IFRS Update

Overview

Companies reporting under International Financial Reporting Standards (IFRS) continue to face a steady flow of new standards and interpretations. The resulting changes range from significant amendments of fundamental principles to some minor changes from the annual improvements process. The changes will affect different areas of accounting, such as recognition, measurement, presentation and disclosure.  It can be time-consuming and confusing to keep up-to-date on the resulting impact on financial statements and disclosures. This course will provide an executive summary of recent IFRS updates with current and upcoming effective dates.  

Objectives

• Explore where financial statement preparers should focus the most time and attention on now when preparing interim and annual financial statements
• Discover highlights of recently-issued IFRS pronouncements, focusing on changes with upcoming effective dates
• Recognize the most significant accounting and financial reporting changes with future effective dates that entities should be preparing for now

Highlights

• Explore where financial statement preparers should focus the most time and attention on now when preparing interim and annual financial statements, such as: 
  

  o    Costs charged to PP&E in the "testing&" phase
  o    Calculating onerous contract costs
  o    Calculating the 10 percent test for determining substantially different cash flows

• Discover highlights of recently-issued IFRS pronouncements, focusing on changes with upcoming effective dates, such as:
  o    Classification of liabilities as current
  o    Defining accounting estimates