International Financial Reporting Standards (IFRS) Course

Introduction

The International Financial Reporting Standards (IFRS) Course is designed to provide professionals with a solid foundation in IFRS, enabling them to understand and apply the standards in the preparation and analysis of financial statements. Developed by the International Accounting Standards Board (IASB), IFRS is now the global benchmark for financial reporting used in over 140 jurisdictions.

This course offers a comprehensive overview of the key IFRS principles, standards, and reporting requirements that govern financial reporting in both public and private sector entities. Participants will explore the structure and scope of IFRS, the conceptual framework for financial reporting, and the application of major standards such as revenue recognition, financial instruments, leases, fair value measurement, and consolidation. Emphasis is placed on understanding how IFRS enhances the quality and comparability of financial information across borders.

Through interactive discussions, practical exercises, and case-based learning, the course bridges theory and real-world application. It examines how to interpret financial statements prepared under IFRS, address common implementation challenges, and assess the impact of IFRS adoption on organizational performance, compliance, and investor confidence. Complex areas such as impairment, deferred taxes, and transition from local GAAP are also covered in a structured and accessible manner.

By the end of the course, participants will have the technical knowledge and practical tools needed to apply IFRS effectively in their roles. The course is ideal for accountants, auditors, finance managers, analysts, regulators, and other professionals involved in the preparation, audit, or interpretation of financial statements within an international or multi-jurisdictional context.

Who should Attend?

This course is ideal for:

·       Accountants and Finance Officers responsible for preparing financial statements in accordance with IFRS.

·       Auditors and Assurance Professionals who review financial reports for compliance with international standards.

·       Chief Financial Officers (CFOs), Controllers, and Financial Managers seeking to align their reporting processes with global best practices.

·       Investment Analysts, Bankers, and Credit Officers who rely on IFRS-compliant financial information for decision-making.

·       Regulators and Government Officials involved in standard setting, financial oversight, or policy implementation.

·       Tax Consultants and Legal Advisors advising on the financial reporting implications of international business transactions.

·       Professionals in Multinational Corporations and NGOs who must consolidate and report under IFRS across different jurisdictions.

Duration

5 days

Course Objectives

By the end of this course the learners should be able to:

• Understand the structure, objectives, and development process of IFRS, including the role of the International Accounting Standards Board (IASB).
• Apply key IFRS standards and principles in the preparation, presentation, and disclosure of financial statements.
• Interpret and analyze financial reports prepared under IFRS to support informed decision-making by stakeholders.
• Differentiate between local Generally Accepted Accounting Principles (GAAP) and IFRS, and manage the transition process where applicable.
• Address complex accounting issues, such as revenue recognition, lease accounting, financial instruments, impairment, and fair value measurement under IFRS.
• Ensure compliance with IFRS reporting requirements, improving transparency, comparability, and investor confidence.
• Utilize the IFRS conceptual framework to guide accounting judgments, policy choices, and financial disclosures.
• Navigate practical implementation challenges and develop strategies for applying IFRS in various industries and jurisdictions.

Course Outline

Module 1: Introduction to IFRS and the Conceptual Framework

• Objectives, scope, and benefits of IFRS adoption
• The role of IASB and IFRS Foundation
• The IFRS Conceptual Framework: elements of financial statements, recognition and measurement principles
• IAS 1: Presentation of Financial Statements
• IAS 8: Accounting Policies, Changes in Accounting Estimates, and Errors

Module 2: Income Recognition Standards

• Principles of income and revenue recognition under IFRS
• IFRS 15: Revenue from Contracts with Customers (replaces IAS 18 and IAS 11)
• Five-step model: identify contracts, performance obligations, transaction price, allocation, and recognition
• Contract costs and disclosure requirements

Module 3: Asset Recognition and Measurement

• IAS 2: Inventories – valuation and cost formulas
• IAS 16: Property, Plant, and Equipment – depreciation, revaluation, and derecognition
• IAS 23: Borrowing Costs – capitalization vs. expensing
• IAS 20: Accounting for Government Grants and Disclosure of Government Assistance
• IAS 38: Intangible Assets – recognition, amortization, and R&D treatment
• IAS 40: Investment Property – cost model vs. fair value model
• IAS 41: Agriculture – fair value measurement of biological assets
• IAS 36: Impairment of Assets – indicators, cash-generating units, and recoverable amounts
• IFRS 6: Exploration for and Evaluation of Mineral Resources

Module 4: Lease Accounting

• IFRS 16: Leases (replaces IAS 17)
• Right-of-use assets and lease liabilities
• Lessee vs. lessor accounting
• Short-term and low-value lease exemptions

Module 5: Liabilities, Provisions, and Employee Benefits

• IAS 37: Provisions, Contingent Liabilities, and Contingent Assets
• IAS 19: Employee Benefits – defined benefit and defined contribution plans
• IFRS 2: Share-Based Payment – equity-settled and cash-settled arrangements
• IAS 12: Income Taxes – current and deferred tax, temporary differences

Module 6: Financial Instruments and Risk Disclosure

• IAS 32: Presentation – classification of debt and equity instruments
• IFRS 9: Financial Instruments – classification, measurement, impairment model
• IFRS 7: Disclosures – nature and extent of financial risks
• (Optional historical context: IAS 39 – legacy standard for comparison)

Module 7: Foreign Currency and Business Combinations

• IAS 21: The Effects of Changes in Foreign Exchange Rates – functional currency and translation
• IFRS 3: Business Combinations – acquisition method, goodwill, and non-controlling interest
• IFRS 10: Consolidated Financial Statements (add this for completeness)
• IFRS 11: Joint Arrangements – joint operations vs. joint ventures
• IFRS 12: Disclosure of Interests in Other Entities

Module 8: Measurement, Valuation, and Fair Value

• IFRS 13: Fair Value Measurement – valuation techniques, hierarchy levels, and disclosures
• Application across assets, liabilities, and disclosures

Module 9: Disclosure and Presentation Standards

• IAS 33: Earnings per Share – basic and diluted EPS
• IFRS 8: Operating Segments – segment identification and reporting
• IFRS 5: Non-current Assets Held for Sale and Discontinued Operations
• IAS 10: Events After the Reporting Period – adjusting and non-adjusting events
• IAS 24: Related Party Disclosures – definitions and required disclosures
• IAS 34: Interim Financial Reporting – content and principles for interim periods

Module 10: Transition to IFRS and First-Time Adoption

• IFRS 1: First-time Adoption of IFRS – transition rules, exemptions, and reconciliations
• Steps for migrating from local GAAP to IFRS
• Common challenges and strategies for smooth adoption

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: training@upskilldevelopment.com Tel: +254 721 331 808

Training Venue

The training will be held at our Upskill Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Upskill certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: training@upskilldevelopment.com, +254 721 331 808

Terms of Payment

Unless otherwise agreed between the two parties payment of the course fee should be done 3 working days before commencement of the training so as to enable us to prepare better.