AAFM ® IFRS ® Course Overview

This course has been designed to include presentations, practical exercises and highly interactive group sessions. The IFRC ® certification will be received after successfully meeting the class work and exam at the end of the class and all fees associated with certification are included in the course enrollment fees.

Who should attend?

• Financial Directors and Managers
• Financial Controllers and Planners
• Chief and Senior Accountants
• Principal Accountants
• Chartered Accountants
• Management Accountants
• Internal and External Auditors
• Treasurers
• Heads of Corporate Reporting

Our training program will give you the fundamentals in international accounting standards which are essential in today's global business environment as IFRS is continuing its rapid acceptance worldwide as the standard for accounting. Distinguish yourself by demonstrating competence in IFRS and truly enjoy international recognition by having this certification offered by the AAFM.


 Obtain a basic proficiency in International Financial Reporting Standards (IFRS) necessary in a global environment
 Acquire a broad overview of key IFRS definitions and concepts
 Be introduced to the fundamental application of IFRS across a range of accounting topics, including the financial products arena
 Detailed practical examples on the implementation and application of accounting and financial reporting standards
 IFRS challenges and strategies to overcome them
 Profiting the latest changes in IFRS 2013 and gaining further insight on the developments

The starting point (IFRS 1)

o Qualifies as a first time adopter of IFRS
o Key IFRS dates
o IFRS disclosures

 The IASB’s Governance and conceptual framework

o IFRS governance structure
o IFRS framework
o Conceptual framework

Business Combinations (IFRS 3)

o Scope and disclosure
o Goodwill
o Assets, liabilities, and non-controlling interests
o Consolidated financial statement (IFRS 10)

 Segmental Reporting (IAS 14, IFRS 8)

o Reportable segments
o Presentation

 Earnings Per Share (IAS 33)

o Basic earnings per share
o Diluted earnings per share
o Potential ordinary shares

 Fair Value Measurement (IFRS 13)

o Fair value
o Fair value measurement
o Fair value disclosure

 Financial Statements, Interim Reporting, and Cash Flows (IAS 1, IAS 34, and IAS 7)

o Format of IFRS financial statements
o Disclosure
o Adjusting and non adjusting event after the financial statement date
o Requirement for interim reports

 Financial system considerations in IFRS

o Key system factors
o Key project management factors
o Lessons learned

 Foreign Currency (IAS 21)

o Functional currency
o Reporting
o Use of presentation currency

 Impairment of non-financial assets (IAS 36)

o Impairment test
o Impairment of goodwill
o Record impairment losses
o Possible reversal

 Income Taxes (IAS 12)

o Temporary differences
o Deferred income tax liability
o Deferred tax asset
o Current tax payable
o Tax loss carry back and forward

 Intangible Assets (IAS 38)

o Intangible asset, research and development activity
o Measurement
o Capitalization criteria
o Rules for amortization

 Inventories (IAS 2)

o Initial cost
o Carrying amount
o Lower of cost or net realizable value
o Cost of sales

 Investment Property (IAS 40)

o Investment property
o Measurement
o Accounting policy

 Investment in associates and joint ventures (IAS 28, IAS 31, IFRS 11)

o Joint arrangements
o Rights and obligations
o Qualifies as an associate

 Introduction to financial instruments: recognition, measurement, presentation, and disclosure (IAS 32, IAS 39, IFRS 7, and IFRS 9)

o Financial instruments
o Classify and measure financial instruments
o Derivatives and embedded derivatives

 Leases (IAS 17)

o Lease
o Account for lease
o Guidance

 Liabilities, provisions and contingencies (IAS 37)

o Provision, contingent liability and asset
o Recognition and measurement
o Disclosure

 Non-current assets held for sale and discontinued operations (IFRS 5)

o Classification criteria
o Measurement criteria
o Presentation criteria

 Policies, changes, errors, events after reporting date, related parties (IAS 8, 10, and 24)

o Select and change accounting policies
o Recognize accounting treatment
o Disclosure

 Property, Plant, & Equipment and borrowing costs (IAS 16, IAS 23)

o Cost method
o Revaluation method
o Measurement

 Revenue Recognition (IAS 18, and IAS 11)

o Revenue measurement
o Criteria for revenue recognition
o Application

 Share based payments and employee benefits, non-pension (IFRS 2 and IAS 19)

o Recognition and measurement principles
o Disclosure requirements
o Determine the grant date

 Tax considerations beyond IAS 12

o International tax planning
o Financial reporting of tax

Practical Assessment Exercises
Tasks will be issued on an individual and team basis that will confirm your skills and ability to apply risk management techniques.
The exercise will be by way of team discussion of case studies and individual comments on practical risk problems.

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woodvale Grove
(020) 514-0700