IFRS® Accounting Standards, Amendments, and IFRIC® Update

Changes to the International Financial Reporting Standards

2 Day Training

Dates: 21 – 22 October 2024 | 17 – 18 February 2025
Locations: Grayston Ridge Office Park, Sandton
Platform: Available In-Class / Online

Price: Available on Request

Course Introduction

The “IFRS® Accounting Standards, Amendments, and IFRIC®” workshop is designed to provide private and public reporting entities with a comprehensive understanding of the recent changes to accounting reporting standards, released by the International Accounting Standards Board (IASB) in June 2023. This two-day workshop will delve into the key updates, amendments, and IFRIC interpretations, equipping participants with the knowledge and skills required to implement these changes effectively. The program is structured to facilitate a deep understanding of the modifications while emphasizing practical application through real-world examples and case studies. Participants will engage in a dynamic learning environment that combines theoretical concepts with interactive activities, ensuring a thorough grasp of the revised IFRS standards.

Course Objectives

By the end of this IFRS® Accounting Standards, Amendments, and IFRIC® Update workshop, participants will be able to:

Interpret and apply the latest amendments to IFRS accounting standards.
Analyze the impact of rate-regulated activities on financial reporting.
Implement the equity method in accordance with the updated standards.
Comprehend the changes to primary financial statements and their implications.
Navigate the key aspects of the second comprehensive review of IFRS for SMEs.
Apply disclosure requirements for subsidiaries without public accountability.

Upon completing the workshop, participants will have acquired the skills to:

Accurately identify and address changes in the IFRS standards.
Effectively account for rate-regulated activities and assess their financial implications.
Apply the equity method in reporting investments and joint ventures.
Prepare primary financial statements that align with the updated standards.
Implement the second comprehensive review of IFRS for SMEs in applicable contexts.
Apply appropriate disclosure practices for subsidiaries without public accountability.

Who should attend?

This IFRS® Accounting Standards, Amendments, and IFRIC® Update workshop is suitable for accounting and finance professionals, financial analysts, auditors, and professionals responsible for financial reporting in both private and public reporting entities.

Training Methodology

Our diverse instructional approaches ensure effective learning:

– Lectures & Presentations: Engage with expert-driven, stimulating content.
– Course Material: Access well-crafted supporting resources.
– Group Work: Collaborate on discussions and case studies for practical insights.
– Workshops & Role-Play: Participate in immersive, scenario-based activities.
– Practical Application: Focus on applying theoretical knowledge in real situations.
– Post-Training Support: Receive extensive support after training for skill implementation.

Training Outline

Rate-regulated Activities (Agenda Paper 9)
Understanding the concept of rate regulation
Implications of rate-regulated activities on financial reporting
Application of updated standards to rate-regulated entities

Equity Method (Agenda Paper 13)
Overview of changes to equity method accounting
Practical application of equity accounting for investments and joint ventures

III. Primary Financial Statements (Agenda Paper 21)

Exploring changes in presentation and classification of primary financial statements
Impacts on income statement, balance sheet, and statement of cash flows
Second Comprehensive Review of IFRS for SMEs (Agenda Paper 30)
Overview of the review process and key changes
Applying the updated IFRS for SMEs standard to reporting entities
Disclosure Initiative—Subsidiaries without Public Accountability (Agenda Paper 31) a. Disclosures requirements for subsidiaries without public accountability
Practical examples of appropriate disclosure practices