Program Outline

I. Introduction
Before you can understand the specifics of different IFRS reporting requirements, it is essential that you understand the environment in which IFRS standards are set.

A. Brief History of the International Accounting Standards Board (IASB)
B. Structure of International Financial Reporting Standards (IFRS) standard-setting
    1. International Accounting Standards Committee Foundation
    2. International Accounting Standards Board
    3. International Accounting Standards Interpretation Committee
    4. Standards Advisory Committee
C. Standards development process
    1. IASB “due process” requirements
    2. Transparency & accessibility
    3. Public meetings
    4. Extensive consultation
    5. Responsiveness
    6. Accountability
D. IFRS adoption & global recognition
E. IFRS Authoritative Literature & IFRS GAAP Hierarchy
    1. IFRS and appendices when part of a Standard
    2. Interpretations issued by IFRIC
    3. Appendices when NOT part of the Standard
    4. Implementation guidance
    5. Conceptual framework
    6. Pronouncements of other standards setters
F. US Securities & Exchanges Commission “IFRS Roadmap”
    1. Elements of Rule Proposal
    2. Potential time frame for US adoption

II. Conceptual Framework
The IFRS conceptual framework provides the IASB and users of the standards with the underlying concepts on which all of IFRS relies. An understanding of these concepts, the unique role of the conceptual framework in IFRS authoritative literature and how these may differ from those underlying US GAAP is critical for US companies adopting IFRS.

A. Objectives of financial statements
B. Qualitative characteristics
    1. Understandability
    2. Relevance & reliability
    3. Comparability
C. Elements of financial statements
    1. Assets
    2. Liabilities
    3. Equities
    4. Revenues & income
    5. Expenses
D. Recognition and measurement principles
E. Concepts of capital and capital maintenance
    1. Financial concept of capital
    2. Physical concept of capital
    3. Effective of choice of concept on financial reporting

III. Presentation & Accounting Policies (IAS 1 & IAS 8)
IFRS both expands the options for presentation of information in a complete set of financial statements and places some new constraints on US reporting companies. This module explains these choices and constraints so that you can begin assessing your companies financial reporting needs in an IFRS context.

A. Overall considerations
    1. Fair presentation, including “true & fair view” override
    2. Going concern
    3. Accrual basis
    4. Consistency
    5. Materiality & aggregation
    6. Offsetting
    7. Comparative information
B. Complete set of financial statements
    1. Statement of Comprehensive Income
    2. Statement of Financial Position (by nature or function)
    3. Statement of Cash Flows (classification of interest & dividends)
    4. Statement of Changes in Shareholders’ Equity
    5. Note Disclosures, including accounting policies
    6. Differences from US GAAP
C. Changes in Accounting Policies
    1. Retrospective application
    2. Exceptions to retrospective application
    3. Distinguished from changes in estimate
    4. Distinguished from error correction
    5. Some IFRS 1 First Time Adoption exemptions & exceptions
D. IFRS 5 Non-Current Assets Held for Sale & Discontinued Operations
    1. Reclassification
    2. Impairment Testing

IV. Assets
IFRS introduces new asset classes & models for measurement of assets after initial recognition in the financial statements. This module will explore these new options and how they could affect your company’s financial statements. IFRS also introduces the concept of reversals of impairment losses.

A. Inventory
    1. Initial recognition & measurement
    2. Subsequent measurement
    3. Impairment testing & measurement
    4. Differences from US GAAP
B. Property Plant & Equipment (IAS 16)
    1. Components approach to initial recognition & measurement
    2. Subsequent measurement models
        a. Cost
        b. Revaluation
        c. Derecognition
        d. Differences from US GAAP
C. Investment Properties (IAS 40)
    1. Land & buildings held for rental and/or capital appreciation
    2. Separate asset class under IFRS
    3. Initial recognition & measurement
    4. Subsequent measurement models
        a. Cost
        b. Fair Value
    5. Transfers to/from other asset classes
    6. Differences from US GAAP
    7. Derecognition
D. Intangible Assets (IAS 38)
    1. Acquired & Internally-developed intangibles
    2. Initial recognition & measurement
    3. Subsequent measurement models
        a. Cost
        b. Revaluation with active market
    4. Derecognition
    5. Differences from US GAAP
E. Impairment of Long-lived Assets (IAS 36)
    1. Testing
    2. Measurement
    3. Reversals impairment losses
    4. Differences from US GAAP
F. Investments in Securities of Other Companies
    1. Basics of investments in Financial Assets (IAS 34, 39, IFRS 7)
    2. Investments in Associates (IAS 28)
    3. Investment in Joint Ventures (IAS 31)
    4. Business Combinations (IFRS 3)
    5. Consolidation (IAS 29)
    6. Differences from US GAAP
G. Biological assets & agriculture (IAS 41)

V. Liabilities
This module covers some of the more frequent liabilities that companies recognize and introduces the concept of a constructive obligation.

A. Provisions (IAS 37)
    1. Recognition & measurement issues
    2. Liabilities
    3. Provisions
    4. Constructive obligations
    5. Contingencies
    6. Onerous contracts
    7. Restructurings
    8. Disclosures
    9. Differences from US GAAP
B. Employee Benefits (IAS 19)
    1. Recognition & measurement issues
    2. Short-term benefits
    3. Post-employment benefits
    4. Termination benefits
    5. Disclosures
    6. Differences from US GAAP
C. Income Taxes (IAS 12)
    1. Recognition & measurement
    2. Asset & liability approach
    3. Disclosures
    4. Differences from US GAAP

VI. Revenue Recognition (IAS 18) & Construction Contracts (IAS 11)
Nowhere is the “principles-based” nature of IFRS more evident than revenue recognition. This module will cover the principles to be applied in determining when to recognize and how to measure revenue under IFRS.

A. Sales of goods
B. Rendering of services
C. Interest, dividends & royalties
D. Percentage of completion method for revenue recognition
E. Criteria for segmenting & combining contracts

VII. IFRS 1 First Time Adoption
Companies electing or required to adopt IFRS must apply the requirements of IFRS 1 in preparing their first set of IFRS-compliant financial statements. IFRS 1 also provides relief from certain requirements of standards when retrospective application of an IFRS would otherwise be required. This module will explain the process of converting from US GAAP to IFRS and what options you could elect to make this transition easier.

A. Preparing to adopt IFRS
B. Required standard for companies adopting IFRS
C. Definition of “first time adopter”
D. Date of transition
E. Opening “balance sheet”
F. Exemption from retrospective application of change in accounting policy
G. Exceptions to retrospective application of change in accounting policy