Its time to give some thought to how we account for the business transactions we enter into or those that we are tasked with auditing.
Are you perhaps in the habit of treating transactions or interpreting them in a particular way, without confirming your understanding of the treatment against the underlying accounting standards?
We want to help you cement your understanding of the IFRS recognition, measurement and disclosure requirements with a very high-level overview of several IFRS/IAS standards that deal with transactions, balances and disclosure events that tend to be commonplace in business, as should be represented in a set of business financial statements. Let’s get the basics right.
We will spend between 20 to 30 minutes on each standard / topic listed further down below:, and our goal is to:
• Help you better identify when a particular standard is relevant to a transaction i.e., we’ll briefly consider scoping and definitions
• Simplify recognition criteria
• Clarify initial and subsequent measurement
• Provide a summary of disclosure (this will not be discussed in depth)
Topics Covered:
• General:
o IFRS – IAS 1 Presentation of Financial Statements
o IFRS – IAS 7 Cash Flow Statement
o IFRS – IAS 8 Accounting Policies Changes in Estimates and Errors o IFRS – IAS 10 Events After Year-End
• Assets: o IFRS – IAS 16 Property, Plant and Equipment PPE
o IFRS – IAS 36 Impairment of Assets
o IFRS – IAS 2 Inventories
o IFRS 9 Financial Instruments
• Liabilities:
o IFRS - IAS 37 Provisions
o IFRS 16 Leases
• Income Statement:
o IFRS 15 Revenue
o IFRS – IAS 19 Employee Benefits
• Disclosure:
o IFRS – IAS 24 Related Parties Disclosure.
The following individuals will benefit from attending this one-day courses
• Investment managers
• Financial accountants and managers
• Auditors
• Bookkeepers
• Audit managers and partners
• Engagement Quality Control Reviewers, and
• Third, Fourth and Fifth-year SAICA trainees.
