International Financial Reporting Standard

Certificate Program Provided by Canadian Institute of Finance and Management International Financial Reporting Standards (IFRS) are a single set of globally accepted high-quality accounting standards. They are issued by the International Accounting Standards Board (IASB) in London, UK. The Board consists of 14 members from around the world. How do IFRS and Canadian GAAP compare? Like Canadian GAAP, International Financial Reporting Standards are generally principles-based. IFRS provide entities with more accounting policy choices, and applying them will require greater use of professional judgment than Canadian GAAP. In some cases, IFRS will lead to the same or similar conclusions as Canadian GAAP. In other areas, however, these standards differ substantially from the equivalent Canadian GAAP, and their effect could be significant. Further, both IFRS and Canadian GAAP include standards which have no equivalents in the other set of standards. What is the transition process? While the full changeover to IFRS will take effect in 2011, some standards are being adopted as part of Canadian GAAP during the period leading up to 2011. For example, standards affecting accounting for inventories, financial instruments, and intangible assets will be adopted before 2011. Companies will therefore need to take the necessary time to identify the anticipated impact on their financial reporting of adopting IFRS and develop effective plans for making the change, in order to meet the requirement to disclose their transition plans in their 2008 annual filing.

International Financial Reporting Standard The areas that will be covered in the event have been designed specifically to take care of the following as highlighted under the objective.

COURSE OBJECTIVES:

Through class discussions, numerous examples, analysis of financial statements and brief cases you will understand:

IFRS in other countries
The IFRS principles
Selection of IFRS accounting policies
Presentations of IFRS Financial Statements
Non-current assets held for sale
Accounting policies
Property, plant and equipment Impairment of Assets (IAS 36)
Revenue recognition
Liabilities and financial assets and liabilities
Lease accounting
Employee benefits
Consolidated financial statements
Foreign currency transactions and balances
Business combinations and intangible assets
First-time adoption of IFRS
Application of IFRS in specialised industries

About The Training Provider: Canadian Institute of Finance and Management