Course Overview

Which businesses must adhere to IFRS?

IFRS stands for International Financial Reporting Standards. IFRS are a set of financial and accounting regulations for public firms’ financial statements. The main goal of IFRS is to increase local and global transparency in business and company accounting and financial operations. The importance of worldwide financial and accounting standards in oil and gas enterprises can be attributed to their provision of operational consistency, dependability, and transparency. The majority of international oil and gas businesses must adhere to various capital market and regulatory requirements than their rivals that report using IFRS. 

The four fundamental tenets of IFRS are comparability, dependability, relevance, and clarity. IFRS is the global standard that ensures integrity and uniformity across all financial and accounting norms and procedures.

Do all businesses follow IFRS?

The fact that IFRS are in use in more than 144 nations serves as evidence of their significance. IFRS covers the Company’s internal financial procedures, including management reporting, regulatory, statutory, and tax reporting, as well as organizational concerns including tax, treasury, legal, and contract difficulties.

This IFRS Training Bee course will provide you all the abilities you need to succeed as an IFRS expert. The training provides the essential knowledge and assurance to assume responsibility in these areas by thoroughly covering all IFRS components of the oil and gas business. Additionally, you will have more chances to use your potential and demonstrate your abilities. This training offers numerous prospects for professional progress throughout numerous organizations. Delegates will be able to better grasp financial issues and control thanks to their knowledge of IFRS.

Introduction

IFRS (International Financial Reporting Standards) is a set of international accounting standards issued by the International Accounting Standards Board (IASB) that provide guidance on how companies should prepare and present financial statements. The standards are aimed at improving the comparability and transparency of financial statements across jurisdictions. They provide a common language for companies to use when preparing and presenting financial statements, and they are designed to make financial statements more useful for investors, creditors, and other users.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing IFRS Knowledge Pool: Learn Standard, participants will be able to:

• Study the Conceptual Framework for Financial Reporting’s guiding concepts.
• Study the financial reporting guidelines that apply to important financial statement components.
• Find out what information firms must disclose in financial reports and notes.
• Learn about the elements of consolidated financial statements, such as associates, subsidiaries, and joint ventures.

Our Unique Training Methodology

This interactive course comprises the following training methods:

• Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations includingBlogging, instant messaging, and forums for debate in groups.
• Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
• Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.
• Presentations – Participants will be presented with multimedia tools such as videos and graphics to enhance learning. These will be delivered engagingly and interactively.
• Group discussions – The course will incorporate group discussions and debates to encourage active participation and collaboration.
• Case studies – Participants will be presented with realistic scenarios and case studies that demonstrate effective strategies related to the topic. These activities will encourage participants to think critically and apply their knowledge to real-life situations.

Pre-course assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.  For that, we have designed this questionnaire attached below.

• What is the purpose of IFRS?
• What is the difference between IFRS and US GAAP?
• What are the key components of IFRS?
• What is the scope of IFRS?
• How is financial information reported under IFRS?
• How does IFRS affect financial statements?

Course Outline

This IFRS Knowledge Pool: Learn Standard covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Overview of the IFRS

• International Financial Reporting Standards (IFRS Standards) and International Accounting Standards (IAS Standards) that are now in effect are overseen by the International Accounting Standards Board (IASB).
• Framework for Financial Reporting Concepts
• The use and status of IFRS standards globally

Module 2 – Asset accounting according to IFRS

• Intangible Assets Property, Plant, and Equipment Inventory
• Leases for Investment Properties
• Costs of Borrowing
• Government Grants to Agriculture and Disclosure of Government Support
• Deterioration of Assets

Module 3 – Recognizing and Accounting for Revenue

• Revenue from Customer Contracts
• Contract Costs

Module 4 – Keeping Track of Liabilities

• Provisions
• Future Liabilities
• Lease Obligations
• Revenue Taxes
• employee advantages
• Share-based compensation

Module 5 – monetary instruments

• Financial Liabilities, Financial Assets, and Equity
• Understanding Financial Instruments
• Measurement of Fair Value
• Assets in Financial Distress
• Hedge Accounting and Hedging

Module 6 – Financial Reports Presentation

• Financial Statements are presented
• Interim Financial Reporting Statement of Cash Flows
• Decisions Regarding Accounting Policies and Estimates
• after the reporting period, events

Module 7 – Financial Reports for the Group

• Combination in business
• Financial Statements that Include All Groups
• Concurrent Financial Statements
• Partnerships & Associates
• Resulting Consequences of Changes in Foreign Exchange Rates

Module 8 – Additional IFRS Standards

• Disclosures by Related Parties
• Exploration and Assessment of Mineral Resources Assets Held for Sale
• Cease-and-Desist Orders Earnings Per Share
• IFRS for SME adoption for the first time

Post-Course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

• What are the benefits of achieving IFRS certification?
• How do the IFRS standards differ from US GAAP standards?
• What are the principles of IFRS?
• What are the specific IFRS reporting requirements?
• What are the differences between the IFRS and local GAAP?
• How can companies prepare for an IFRS transition?

Lessons Learned

The main lesson learned from IFRS is that it is essential for companies to maintain consistent accounting standards across countries and industries. This ensures that financial statements are reliable and comparable, and allows investors to make informed decisions. Additionally, IFRS can help companies to better manage their financial resources and reduce their overall risk.

“IFRS: Let’s develop a more reliable and open financial reporting system one standard at a time!”