IAS Course

Throughout the session, we will explore the requirements for presenting financial statements, including the components of a complete set of financial statements, general features, and the necessary disclosures. The lecture will also delve into the importance of consistency, comparability, and clarity in financial reporting, ensuring that participants understand how to effectively communicate financial information to stakeholders.

Key Topics Covered:

• Overview of IAS 1 and its role within IFRS
• Structure and components of financial statements (Statement of Financial Position, Statement of Profit or Loss, etc.)
• Fundamental principles of presentation and disclosure
• Understanding materiality, going concern, and accrual basis in financial reporting
• Common pitfalls and best practices for compliance with IAS 1

By the end of this lecture, participants will have a clear understanding of how to structure financial statements in accordance with IAS 1, ensuring they meet international standards for accuracy and transparency. This lesson is a introduction to IAS.

In this session, we will cover the key principles of IAS 2, including the determination of cost, the valuation methods, and the recognition of inventory as an expense. The lecture will also address the challenges associated with inventory write-downs, obsolescence, and the impact of inventory on a company's financial health.

Key Topics Covered:

• Overview of IAS 2 and its significance within IFRS
• Definition and scope of inventories, including raw materials, work in progress, and finished goods
• Methods for determining the cost of inventories, including FIFO, LIFO, and weighted average cost
• The lower of cost and net realizable value rule, and its application in inventory valuation
• Procedures for inventory write-downs and reversals
• Practical examples and best practices for compliance with IAS 2

By the end of this lecture, participants will gain a solid understanding of how to apply IAS 2 principles in managing and reporting inventories, ensuring that they accurately reflect the financial position and performance of a business.

During this session, we will cover the key components of the Statement of Cash Flows, including cash flows from operating, investing, and financing activities. The lecture will guide participants through the direct and indirect methods of cash flow reporting and explain how to analyze cash flow information to assess a company’s liquidity, financial flexibility, and overall financial health.

Key Topics Covered:

• Overview of IAS 7 and its role within IFRS
• Understanding the structure and components of the Statement of Cash Flows
• Differentiating between operating, investing, and financing cash flows
• Direct and indirect methods of presenting cash flows
• Importance of cash flow analysis for evaluating business performance
• Practical examples and common challenges in preparing cash flow statements

By the end of this lecture, participants will have a thorough understanding of how to prepare and interpret a Statement of Cash Flows in accordance with IAS 7, equipping them with the skills to provide valuable insights into a company's cash flow dynamics.

Throughout this session, we will explore the principles and procedures for developing and applying accounting policies when no specific IFRS applies. We will also examine how to account for changes in accounting estimates, distinguishing them from corrections of errors, and the retrospective or prospective application of these changes.

Key Topics Covered:

• Overview of IAS 8 and its importance within IFRS
• Criteria for selecting and applying accounting policies
• Treatment of changes in accounting estimates and how they affect financial statements
• Distinguishing between changes in accounting policies, estimates, and errors
• Retrospective and prospective adjustments: when and how to apply them
• Practical examples of error correction and policy changes in financial statements

By the end of this lecture, participants will be equipped with the knowledge to handle complex situations involving changes in accounting policies, estimates, and errors, ensuring compliance with IAS 8 and maintaining the integrity of financial reporting.

In this session, we will examine the types of events that IAS 10 covers, including adjusting and non-adjusting events, and the appropriate accounting treatment for each. Participants will learn how to assess the financial impact of post-reporting events and understand the disclosure requirements to maintain transparency in financial reporting.

Key Topics Covered:

• Overview of IAS 10 and its role within IFRS
• Definition and distinction between adjusting and non-adjusting events
• Recognition and measurement of events after the reporting period
• Accounting treatment and financial statement impact of adjusting events
• Disclosure requirements for non-adjusting events
• Practical examples of post-reporting events and their impact on financial statements

By the end of this lecture, participants will gain a solid understanding of how to identify and account for events after the reporting period, ensuring compliance with IAS 10 and maintaining the accuracy of financial reports.

Throughout this session, we will cover the key principles of recognizing and measuring current and deferred tax liabilities and assets. Participants will learn how to account for the effects of temporary differences, unused tax losses, and unused tax credits. The lecture will also address the presentation and disclosure requirements for income taxes in financial statements.

Key Topics Covered:

• Overview of IAS 12 and its importance within IFRS
• Recognition and measurement of current tax liabilities and assets
• Understanding deferred tax: temporary differences, tax bases, and recognition criteria
• Accounting for unused tax losses and tax credits
• Presentation and disclosure of income taxes in financial statements
• Practical examples and common challenges in applying IAS 12

By the end of this lecture, participants will have a solid grasp of how to account for income taxes under IAS 12, enabling them to ensure that tax-related items are accurately reflected in their financial reporting.

In this session, we will explore the recognition, measurement, and depreciation of PPE, as well as the treatment of subsequent costs. Participants will gain insights into the revaluation model and how to handle impairments and disposals of assets. The lecture will also cover the essential disclosure requirements for PPE in financial statements.

Key Topics Covered:

• Overview of IAS 16 and its significance within IFRS
• Criteria for recognizing and initially measuring property, plant, and equipment
• Depreciation methods and the allocation of cost over an asset’s useful life
• Revaluation model versus cost model: when and how to apply them
• Accounting for subsequent expenditures, impairments, and disposals
• Required disclosures for property, plant, and equipment in financial reports

By the end of this lecture, participants will have a comprehensive understanding of how to account for property, plant, and equipment under IAS 16, ensuring that these assets are accurately and transparently reflected in financial statements.

In this session, we will explore the complex mechanics of defined benefit plans, including the recognition, measurement, and disclosure requirements under IAS 19. Participants will learn how to account for the present value of defined benefit obligations, how to calculate the fair value of plan assets, and how to recognize actuarial gains and losses.

Key Topics Covered:

• Overview of IAS 19 and its application within IFRS
• Understanding defined benefit plans and their impact on financial statements
• Recognition and measurement of defined benefit obligations and plan assets
• Accounting for actuarial gains and losses, past service costs, and curtailments
• Disclosures required for defined benefit plans, including sensitivity analysis
• Practical examples of reporting defined benefit plans in financial statements

By the end of this lecture, participants will gain a deep understanding of how to accurately account for defined benefit plans under IAS 19, ensuring that employee benefit obligations are properly reflected in a company’s financial reports.

In this session, we will cover the recognition, measurement, and presentation of government grants, including how they should be credited to the income statement and how they impact asset acquisition. Participants will also learn about the required disclosures for government assistance and how to ensure transparency in financial reporting.

Key Topics Covered:

• Overview of IAS 20 and its relevance within IFRS
• Criteria for recognizing government grants in financial statements
• Accounting treatment of grants related to assets versus grants related to income
• Presentation of government grants in the income statement and balance sheet
• Disclosure requirements for government assistance and its impact on financial statements
• Practical examples and common challenges in applying IAS 20

By the end of this lecture, participants will understand how to properly account for and disclose government grants and assistance under IAS 20, ensuring accuracy and transparency in their financial reporting.

In this session, we will explain how to account for foreign exchange rate fluctuations, including the recognition and measurement of foreign currency transactions, and how to translate foreign operations’ financial statements into the presentation currency of the reporting entity. Participants will also gain an understanding of how exchange differences affect profit and loss or other comprehensive income.

Key Topics Covered:

• Overview of IAS 21 and its significance within IFRS
• Recognizing and measuring foreign currency transactions
• Exchange rates: spot rate, closing rate, and average rate
• Translation of foreign operations and financial statements into a presentation currency
• Accounting for exchange differences in the income statement and other comprehensive income
• Practical examples of dealing with foreign exchange rate changes in financial reporting

By the end of this lecture, participants will have a solid understanding of how to account for foreign currency transactions and translate financial statements in compliance with IAS 21, ensuring accuracy and transparency in multinational financial reporting.

In this session, we will explore when and how borrowing costs should be capitalized as part of the cost of a qualifying asset, as well as when they should be recognized as an expense. Participants will learn about the criteria for identifying qualifying assets, the treatment of specific and general borrowings, and the disclosures required under IAS 23.

Key Topics Covered:

• Overview of IAS 23 and its role within IFRS
• Definition of borrowing costs and qualifying assets
• Criteria for capitalizing borrowing costs versus recognizing them as expenses
• Accounting for specific and general borrowings
• Start and cessation of capitalization of borrowing costs
• Disclosure requirements for borrowing costs in financial statements

By the end of this lecture, participants will understand how to apply IAS 23 to accurately capitalize or expense borrowing costs, ensuring compliance with international financial reporting standards.

Course Description: This course provides an in-depth understanding of accounting standards related to governance grants and governance assistance, with a specific focus on International Accounting Standards (IAS). Participants will explore the accounting treatment, recognition, and disclosure requirements for grants provided by governments or related institutions to support governance initiatives.

The course covers key principles from IAS 20 (Accounting for Government Grants and Disclosure of Government Assistance) and provides practical guidance on how to report governance-related grants and assistance in financial statements. Through case studies, real-world examples, and exercises, participants will learn how to apply these standards effectively, ensuring compliance and transparency in reporting.

Key Learning Outcomes:

• Understand the scope and principles of IAS 20 and its application to governance grants.
• Learn how to recognize and measure government grants related to governance.
• Master the disclosure requirements for government assistance, including governance-related support.
• Apply best practices for transparency and accountability in governance funding.
• Explore case studies to illustrate the challenges and solutions in accounting for governance assistance.

Target Audience: This course is designed for financial professionals, accountants, auditors, and governance officers who are responsible for or interested in the accounting and reporting of governance grants and government assistance. It is also suitable for those in the public sector and non-profit organizations receiving or managing governance grants.