Course Objectives
Certificate in International Financial Reporting Standards (CertIFR): Preparation Course
Course Methodology
This preparation course uses a mix of interactive techniques such as brief presentations by the consultant, application of theories, group exercises, case studies and multiple choice questions to exchange experience and get familiar with how questions are administered during the certificate exam.
Course Objectives
By the end of the course, participants will be able to:
Describe how IFRS are used around the world
Explain how the IASB works and how standards are developed
Examine the fundamental requirements of IFRS on a standard-by-standard basis
Appraise and properly account for transactions affecting current assets and liabilities, non current assets and liabilities, revenues and expenses in accordance with IFRS
Apply professional judgment in applying IFRS for matters relating to non recurrent business transactions
Guide their staff and department on how to use IFRS in practice
Target Audience
If you are a professional accountant or auditor seeking to enhance your international accounting knowledge then this is the qualification for you. You do not need to have any experience or formal qualifications in accounting and auditing to apply for this certificate.
Target Competencies
Understanding financial statement accounts
Financial reporting for account balances and transactions
Applying IFRS
Describing updates and amendments
Accounting for assets
Accounting for liabilities
Note
The fees cover two attempts to re-sit the assessment if you do not pass on the first attempt. However, all attempts must be taken within six months of accessing the online course. If you do not pass after three attempts, you will need to pay another registration fee of £130 to attempt the assessment again. This gives you a further three attempts to pass.
Course Outline
The nature and operations of the International Accounting Standards Board (IASB)
The origins of the IASB
The structure of the IFRS Foundation
IASs and IFRSs that are currently in issue
The conceptual framework for financial reporting
The status and use of IFRSs around the world
A brief summary of the adoption of IFRS in different jurisdictions
The growth of IASB and IFRS standards
IFRS standards and small and medium-sized entities
Presentation and profit
IAS 1, presentation of financial statements
IFRS 15, revenue from contracts with customers
IAS 8, accounting policies, changes in accounting estimates and errors
Accounting for assets and liabilities - part 1
IAS 16, property, plant and equipment
IAS 38, intangible assets
IAS 40, investment property
IAS 36, impairment of assets
IAS 23, borrowing costs
IAS 20, accounting for government grants and disclosure of government assistance
IAS 2, inventories
IFRS 16, leases
IFRS 5, non-current assets held for sale and discontinued operations
Accounting for assets and liabilities - part 2
IFRS 13, fair value measurement
IFRS 32, financial instruments - presentation
IFRS 9, financial instruments
IFRS 7, financial instruments: disclosures
IAS 37, provisions, contingent liabilities and contingent assets
IAS 10, events after the reporting period
IAS 19, employee benefits
IAS 12, income taxes
IFRS 2, share-based payment
IAS 41, agriculture
IFRS 6, exploration for and evaluation of mineral resources
Group accounting
IFRS 10, consolidated financial statements
IAS 27 (revised 2011), separate financial statements
IFRS 3, business combinations
IAS 28 (revised 2011), investments in associates and joint ventures
IFRS 11, joint arrangements
IFRS 12, disclosure of interests in other entities
IAS 21, the effects of changes in foreign exchange rates
IAS 29, financial reporting in hyperinflationary economies
Disclosure standards
IAS 7, statement of cash flows
IAS 24, related party disclosures
IAS 33, earnings per share
IAS 34, interim financial reporting
IFRS 4, insurance contracts
IFRS 1, first time adoption of IFRS
IFRS 8, operating segments
Principal differences between UK/US GAAP and IFRS
Current issues in IFRS standards