IFRS: Key Accounting Policies and Other Reporting Considerations
This course will enable you to:
- Review and develop appropriate accounting policies
- Get to grips with IAS 8, IAS 21, IAS 10 and IAS 24
- Know what to do when errors are identified in a previous reporting period
- Understand how accounting foreign exchange might potentially impact on both the statement of financial position and the statement of comprehensive performance
- Prepare financial statements on a going concern basis
The IFRS framework gives detailed guidance on a number of issues to do with key accounting policies and as an accountant reporting under IFRS, you need to be clear on how that guidance affects your reporting.
This course looks in detail at the main source of guidance on accounting policies – IAS 8. In addition, the course takes you through other key issues in reporting including how to deal with foreign exchange transactions, what to do when events affect the financial statements after they have been finalised and related party transactions.
IAS 8 – Accounting Policies, Changes in Accounting Policies and Errors
- What are the objectives and scope of IAS 8?
- What are the key definitions included in IAS 8?
- What does the Standard say about the selection of accounting policies?
- How should changes in accounting policies be dealt with?
- What disclosures are required about changes in accounting policies?
- How do I treat changes in accounting estimates?
- How should errors be dealt with?
IAS 21 – The Effect of Changes in Foreign Exchange Rates
- What are the objectives and scope of IAS 21?
- What basic definitions do I need to know about in IAS 21?
- What about the functional currency of foreign operations?
- What is the accounting approach required when dealing with the functional currency?
- How do I deal with any exchange differences that might arise?
- How do I deal with translation to the presentational currency?
IAS 10 – Events after the reporting date
- What are the objectives and scope of IAS 10?
- What important definitions do I need to know about?
- What are some examples of an adjusting event?
- What kind of non-adjusting events are relevant?
- What about preparing the financial statements on a going concern basis?
- What other disclosures are required?
IAS 24 – Related Party Transactions
- What are the objectives and scope of IAS 24?
- Who is a "related party"?
- What is a related party transaction?
- What are the disclosure requirements relating to related parties?
- What must be disclosed if there have been related party transactions?
Other Types of Reporting
- What is the core principle and scope of IFRS 8 on Operating Segments?
- What are "operating segments" and "reportable segments"?
- What is said about disclosures in the Standard?
- What are the objectives and scope of IAS 34?
- What are the key definitions included in IAS 34?
- What are the minimum requirements for a condensed set of financial statements?
- What disclosures are required in the interim financial statements?
- What are the objectives and scope of IAS 33 on Earnings per Share?
- What are the basic measurements, calculations and disclosures related to EPS?
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