This course is designed to provide participants with a detailed and up-to-date overview of IFRS updates. It covers the IFRS standard setting process, financial position presentation format as per IAS1 and income statement minimum presentation requirements as per IAS1; the components and classification of stockholders’ equity including the IFRS rules for current assets and liabilities; the cash and cash equivalents, accounts receivable, accounts payable and accruals; the inventory, IFRS rules for non-current assets and liabilities, property, plant and equipment; the intangible assets and cost model versus revaluation model; distinguishing investment property from other assets; and the provisions, contingent liabilities and contingent assets.
During this interactive course, participants will learn the types of investment securities, the IFRS 9, initial recognition and subsequent measurement; the scope of IFRS 15 and its five step model frame work covering identifying the contract with the customer and performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations in the contract and recognizing revenue when the entity satisfies a performance obligation; and the lease transaction including accounting by lessees, accounting by lessors and effective date and transition.