Accounting Standards Update (IFRS) is a practical training program designed to help accounting and finance professionals understand the latest developments and requirements under International Financial Reporting Standards. The course focuses on key IFRS principles, financial reporting requirements, accounting treatments, and updates that affect business reporting and compliance. Participants will gain practical knowledge to apply relevant IFRS standards accurately and prepare reliable, compliant financial reports.
Duration 2 Days – 14 hrs.
Overview
The Accounting Standards Update (IFRS) Training Course is designed to provide accounting, finance, audit, and compliance professionals with updated knowledge and practical understanding of the latest International Financial Reporting Standards (IFRS) developments, amendments, interpretations, and reporting requirements.
This course covers significant IFRS updates, changes in financial reporting standards, disclosure requirements, accounting treatments, and practical implementation challenges affecting organizations across various industries. Participants will gain insights into current accounting trends, financial statement presentation, revenue recognition, lease accounting, financial instruments, impairment, and other critical IFRS topics relevant to modern financial reporting.
The training combines technical discussions, practical examples, case studies, and application workshops to help participants strengthen compliance, improve financial reporting accuracy, and prepare organizations for evolving accounting standards and regulatory expectations.
Learning Objectives
- Understand the latest IFRS updates and amendments
- Identify the impact of accounting standard changes on financial reporting
- Apply updated IFRS requirements to business transactions
- Improve financial statement preparation and disclosure practices
- Understand revenue recognition, lease accounting, and financial instrument updates
- Address practical implementation and compliance challenges
- Strengthen financial reporting consistency and transparency
- Improve audit readiness and regulatory compliance
- Analyze accounting issues using IFRS principles
- Apply best practices in financial reporting and accounting governance
Target Audience
- Accountants
- Finance Managers
- Chief Financial Officers (CFOs)
- Financial Analysts
- Internal Auditors
- External Auditors
- Compliance Officers
- Controllers
- Accounting Supervisors
- Professionals involved in financial reporting and audit preparation
Prerequisites
- Basic understanding of accounting principles and financial statements
- Familiarity with IFRS or financial reporting concepts
- Experience in accounting, finance, audit, or compliance is an advantage
Course Outline
Day 1 — IFRS Fundamentals and Major Accounting Standards Updates
Module 1: Introduction to IFRS and Financial Reporting Updates
- Overview of IFRS framework
- Objectives of financial reporting
- Role of IFRS in global accounting standards
- Recent IFRS developments and trends
- Importance of compliance and transparency
- Regulatory and reporting considerations
Module 2: Financial Statement Presentation and Disclosure Updates
- Presentation of financial statements
- Statement of financial position updates
- Statement of profit or loss and comprehensive income
- Cash flow statement requirements
- Disclosure improvements and materiality considerations
- Notes to financial statements
Module 3: Revenue Recognition Updates (IFRS 15)
- Principles of revenue recognition
- Five-step revenue recognition model
- Identifying performance obligations
- Contract modifications and variable consideration
- Revenue disclosure requirements
- Practical application scenarios
Module 4: Lease Accounting Updates (IFRS 16)
- Overview of lease accounting requirements
- Lessee and lessor accounting
- Right-of-use assets and lease liabilities
- Lease measurement and reassessment
- Lease disclosures and reporting
- Common implementation challenges
Module 5: Financial Instruments and Impairment (IFRS 9)
- Classification and measurement of financial instruments
- Expected credit loss model
- Impairment assessment techniques
- Hedge accounting overview
- Financial instrument disclosures
- Risk management implications
Day 2 — Advanced IFRS Topics and Practical Applications
Module 6: Asset Accounting and Impairment Standards
- Property, plant, and equipment updates
- Intangible assets accounting
- Investment property accounting
- Asset impairment principles
- Fair value measurement concepts
- Asset valuation and disclosures
Module 7: Provisions, Contingencies, and Employee Benefits
- Accounting for provisions and liabilities
- Contingent assets and contingent liabilities
- Employee benefits accounting
- Short-term and long-term employee benefits
- Pension and retirement obligations
- Disclosure requirements
Module 8: Consolidation and Group Financial Reporting
- Consolidated financial statements
- Business combinations overview
- Control and significant influence concepts
- Accounting for subsidiaries and associates
- Non-controlling interests
- Intercompany transactions and eliminations
Module 9: Audit Readiness and IFRS Compliance Management
- Common financial reporting errors
- Internal controls for IFRS compliance
- Audit documentation and preparedness
- Financial reporting governance
- Managing IFRS implementation risks
- Best practices in financial reporting
Module 10: Case Studies, Workshops, and Practical IFRS Applications
- Revenue recognition case studies
- Lease accounting exercises
- Financial statement analysis workshops
- IFRS disclosure review exercises
- Impairment and valuation scenarios
- Open forum and technical discussions
