Self-Study
23
Overview
Accounting
There are no prerequisites.

Course Description

International Financial Reporting Standards (IFRS) are used as the basis for financial reporting. The original IFRS documents are lengthy and difficult to research. The IFRS Guidebook solves this problem by condensing the key elements of IFRS into a single volume. This course describes the key elements of each accounting topic, how accounting information is to be disclosed, and where to look in the IFRS source documents for additional information. The text contains hundreds of practical examples that show how to apply IFRS to real-world situations, as well as sample journal entries and usage tips. In short, the IFRS Guidebook serves as a handy reference for accountants who need quick answers to difficult problems.



Instructor

Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.

Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).



Course Specifics

Accounting
Jan 26, 2018
There are no prerequisites.
SS1183358
495
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Cite the accounting principles upon which IFRS is based.

Chapter 2

  • Note the types of formats in which the balance sheet can be presented, and the circumstances under which different financial statement layouts are required.

Chapter 3

  • Identify the various sections and line items contained within the statement of cash flows.

Chapter 4

  • State the circumstances under which control is exercised over an investee.

Chapter 5

  • Note the circumstances under which financial statements are restated.

Chapter 6

  • Cite the indicators of hyperinflation, and when such an environment is no longer considered to exist.

Chapter 7

  • State the adjustments needed to derive basic earnings per share and diluted earnings per share.

Chapter 8

  • Identify the proper accounting for revenue in an interim period, and note how the integral view alters the accounting for interim periods.

Chapter 9

  • State the rules for determining whether a segment of a business is reportable.

Chapter 10

  • Note the rules for determining joint control of an entity.

Chapter 11

  • Identify the circumstances under which an entity is considered to be an associate.

Chapter 12

  • Note the factors under which a structured entity is created, and note how to deal with different end dates for the financial statements of subsidiaries.

Chapter 13

  • State the underlying accounting transactions for the periodic and perpetual inventory systems, as well as the derivation of the gross profit and retail methods.

Chapter 14

  • Recognize the calculation methods for accelerated depreciation.

Chapter 15

  • Identify the circumstances under which intangible assets can be accounted for separately.

Chapter 16

  • State the uses for investment property, as well as the accounting for it.

Chapter 17

  • Cite the circumstances under which impairment occurs, and the indicators of impairment.

Chapter 18

  • Recognize the situations when an asset can be designated as held for sale, and the accounting rules that apply to such an asset.

Chapter 19

  • Identify the types of events that can create a provision.

Chapter 20

  • Identify the evaluation criteria for a contract, the components of the transaction price, and when the expected value method should be used.
  • Note the treatment of a payment made with a noncash asset.
  • Identify the content of a refund liability account.
  • Recognize when a contract modification can be accounted for as a separate contract.
  • Recognize the accounting treatment pertaining to customer acceptance clauses, rights to acquire additional goods, asset repurchases, and breakage.
  • Note the accounting for a legal obligation related to harmful products.

Chapter 21

  • Identify the types of post-employment benefit plans, and the accounting for the various types of benefit plans.

Chapter 22

  • State the impact of stock price volatility on stock options, and the accounting for a compound financial instrument issued to an employee.

Chapter 23

  • Identify the basis of measurement for a deferred tax asset.

Chapter 24

  • Note the criteria used to discern the acquirer in a business combination, and the accounting for contingent consideration.

Chapter 25

  • State the classification criteria for a financial liability, a hedging instrument, and a financial asset derecognition.

Chapter 26

  • Note the circumstances under which the highest and best use concept is employed, and examples of the fair value hierarchy.

Chapter 27

  • Note the criteria used to identify a functional currency and a presentation currency.

Chapter 28

  • Cite the circumstances under which borrowing costs can be capitalized.

Chapter 29

  • Identify the reasons why a lease can be useful for a lessee.
  • Note the leasing rules related to asset substitution.
  • Recall how the 12-month lease exception works.

Chapter 30

  • Note the criteria for designating an entity as a related party.

Chapter 31

  • Classify events as being after the reporting period or as new events.

Chapter 32

  • State the intent behind the liability adequacy test and note the impairment rules for a reinsurance contract.

Chapter 33

  • Cite the accounting rules for biological assets and identify the characteristics of these assets.

Chapter 34

  • State the recognition criteria for a government grant and recognize the accounting for these grants.

Chapter 35

  • Recognize the special accounting treatment for regulatory deferral accounts.

Chapter 36

  • Note the recordation rules for exploration costs and the indicators for mineral asset impairment testing.

Chapter 37

  • Note the types of infrastructure facilities to which a service concession arrangement might apply, as well as the accounting for such an arrangement.

Chapter 38

  • Identify the relevant accounting for the hedge of a net investment in a foreign operation, as well as the liabilities associated with the Directive on Waste Electrical and Electronic Equipment, and the recognition criteria for non-cash payments to owners.


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hard copy
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Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

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