Accounting in accordance with IFRS

Programme

Day 1

IFRS: Structure and content of financial statements

• IAS 1 «Presentation of Financial Statements»
  Purpose, concept and forms of financial statements. The IFRS Conceptual Framework. Elements and qualitative characteristics of financial statements. Forms of financial statements under IFRS. Statement of financial position (balance sheet). Statement of comprehensive income (income statement). Statement of cash flows. Statement of changes in equity. Measurement of the elements of financial statements. Principles of preparing financial statements. Underlying assumptions
• IAS 8 «Accounting Policies, Changes in Accounting Estimates and Errors»
  The concept of accounting policy. Consistency of accounting policy. Changes in accounting policy. Retrospective application. Limitations on retrospective application. Changes in accounting estimates. Prospective application. Prior period errors. Retrospective restatement
• IAS 10 «Events after the Reporting Period»
  The concept of events after the reporting date. Adjusting and non-adjusting events. Dividends declared after the reporting date. Disclosure
• IAS 7 «Statement of Cash Flows»
  The statement of cash flows and its structure. Methods of preparing cash flow information. The direct method. The indirect method. Net cash from investing and financing activities. Financial liquidity. Free cash flows. Cash flows in foreign currency. Cash flows from interest and dividends
• IAS 34 «Interim Financial Reporting»
  The interim financial report. The interim financial period. Minimum components of interim financial statements. Form and content of interim financial statements
• IFRS 1 «First-time Adoption of International Financial Reporting Standards»
  Purpose and scope of IFRS 1 «First-time Adoption of IFRS». Stages of transition to IFRS. Accounting policy. Estimates. Identifying financial assets or financial liabilities. The opening IFRS balance sheet. Applying certain standards only after transition to IFRS (prospectively). Mandatory and optional exemptions from the requirement to apply IFRS retrospectively

Day 2

Presentation of non-current assets in financial statements under IFRS

• IAS 16 «Property, Plant and Equipment»
  The concept of property, plant and equipment. Recognition and measurement. Special measurement conditions. Cost of property, plant and equipment. Depreciable, carrying, fair and residual value of property, plant and equipment. Recoverable amount. Useful life. Measurement after initial recognition. Revaluation of property, plant and equipment. The cost model. The revaluation model. Method of eliminating accumulated depreciation. The concept of depreciation. Depreciation methods. Disposal of property, plant and equipment
• IAS 23 «Borrowing Costs»
  Core principle. Benchmark and alternative treatment. Amount of borrowing costs eligible for capitalisation. Period and specifics of capitalisation. Procedure for calculating capitalised borrowing costs. Disclosure
• IAS 38 «Intangible Assets»
  The concept of intangible assets, their recognition and measurement. Key definitions. Identifiability, control. Amortisation of intangible assets. Useful life. Separate acquisition. Acquisition as part of a business combination. Measurement after initial recognition. Types of identifiable intangible assets. Internally generated intangible assets. Amortisation of an intangible asset. Derecognition of an intangible asset. Disclosure
• IAS 40 «Investment Property»
  The concept of investment property: recognition and measurement at recognition. Initial measurement. Measurement after recognition: two models of accounting for investment property (fair value or cost). Reclassification of investment property. Disposal of investment property. Disclosure
• IAS 36 «Impairment of Assets»
  Key definitions. Active market, carrying amount, cash-generating unit, corporate assets. Identifying an asset that may be impaired. The process of determining an impairment loss. Recognising impairment losses. Reversing an impairment loss. Calculating the recoverable amount of an asset. Cash-generating units and goodwill. Timing of impairment tests. Corporate assets. Disclosure

Day 3

Measurement of working capital in financial statements under IFRS

• Highly liquid assets:
  • Cash and cash equivalents
  • Trade receivables. Creating an allowance for doubtful debts
  • Trading securities portfolio
• IFRS 9 «Financial Instruments»
  The new model for classifying financial assets
  Measuring financial assets at amortised cost. Measuring financial assets at fair value: two categories. Reclassification of financial assets upon a change in «business model»
  Impairment of financial assets. The expected loss model
• IAS 21 «The Effects of Changes in Foreign Exchange Rates». Key definitions. Measurement at the reporting date. Monetary and non-monetary items
• IAS 2 «Inventories»
  Objective of IAS 2. Definition. Measurement. Measuring inventories at cost. Measuring inventories at net realisable value. Methods of determining net realisable value. Special sales agreements. Sales with a repurchase agreement. Sales with a high rate of returns. Instalment sales. Specifics of writing down to net realisable value in various industries. Methods of determining cost. Methods of calculating the cost of inventories at actual cost. Additional information on measuring and accounting for inventories. Financial statement disclosures
• IFRS 5 «Non-current Assets Held for Sale and Discontinued Operations». Classifying non-current assets as held for sale and measuring them. Recognising impairment losses. Changes to a plan of sale. The concept of discontinued operations and their presentation. Continuing operations. Updating discontinued operations figures
• Current liabilities:
  • Trade payables
  • Short-term borrowings and the current portion of long-term liabilities
  • Accrued liabilities
  • Advances received from customers
• IAS 19 «Employee Benefits». Employee benefits and their composition: short-term benefits, post-employment benefits, other long-term benefits, termination benefits. Benefit plans. Post-employment benefit plans. Defined contribution plans. Defined benefit plans. Actuarial assumptions
• IAS 37 «Provisions, Contingent Liabilities and Contingent Assets»
  Key definitions. Liabilities and their characteristics. Obligating event. Contingent liability. Constructive obligation. Contingent assets. Provisions and other liabilities. Best estimate. Environmental provision. Restructuring provision. Disclosure

Day 4

Liabilities and Equity. Statement of comprehensive income

• IFRS 16 «Leases»
  Scope. Key definitions. Changes in lease classification. Measuring the liability and lessee accounting. Depreciation period. The effective interest method. Depreciation methods. Disclosures. Presentation of leases in the lessor's financial statements
• IAS 12 «Income Taxes»
  The concepts of accounting and taxable profit, temporary differences (taxable and deductible), deferred tax liabilities. Income tax expense. Current income tax payable. Deferred tax assets and liabilities
• IFRS 9 «Financial Instruments»
  Classification of financial liabilities. Determining the effective interest rate on borrowings. Long-term borrowings. Accounting for issued bonds. Compound financial instruments
  Equity instruments. Structure of paid-in capital. Treasury shares
• IFRS 15 «Revenue from Contracts with Customers». Concepts behind the adoption of the new standard. Scope. Introduction of new terms. The single 5-step revenue recognition model. Recognising revenue at a point in time. Conditions for recognising revenue over time. Specifics of applying IFRS 15 in various industries
• IAS 20 «Accounting for Government Grants and Disclosure of Government Assistance»
  Government assistance, government grants. Grants related to assets. Grants related to income. Forgivable loans. Methods of accounting for government grants. Repayment of government grants. Disclosure
• IAS 21 «The Effects of Changes in Foreign Exchange Rates». Key definitions. Exchange differences
• IFRS 5 «Non-current Assets Held for Sale and Discontinued Operations»
  The concept of discontinued operations and their presentation. Continuing operations. Updating discontinued operations figures
• The Conceptual Framework and IAS 1 «Presentation of Financial Statements»
  Underlying assumption: the accrual basis. Definition of income and expenses. Two approaches to classifying expenses. Statement of comprehensive income (income statement). The multi-step format