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Training Course Summary:

With the continuing move to an ever more global market many companies are voluntarily adopting the International Accounting Standards. For listed companies within the European Union there is no such leeway and they will have to comply with these reporting requirements by 2005. Readers and providers of financial information will ultimately have to understand how to deal with these new reports. The aim of the course is to equip users of financial information with enough background to deal confidently with the main International Financial Reporting Standards (IFRS) and the International Accounting Standards.

By the end of this course you will be able to:

Relate different IAS/IFRS to day-to-day situations.
Appreciate the need, but also the difficulty of international harmonisation.
Understand the financial information produced under the international regulatory framework.

Who Should Attend:

Suitable for all users of financial information who are approaching the International Standards for the first time or whose companies are considering adopting International standards. The course suits both financial and non-financial professionals who need to appreciate the general implications of international standards, rather than those seeking technical guidelines on specific adoptions, disclosures or accounting policies.

Training Course Overview/Content:

The International Financial Reporting Context

Global standards? History and Environment
The difference between the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)
Who does what: the International Accounting Standards Board (IASB), and the International Financial Reporting Interpretation Committee Statements (IFRICS)
The International harmonisation so far
How the IAS/IFRS Impact on the Balance Sheet Assets

Intangible Assets and Goodwill
Property, Plant and Equipment
Impairment of Assets
Investments
Inventory and other current assets
How the IAS/IFRS Impact on the Balance Sheet Liabilities

Current and long-term liabilities
Events after the balance sheet date
Income Taxes
Leases
Employee benefits
The International Standards and the other Statements

Key changes for the income statement (P&L)
Key changes for the cash flow statement
Group Accounts and the International Standards

Business combination and the IFRS
Investment in subsidiaries and associates: the difference
Interest in joint ventures and the related standard
Specific Standards

The specific nature of retirement benefit plan, bank financial statements and agriculture and the related IAS
The shared-based payment and insurance contracts and the related IFRS