INTENDED FOR: The seminar is intended for those already familiar with IFRS who would like to expand their knowledge. As such, it focuses on the needs of those who have joined the finance department of a subsidiary of a European company. Generally, advancement in such a department not only requires good working detailed knowledge of IFRS, but also the ability to meaningfully discuss accounting issues with managers and auditors (internal and external).
COURSE LEVEL: Experienced
BENEFITS: Most companies in most countries do not apply IFRS because their securities trade on a regulated marker. Instead, they do so because they are a subsidiary of a company with an IFRS obligation. In addition to IFRS, most countries also require legal entities to apply national standards for statutory accounting and/or taxation purposes. The difficulty facing any such company is they need to combine two systems not easily combined.
For example, while IFRS does not define a chart of accounts, many national GAAPs do, requiring its use by law. Similarly, while IFRS requires companies to recognize the substance of transactions instead of their form, many national GAAPs are still driven by the letter of signed agreements. For example, while long-term operating leases have disappeared from IFRS, they're still recognized by many national GAAPs.
Another issue that comes up, IFRS guidance can be challenging to interpret. For example, since income tax is derived from income, it would be logical to assume that deferred tax would by calculated by comparing taxable income with IFRS income. Nevertheless, this is not the approach taken by IAS 12. Instead, the standard evaluates the tax base of assets.
To help practitioners apply IFRS consistently, besides a discussion of the standards, this training shows, with the help of hundreds of specific examples, how to transform the guidance into actual, debit/credit accounting procedures and policies.
LECTURING: Robert Mladek has been teaching IFRS since 2002.
He is also the managing director of a foreign-owned company and a consultant
who, among other things, has helped companies prepare for trade sale. Consequently,
he approaches accounting issues practically not only the person responsible
for legislative compliance, but one who must deal with foreign owners or investors
who do not always fully appreciate the nuances of the local business and legal
environments. He received his auditing experience at KPMG in San Francisco,
California, where he also graduated from the University of San Francisco.
SYLLABUS:
• introduction to IFRS
• recognition, measurement, disclosure
• fair value
• cash and short-term investments (basics)
• receivables: contract assets, revenue recognition (amount), examples
• Inventory: recognition, measurement, examples, revenue recognition (timing)
• accruals
• PP&E: recognition, measurement, components, useful life and depreciation
• intangible assets: recognition, measurement, goodwill
• leasing
• liabilities
• equity
• income statement, revenue recognition (services and POC)
• impairment
• optional topics (segments, foreign currencies, financial instruments, etc.).
