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.
Upon successful completion of this course, participants will be able to:
- Cite the accounting principles upon which IFRS is based.
- Specify the types of formats in which the balance sheet can be presented, and the circumstances under which different financial statement layouts are required.
- Identify the various sections and line items contained within the statement of cash flows.
- State the circumstances under which control is exercised over an investee.
- Specify the circumstances under which financial statements are restated.
- Cite the indicators of hyperinflation, and when such an environment is no longer considered to exist.
- State the adjustments needed to derive basic earnings per share and diluted earnings per share.
- Identify the proper accounting for revenue in an interim period, and note how the integral view alters the accounting for interim periods.
- State the rules for determining whether a segment of a business is reportable.
- Specify the rules for determining joint control of an entity.
- Identify the circumstances under which an entity is considered to be an associate.
- Specify the factors under which a structured entity is created, and note how to deal with different end dates for the financial statements of subsidiaries.
- State the underlying accounting transactions for the periodic and perpetual inventory systems, as well as the derivation of the gross profit and retail methods.
- Recognize the calculation methods for accelerated depreciation.
- Identify the circumstances under which intangible assets can be accounted for separately.
- State the uses for investment property, as well as the accounting for it.
- Cite the circumstances under which impairment occurs, and the indicators of impairment.
- Recognize the situations when an asset can be designated as held for sale, and the accounting rules that apply to such an asset.
- Identify the types of events that can create a provision.
- Identify the types of post-employment benefit plans, and the accounting for the various types of benefit plans.
- State the impact of stock price volatility on stock options, and the accounting for a compound financial instrument issued to an employee.
- Identify the basis of measurement for a deferred tax asset.
- Specify the criteria used to discern the acquirer in a business combination, and the accounting for contingent consideration.
- State the classification criteria for a financial liability, a hedging instrument, and a financial asset derecognition.
- Specify the circumstances under which the highest and best use concept is employed, and examples of the fair value hierarchy.
- Specify the criteria used to identify a functional currency and a presentation currency.
- Cite the circumstances under which borrowing costs can be capitalized.
- Specify the criteria for designating an entity as a related party.
- Classify events as being after the reporting period or as new events.
- Describe how insurance contracts are to be separated into groups for accounting purposes, as well as the accounting for the initial and subsequent measurement of the contracts.
- Cite the accounting rules for biological assets, and identify the characteristics of these assets.
- State the recognition criteria for a government grant, and recognize the accounting for these grants.
- Recognize the special accounting treatment for regulatory deferral accounts.
- Specify the recordation rules for exploration costs and the indicators for mineral asset impairment testing.
- Specify the types of infrastructure facilities to which a service concession arrangement might apply, as well as the accounting for such an arrangement.
- 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.
- Identify the evaluation criteria for a contract, the components of the transaction price, and when the expected value method should be used.
- Specify 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.
- Specify the accounting for a legal obligation related to harmful products.
- Recognize the situations under which contract liabilities occur, and when disaggregation is used.
- Identify the reasons why a lease can be useful for a lessee.
- Specify the leasing rules related to asset substitution.
- Recall how the 12-month lease exception works.
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