NOTE: This course description has been revised and reflects updates for 2022. If you have any questions, please contact email@example.com
The objective of this seminar is to provide participants with an understanding of the essentials of Part I - International Financial Reporting Standards (IFRS). The seminar is aimed at participants that want to know what IFRS is about but do not have to implement the standards and understand all of the technical details.
This seminar will cover the essentials of International Financial Reporting Standards (IFRS) but not all of the technical details required for implementation. The course provides a brief discussion on the types of entities using IFRS, impact on development of ASPE, discusses key concepts, examines the conceptual framework, provides a description of IFRS terminology, reviews the basics of IFRS financial statements. At the end of this half-day seminar you will be aware of the essentials of IFRS, the types of financial statements and impact on financial statements.
- IFRS – what is it and who needs it?
- The framework – concepts, fair value measurement and definitions
- Statement of Financial Position
- Statement of Comprehensive Income
- Statement of Changes in Equity
- Cash Flow Statement
Upon completing this course, you will be able to:
- Identify who is required or may elect to use IFRS standards.
- Identify basic IFRS concepts and terminology.
- Identify IFRS financial statements.
List relevant resources (with links).
WHO WILL BENEFIT
Accounting professionals who are not required to practice IFRS, but would like a brief high level overview of the concepts and financial statements. It is not applicable for those who have recently taken a course in IFRS or want to understand the technical details.