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Training Course Summary:

Regulatory Structure
The role of the Board of Trustees, the International Accounting
Standards Board and the Standing Interpretations Committee
How Standards are set – the status of International Accounting
Standards International Financial Reporting Standards and SIC
Interpretations
The conceptual framework and likely future developments

Presentation of Accounts under International Standards
The required “primary information; Net Income, Statement of Position,
Cash flow statement and changes in equity note
Disclosure of policies and compliance with international standards

Key Standards for Reporting Profits
Discontinued items
Operating profit
The treatment of exceptional and extraordinary items
Changes in accounting policy and correction of errors

The Balance Sheet
Accounting for assets (tangible and intangible) – initial measurement,
revaluations, depreciation and amortisation.
Asset impairments.
Accounting for liabilities – classifying current and long term debt, the
treatment of finance charges and issue costs.
Distinguishing debt from equity investments.
Current assets – stock and receivables
Pension obligations valuation and presentation,
Investments and derivatives valuation, presentation and offset through
hedging.

Accounting for Business Combinations, Associates and Joint
Ventures.
• Acquisition and merger accounting criteria
• Acquisition accounting – setting fair values and other acquisition
adjustments.
• Special purpose entities, associates and joint ventures, the allowed
treatments and alternatives explained

EU Harmonisation
The progress to adoption of International Standards in 2005.
The EU regulation requiring listed groups to comply with IAS in their
group accounts by 2005.
The DTI proposals for enactment of the rule in the UK
The ASB and Inland Revenue response

Convergence with US GAAP

The IASB work programme
Merger accounting
Share based payments
Leasing – operating leases
Business combinations
Insurance
Reporting profit

Who Should Attend:

The purpose of this seminar is to give participants a thorough grounding in international accounting standards within the framework of the new regulatory structures. The different possible accounting treatments are considered as regards balance sheet, income and cash flow statements, as well as the more controversial items such as goodwill and other group accounts related concepts. The seminar will also consider the problems that are currently being encountered in the move towards EU harmonisation.