IFRS (International Financial Reporting Standards) course is designed to provide individuals with an understanding of the principles and application of IFRS. IFRS is a set of international accounting standards developed by the International Accounting Standards Board (IASB), which provides a common language for financial reporting across borders.
The following is a description of topics covered in an IFRS course:
- Introduction to IFRS: This module covers the history and development of IFRS, the role of the IASB, and the benefits of using IFRS.
- IFRS Framework: This module covers the principles of the IFRS framework, including the qualitative characteristics of financial reporting, the elements of financial statements, and the principles of recognition and measurement.
- Financial Statements: This module covers the preparation and presentation of financial statements under IFRS, including the statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows.
- Revenue Recognition: This module covers the principles of revenue recognition under IFRS, including the principles of control and performance obligations.
- Leases: This module covers the principles of lease accounting under IFRS, including the classification of leases, the recognition and measurement of lease assets and liabilities, and the presentation of lease information in financial statements.
- Financial Instruments: This module covers the principles of financial instrument accounting under IFRS, including the recognition and measurement of financial assets and liabilities, hedge accounting, and impairment.
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We at Iconic Training Institute also cover case studies, practical exercises, and assessments to ensure that individuals can apply the knowledge gained during the course in real-world situations.
Overall, the IFRS course provides individuals with the knowledge and skills needed to understand and apply IFRS principles, and to prepare financial statements in compliance with IFRS. It is particularly useful for accounting and finance professionals who deal with international financial reporting.