International Financial Reporting Standards (IFRS)

This International Financial Reporting Standards (IFRS) training course provided delegates with a detailed understanding of International Financial Reporting Standards (IFRS). Delegates will not only improve their knowledge and understanding but also their accounting skills gaining an ability to account for transactions and prepare financial statements in accordance with the IFRS, thereby ensuring legal compliance and improved corporate governance.

The training course will also present an overview of the IFRS most relevant to your organisation, adapting to the needs identified. As a result, delegates will be able to transfer knowledge and skills for the benefit of their organisation.

This GLOMACS training course will highlight:

• The role & scope of IFRS
• The case for IFRS and latest developments
• The major accounting concepts & policies
• The requirements of the most important IFRS relevant to your organization
• The preparation & presentation of financial statements in accordance with IFRS

At the end of this training course, you will learn to:

• Follow accounting concepts & policies
• Prepare income statements & statements of financial position in accordance with IFRS
• Prepare & evaluate the cash flow statement
• Account for assets in accordance with IFRS
• Account for strategic alliances & business combinations in accordance with IFRS

Participants to this International Financial Reporting Standards (IFRS) training course will receive a thorough training on the subjects covered by the training course outline with the Tutor utilising a variety of proven adult learning teaching and facilitation techniques. Training course methodology includes case studies relevant to your organisation, discussion, group work and interactive exercises and videos. These are designed to ensure delegates leave with transferable skills as well as up-to-date knowledge of international policies and procedures.

The organisation will gain from:

• Practical application of IFRS
• Ensuring legal compliance in line with the latest requirements
• Understanding the major accounting issues facing the sector
• Applying IFRS specific to their organisational needs
• Aiding corporate governance thereby reducing risk
• Contributing to financial decision making more effectively

The training course will provide the following to the delegates:

• Skills and knowledge to further your professional career
• The latest tools and techniques to assist you in your role
• An ability to make more informed decisions aimed at reducing risk
• Increased skills and improved decision making to increase your importance to your organization
• An ability to liaise effectively with other departments and colleagues regarding current practices and issues affecting oil & gas industry
• A greater understanding or your role and the major issues affecting it

This GLOMACS training course is suitable to a wide range of professionals but will greatly benefit: 

• Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
• Finance Staff in General Accounting, Payables, Receivables, Inventory, Fixed Assets, etc.
• External, Financial and Internal Auditors
• Government Regulators
• Financial and Investment Analysts

DAY 1

The Role & Scope of IFRS

• Establishing the case for IFRS
• International accounting diversity
• IFRS & US GAAP
• The role & scope of IFRS & IAS
• The IASB conceptual framework
• IFRS, accounting concepts & policies
  

DAY 2   

The Presentation & Preparation of Financial Statements

• The annual reports & financial statements
• IAS 1 presentation of financial statements
• Preparing the income statement
• Preparing the statement of financial position
• IAS & statement of cashflow
• Notes & disclosures
  

DAY 3

Accounting for Cash Flow & Financial Instruments

• The importance of cash flow
• Preparing a statement of cash flows in accordance with IFRS 7
• Evaluating the cash flow
• What are financial instruments & derivatives?
• IFRS 7 financial instruments: Disclosures
• IFRS 9 financial instruments
  

DAY 4 

Accounting for Assets

• Tangible & intangible assets
• IAS 16: Property, plant and equipment and Depletion, Depreciation & Amortisation (DD&A)
• IAS 36: Impairment of assets
• IFRS 13 fair value measurement
• IAS 38: Intangible assets
• IAS 2 inventories
  

DAY 5 

Accounting for Strategic Alliances & Business Combinations 

• Strategic alliances mergers & acquisitions
• Goodwill
• IFRS 3 business combinations
• IFRS 10: Consolidated financial statements
• IFRS 11: Joint arrangements
• IFRS 12: Disclosure of interests on other entities

In Association With

PetroKnowledge

Our collaboration with Petroknowledge aims to provide the best training services and benefits for our valued clients

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All rights reserved. Any unauthorized copying, distribution, use, dissemination, downloading, storing (in any medium), transmission, reproduction or reliance in whole or any part of this course outline is prohibited and will constitute an infringement of copyright.

P.O. Box 74653, Dubai, United Arab Emirates
Tel : +971 - 04 - 425 0700, Fax : +971 (04) 425 0701, Email : info@glomacs.com