International Financial Reporting Standards (IFRS) and 2026 Updates
5 DaysInternational Financial Reporting Standards (IFRS) and 2026 Updates
Course Methodology
The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of different theories, group exercises to exchange experience and apply knowledge acquired throughout the course.
Course Objectives
By the end of the course, participants will be able to:
- Explain the main requirements of International Accounting Standard (IAS 1) in relations to presenting the statements of financial position and comprehensive income
- Calculate the Expected Credit Loss for trade receivables as well as properly account for inventory cost and valuation
- Properly account for major long term assets items such as fixed assets and investment property
- Differentiate between the various financial assets and identify the proper accounting treatment for each classification
- Explain the five-step model in recognizing revenue from customers
- Measure and present the asset, liability and expenses resulting from lease contracts on the lessee financial statements
Target Audience
Professionals in the fields of finance and accounting as well as professionals seeking to enhance their international accounting knowledge from companies implementing IFRS as the standard of reporting.
Target Competencies
- Understanding financial statements
- Financial reporting
- Applying IFRS
- Accounting for current and non current assets and liabilities
- Classifying investments
- Assessing impact on financial accounts
Course Outline
- Introduction to IFRS and Presentation of Financial Statements
- Defining the term 'IFRS'
- Financial position presentation format as per IAS1, presentation of financial statements
- Components and classification of current and non-current assets and liabilities
- Offsetting assets and liabilities
- Income statement presentation per IAS1
- Presentation of revenues and expenses by nature or by function
- Components and classification of comprehensive income
- The new IFRS 18 (Presentation and Disclosure in Financial Statements)
- IFRS Rules for Current Assets and Liabilities
- Cash and cash equivalents
- Accounts receivable and the Expected Credit Loss Model (ECL) under IFRS 9
- Accounts payable and accruals (IFRS 9)
- Inventory (IAS 2)
- Ownership: When to include inventory in your books
- Measurement at initial recognition: What to include in 'cost'
- Inventory cost-flow assumptions
- Subsequent measurement: Lower of cost or net realizable value
- IFRS Rules for Non-Current Assets
- Property, plant, and equipment (IAS 16)
- Initial recognition and subsequent measurement
- Cost model versus revaluation model
- Assets held-for-sale (IFRS 5)
- Treatment of decommissioning costs (IAS 37)
- Impairment of property, plant, and equipment (IAS 36)
- Intangible assets (IAS 38)
- Cost model versus revaluation model
- Research and Development (R&D) costs
- Investment property (IAS 40)
- Distinguishing investment property from other assets
- Cost model versus fair value model
- Property, plant, and equipment (IAS 16)
- Financial Assets (IFRS 9)
- Type of investment securities
- Classification under IFRS 9: Fair Value Through Profit or Loss (FVTPL), Fair Value Through Other Comprehensive Income (FVTOCI), amortized cost
- Initial recognition and subsequent measurement
- Transfer between categories
- Impairment of financial assets
- Revenue From Contracts with Customers (IFRS 15)
- Scope of IFRS 15
- Describing the five-step model framework under IFRS 15
- Step 1: Identifying the contract with the customer
- Step 2: Identifying the performance obligations in the contract
- Step 3: Determining the transaction price
- Step 4: Allocating the transaction price to the performance obligations in the contract
- Step 5: Recognizing revenue when the entity satisfies a performance obligation
- Accounting for Leases (IFRS 16)
- Recognition exemptions: Expensing lease payments
- Lease of small-value assets
- Identifying a lease transaction
- Accounting for lease contracts by lessee
- Measure right-of-use assets
- Measure lease liabilities
- Depreciation of the asset and recording the finance cost
- Recognition exemptions: Expensing lease payments
Mawred Certificate
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