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International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS)
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Education & Development Professional Skills

About This Course

This course covers the essential components of IFRS and IAS standards, with a deep focus on the conceptual framework and practical applications of financial statements, including inventory, taxes, and provisions. The program reviews the mechanisms for recognizing, measuring, and disclosing financial transactions in accordance with the latest amendments for 2024, including coverage of newly introduced standards (such as IFRS 18 and IFRS 19). The course targets accountants, financial managers, and professional certification students (ACCA and SOCPA), aiming to empower them to prepare transparent and high-quality financial reports that enhance institutional performance and comply with global professional requirements.

Course Curriculum

  1. Introduction to the International System: An Overview of the IASB and the Development of Accounting and Financial Reporting Standards
  2. Philosophy of Standards in the Context of Globalization: Objectives of Global Accounting Harmonization and Benefits of Implementing (IFRS) for Companies and Investors
  3. Fundamentals of Accounting Standards: Understanding the Four Elements (Fair Representation, Recognition, Measurement, Disclosure)
  1. Modern List Structures: Profit and Loss Processing and Other Comprehensive Income (OCI)
  2. Accounting Recognition and Classification: Conditions for Recording Assets and Liabilities, and Distinguishing Between Current and Non-Current Items
  3. Indicators of Solvency and Liquidity: The Difference Between Provisions and Reserves and Tools for Measuring the Entity's Solvency Capacity
  1. Initial Inventory Measurement: Determining Purchase Cost
  2. Evaluation and Impairment Methods: Application of FIFO, Weighted Average, and Market Value Decline Management.
  3. Summary and Professional Linking: Review of Course Topics and Their Relation to Professional Fellowship Certifications
  1. Shipping Terms and Goods in Trust: Managing the Transfer of Risks and Benefits in Shipping and Agency Contracts
  2. Energy Costs and Capitalization: Mechanism for Allocating Fixed Costs Using Normal and Actual Capacities
  3. Assessment of Precious Metals: Criteria for Measuring Gold and Silver Inventory and Net Realizable Value
  1. Recognition of Provisions and Liabilities: Distinguishing Between Legal and Contractual Obligations and Registration Requirements
  2. Applications of Practical Allocations: Accounting Treatment for Guarantees, Taxes, and Restructuring
  3. Origins and Potential Liabilities: Disclosure Standards for Uncertain Future Events.
  1. Types of Currencies and Exchange Rates: Functional Currency, Quoted Currency, and the Difference Between Historical Rate and Closing Rate
  2. Cash and Non-Cash Items: Accounting Treatment for Revaluation at the Report Date
  3. Translation of Financial Statements: Preparing Consolidated Statements and Handling Translation Differences in Comprehensive Income.
  1. IFRS 18 New Presentation Standard: Alternative to IAS 1, the Five Expense Categories, and Management Performance Metrics
  2. IFRS 19 Financial Reporting Standard: Simplifying Financial Reporting for Subsidiaries and Resolving Accounting Duplication Issues
  1. Expected Credit Loss Model: Transitioning from Incurred Loss to Expected Loss and the Mechanism for Calculating Default Probability
  2. Practical Application of Provisions: Cases of Debtors, Loans, and Bank Credit Facilities.
  1. Five-Step Model: Mechanisms for Contract Recognition, Performance Obligations, and Transaction Price Allocation
  2. Advanced Application Cases: Accounting Treatment for Guarantees, Installment Sales, and Long-Term Construction Contracts.
  1. Income Tax Standard IAS 12: Deferred Tax Assets and Liabilities Arising from Temporary Differences
  2. The Conceptual Framework and Information Quality: Characteristics of Financial Information (Relevance and Faithful Representation) and Preparation for the DipIFR Qualification.
  1. The Test

Course Requirements

  • Thorough understanding of the fundamental principles of financial accounting and the ability to distinguish between different types of accounting (financial, managerial, cost)
  • Basic knowledge of the components of the main financial statements and how to prepare them (statement of financial position, comprehensive income, cash flows)
  • A strong desire to advance in the career path and to stay updated with regular changes in the international standards environment

Learning outcomes

  • Preparing financial statements: the ability to present financial reports according to the latest standards of 2024, with a precise application of expense structuring in accordance with IFRS 18 requirements
  • Advanced accounting treatments: mastering international standards related to inventory, provisions, contingent liabilities, foreign currency differences, and deferred taxes
  • Revenue recognition: applying the five-step model according to IFRS 15 on customer contracts, installment sales, and construction contracts
  • Managing financial assets: measuring asset impairment and applying the expected credit loss model in accordance with IFRS 9

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