EVENT DESCRIPTION

NOTE: This course description has been revised and reflects updates for 2021. If you have any questions, please contact pdevents@cpaontario.ca

SCHEDULE

  • Monday, October 25 @ 8:30am - 12:30pm
  • Tuesday, October 26 @ 8:30am - 12:30pm
  • Wednesday, October 27 @ 8:30am - 12:30pm
  • Thursday, October 28@ 8:30am - 12:30pm
  • The objective of this seminar is to provide participants with a solid introduction to Part I - International Financial Reporting Standards (IFRS). The seminar will also cover IFRS standards currently under development at the International Accounting Standards Board (IASB) that are expected to be introduced during the next year.

    This seminar will cover all of the International Financial Reporting Standards (IFRS) incorporated as part of CPA Canada Handbook – Accounting – Part I. The focus is on the IFRS standards that apply to most profit-oriented entities. Participants will also be provided with information on IFRS standards currently under development and the potential impact on financial statements. At the end of this two-day seminar you will be aware of the foundation of IFRS and be able to explain IFRS content. Examples and exercises are incorporated throughout the session for you to identify application issues.

    PREREQUISITE KNOWLEDGE

    Familiarity with CPA Handbook – Accounting Part I is useful but not required.

    KEY TAKEAWAYS

    • Explain the IFRS standards that apply to most profit-oriented entities.
    • Identify changes to IFRS and impact on financial statements.
    • Summarize current developments in IFRS.
    • List relevant resources (with links).
    • CONTENT

      • Overview of IFRS
      • Conceptual framework and fair value measurement
      • Financial statement presentation
      • Revenue
      • Property plant and equipment
      • Investment property
      • Intangible assets
      • Impairment of assets
      • Leases
      • Financial instruments
      • Income taxes
      • Liabilities
      • Strategic investments and separate financial statements
      • Other IFRS standards e.g. interim financial reporting, related party transactions, employee benefits
      • Specialized industries e.g. agriculture, mining, insurance, rate-regulated entities
      • First-time adoption considerations
      • Impact of Covid-19 on accounting
      • Examples and exercises to illustrate application issues

      WHO WILL BENEFIT

      Professionals who work in financial reporting and related areas of publicly accountable enterprises or other enterprises applying IFRS, who are reading financial statements of publicly accountable enterprises, or who wish to be able to explain IFRS standards. Audit committee members who would like to gain an understanding of IFRS may also find this to be a useful seminar.