Develop the knowledge and skill related to IFRS which will enable you to prepare consolidated financial statements.

Course Objectives:

At the end of this course, the participants should be able to

• Apply IFRS when preparing final accounts.

Target Audience:

Accounting managers, chief and senior accountants working in the preparation of financial statements, and internal auditors

• International Financial Reporting Standards (10), (11) and (12).
• Preparation of financial reports in accordance with international standards

Course Methodology:

This training course will be carried out through the use of best practices and the right combination of engaging and purposeful tools such as:

• Case studies and practical exercises
• Workshops and group activities
• Interactive discussions
• Brainstorming
• Energizing team competitions
• Presentations
• Learning games

Definitions

• Holding company
• Subsidiary
• Group
• Power
• Relevant activities
• Consolidated Financial Statements
• The control
• Non-controlling interest

Conceptual framework for financial reporting

• The Objective of General Purpose Financial Reporting.
• Qualitative Characteristics of Useful Financial Information
• Financial Reports
• Elements of financial statements
• Recognition and Derecognition
• Measurement
• Presentation and Disclosure

IFRS 10

• The objective of the standard and the requirements to achieve it.
• Scope
• Investor's control of the investee
• Power over the work of an investee
• Returns
• Link between power and returns
• Accounting requirements
• Non–controlling interests
• Loss of control
• Determining whether an entity is an investment entity

IFRS 11

• The objective of the standard and the requirements to achieve it.
• Scope
• Joint arrangements
• Joint control
• Types of joint arrangement
• Financial statements of parties to a joint arrangement
• Joint operations
• Joint ventures
• Separate financial statements

IFRS 12

• The objective of the standard and the requirements to achieve it.
• Scope
• Significant judgements and assumptions
• Investment entity status
• Interests in subsidiaries
• The interest that non–controlling interests have in the group’s activities and cash flows
• The nature and extent of significant restrictions
• Consequences of changes in a parent’s ownership interest in a subsidiary that do not result in a loss of control
• Consequences of losing control of a subsidiary during the reporting period
• Interests in unconsolidated subsidiaries
• Risks associated with an entity’s interests in joint ventures and associates