OBJECTIVE:
The seminar will cover the essentials of International Financial Reporting Standards (IFRS) but not all the technical details required for their implementation. The course briefly discusses the types of entities using IFRS, considers the impact on development of ASPE, discusses key concepts, examines the conceptual framework, provides a description of IFRS terminology, and reviews the basics of IFRS financial statements.  At the end of the half-day seminar, you will be aware of the essentials of IFRS, the types of IFRS financial statements and the impact of IFRS on financial statements.

WHO WILL BENEFIT:
Accounting professionals who are not required to practice IFRS but would like a brief high-level overview of the concepts and financial statements. It is not applicable for those who have recently taken a course in IFRS or want to understand the technical details.

LEARNING OUTCOMES:
By the end of this course, participants will be able to:

• identify who is required or may elect to use IFRS standards,
• identify basic IFRS concepts and terminology,
• identify IFRS financial statements, and
• list relevant resources (with links).

CONTENT:

•  IFRS – what is it and who needs it?
• The framework – concepts, fair value measurement and definitions
• Statement of Financial Position
• Statement of Comprehensive Income
• Statement of Changes in Equity
• Cash Flow Statement
• Notes
• Resources

NOTE: This is not a technical seminar on IFRS application. For IFRS implementation, please register for IFRS – Review of the Standards.

COURSE LEADER: KIM VAREY, CPA, CA