Training Course on International Financial Reporting Standards (AFC007)
Training Course on International Financial Reporting Standards
The International Financial Reporting Standards (IFRS) course offers a comprehensive exploration of the principles, concepts, and practical applications of global financial reporting standards. Upon completion of the course, participants will gain a solid understanding of IFRS principles and their application, enabling them to prepare and interpret financial statements in accordance with international standards, thereby enhancing their professional competency and credibility in the global marketplace.
Course Duration
Online Training: 5 days (4hrs per day)
Classroom Training: 5 days (7hrs per day)
Course Objectives
By the end of the training, participants will have achieved the following:
- Develop a thorough understanding of the International Financial Reporting Standards (IFRS), including the setting process, current standards, and recent updates, ensuring a solid foundation in global financial reporting principles.
- Gain hands-on experience in applying IFRS principles to prepare financial statements, including correctly presenting components and ensuring minimum disclosures across various financial statements.
- Evaluate the impact of newly issued standards on organizational financial reporting practices, enabling participants to adapt effectively to evolving regulatory requirements.
- Enhance professional judgment skills to assess and properly account for transactions affecting current and non-current assets and liabilities, revenues, and expenses, ensuring accurate and compliant financial reporting.
- Develop critical thinking skills to analyze complex or non-recurrent business transactions and apply IFRS principles effectively, fostering confidence and competence in navigating challenging financial reporting scenarios.
Organisational Impact
Organizations whose staff attend this training will benefit from:
- Improved Financial Reporting Compliance – Accurate preparation of financial statements in line with IFRS requirements, reducing regulatory and audit risks.
- Enhanced Financial Transparency – Clearer disclosures and improved presentation of financial instruments, increasing stakeholder confidence.
- Stronger Risk Management Practices – Better implementation of impairment models (Expected Credit Loss – ECL) and hedge accounting frameworks.
- Improved Financial Decision-Making – Reliable financial data that supports strategic and operational decisions.
- Smooth Transition to Updated Standards – Structured approach to adopting IFRS 9 and other amendments with minimal disruption.
- Reduced Audit Findings and Restatements – Stronger understanding of classification, measurement, and de-recognition principles.
- Global Reporting Alignment – Enhanced comparability with international organizations and investors.
- Strengthened Internal Controls – Improved financial reporting processes and documentation standards.
- Increased Organizational Credibility – Demonstrated commitment to international best practices in financial reporting.
Personal Impact
Participants will gain:
- Comprehensive IFRS Knowledge – Strong understanding of IFRS principles, structure, and regulatory framework.
- Practical Application Skills – Hands-on ability to classify, measure, and present financial instruments accurately.
- Enhanced Professional Judgment – Improved ability to assess complex transactions and apply IFRS standards appropriately.
- Technical Expertise in IFRS 9 – Deep understanding of financial asset/liability classification, impairment (ECL model), and hedge accounting.
- Improved Analytical Skills – Confidence in interpreting financial statements prepared under IFRS.
- Transition Management Skills – Knowledge to support or lead IFRS transition projects.
- Greater Career Opportunities – Increased professional credibility in accounting, auditing, banking, finance, and multinational environments.
- Global Competence – Readiness to operate in international financial reporting environments.
Course Outline
Module 1: Introduction to IFRS 9
- Overview of International Financial Reporting Standards (IFRS)
- Historical context and need for IFRS 9
- Structure and objectives of IFRS 9
- Comparison with IAS 39
Module 2: Classification and Measurement of Financial Assets
- Criteria for classification: amortized cost, fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVTPL)
- Measurement of financial assets at initial recognition and subsequent measurement
- De-recognition of financial assets
Module 3: Classification and Measurement of Financial Liabilities
- Criteria for classification: amortized cost and fair value through profit or loss
- Measurement of financial liabilities at initial recognition and subsequent measurement
- De-recognition of financial liabilities
Module 4: Hedge Accounting under IFRS 9
- Overview of hedge accounting
- Types of hedging relationships: fair value hedges, cash flow hedges, and hedges of a net investment in a foreign operation
- Documentation and effectiveness testing
- Hedge accounting for macro hedging
Module 5: Impairment of Financial Assets
- Introduction to the Expected Credit Loss (ECL) model
- Assessing credit risk and determining impairment
- Practical application of impairment calculations
- Accounting for changes in credit risk
Module 6: Disclosures and Presentation
- Presentation of financial instruments in the statement of financial position and statement of comprehensive income
- Disclosures for financial instruments
- Enhancing transparency for users of financial statements
Module 7: Transition to IFRS 9
- Transition requirements and methods
- Practical considerations and challenges during the transition process
- Case studies and real-world examples of successful transitions
Module 8: Case Studies and Practical Applications
- Applying IFRS 9 principles to real-world scenarios
- Analyzing case studies to reinforce understanding
- Group discussions on practical challenges and solutions
Module 9: Recent Updates and Future Developments
- Overview of any recent amendments to IFRS 9
- Emerging trends and developments in financial reporting
- Implications for future compliance
Note: The specific content, activities, and duration of each session may be adjusted based on the target audience, learning objectives, and available time.
Course Language
English
Training Methodology
The course adopts a practical, technical, and application-focused learning approach, including:
- Interactive Lectures – Clear explanation of IFRS principles, structure, and regulatory updates.
- Standards-Based Walkthroughs – Step-by-step guidance through IFRS 9 requirements.
- Practical Exercises – Hands-on classification, measurement, impairment, and hedge accounting calculations.
- Case Studies – Real-world scenarios to apply IFRS principles to complex transactions.
- Financial Statement Presentation Workshops – Practice in preparing compliant disclosures and presentations.
- Group Discussions – Peer learning on implementation challenges and solutions.
- Transition Simulation Exercises – Practical exploration of IFRS transition strategies.
- Q&A and Technical Clinics – Focused sessions to address participant-specific reporting challenges.
- Recent Updates Briefings – Review of amendments and emerging trends in international financial reporting.
Certification
Upon completion of training, the participant will be issued with a certificate of Completion.
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