion5:02
CONTINUOUS PLAY
  IFRS - Special Accounting Topics Full Video41:17
SUPPORTING MATERIALS
  Slides: IFRS - Special Accounting TopicsPDF
  IFRS - Special Accounting Topics Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam