IAS/ IFRS
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Description and objective: Course Overview
This course will provide participants with a through coverage of all the key issues relating to the new International Accounting and International Financial reporting standards. It focuses on key issues such as the impact on reported earnings of the new accounting treatments, the impact on net assets and all of the standards’ requirements for business combinations of all types. Participants will gain a comprehensive understanding of all of the relevant current accounting treatments and the issues that arise.
Course Content
 Regulation, presentation and developing issues
 The regulatory framework for IFRS
 Presenting accounts under IAS 1
 Other presentation issues (including the IAS requirements for interim reports)
 Impact on reported earnings
 Measuring and reporting operating profits
 The treatment of exceptional and extraordinary gains and losses
 Discontinued activities and provisions arising on discontinuation
 Gains and losses on disposals of assets including assets sold as part of a business disposal
 IAS standards affecting reported profit
 Reporting revenue – timing and valuation of income recognition
 Employment costs – fair value treatment of share options. Reporting pension cost gains and losses
 Unrealised gains and losses on revaluation – investment properties, financial assets (shares and loans) and foreign currency transactions
 Case study – assessment of impact of IFRS adoption*
 Impact of IFRS on the net assets
 Definitions of debt and equity and calculating gearing under IFRS
 The treatment of ‘compound instruments’ such as convertible debt
 Reporting preference shares
 Dividend and interest receipts and payments
 Recognition of tangible and intangible assets – how capital employed is reported
 Intangible assets such as research, development, and software costs
 Amortisation and depreciation expenses
 Treatment of financial assets
 Held-to-maturity, available for sale and ‘trading’
 Derivative assets and liabilities – fair value reporting and the impact on earnings and equity reserves
 Provisions and contingencies – general rules
 Measurement – valuing liabilities
 Timing of recognition
 Leased assets
 When must they be on or off balance sheet
 The treatment of leasehold land and buildings
 First time adoption and transition issues
 Identifying the transition balance sheet
 Exemptions available for first time adoption
 Additional disclosures on conversion
 Case study – assessment of practical impact on adoption*
 Basic requirements for group accounts
 Identifying a subsidiary under IAS
 Basic impact of consolidation
 Method of consolidation
 Intra-group transactions
 The treatment of associates and joint ventures
 Definition – transactions that create associate and joint venture arrangements
 How ‘one-line’ consolidation (equity method) accounting works; impact on profits and net assets
 Treatment of trading transactions with associates and joint ventures
 The option to use ‘proportional consolidation’
 Impact of IFRS on key business transactions
 The treatment and definition of ‘special purpose entities’ – examples from published accounts of arrangements that meet the criteria
 Sale and leaseback transactions – post transaction treatment of the leased assets
 Re-financing and securitization arrangements – valuing the assets and liabilities (and servicing arrangements involved)
 Synoptic case study and close
 The final session will review the accounts of a major international incorporation currently listed in more than one jurisdiction. The case study will examine the impact of transition to IFRS on key reported performance measures; EPS, EBITDA, Return on Assets/ capital and gearing.
 Suggested corporations:
 Glaxo Smith Kline (UKGAAP/IFRS and USGAAP)
 Syngenta (IFRS and USGAAP)
 Eurotunnel (French/ UKGAAP and USGAAP)
Contact Redcliffe Training Associates
| Phone | +44 (0)20 7631 2090 When calling be sure to mention Training Pages
| Fax | +44 (0)20 7631 2060 |
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