☑ Discover the exemptions and options available in IFRS 1 and how to decide which to take up.
☑ Recognize what information is needed in your first IFRS financial statement.
☑ Discover how IFRS 1 affects the timing of your conversion and reporting.
☑ Identify recognition and measurement rules.
☑ Recognize when retrospective restatement is required and what is involved.
Leading companies recognize the need to move toward IFRS adoption in advance of any mandate. Making the transition to IFRS is not just a rote accounting exercise. Embracing these standards affects the entire company and requires the support of personnel throughout the enterprise. So getting it right is critical, especially when you consider its effect on group financial reporting activities. By understanding the potential challenges that can complicate IFRS adoption in developing a comprehensive plan to overcome these challenges, you can increase your chances for successful transition or convergence.
In planning the conversion, management must develop a detailed and specific understanding of IFRS 1's implications on their business. This hands-on workshop will provide you with easy-to-follow guidelines using a simple, easy-to-understand standard methodology that will ensure successful completion of your conversion.
This course is brought to you by Illumeo. Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job. Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination. Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.
Introduction to IFRS
IFRS First Time Adoption
Opening Balance Sheet, Assets and Liabilities
Compound Financial Instruments
Presentation and No Option
Rev Rec Example and Conclusion
Slides: IFRS First-Time Adoption
IFRS First-Time Adoption Glossary/Index
Review and Test