International Financial Reporting Standards
International Financial Reporting Standards (IFRS) has become the basis for the preparation of financial statements of large and medium sized entities in a lot of counties, which creates a need for an increasing group of professionals to gain knowledge and experience of these standards, as the number of countries adopting IFRS continues to increase. The goal with IFRS is to make international comparison as easy as possible. This comparability has been difficult because each country has its own set of rules. Synchronising accounting standards across the globe is an ongoing process in the international accounting community. IFRS is becoming real and widespread and companies are looking for solutions to overcome their challenges and dilemmas while learning lessons of its proper implementation. The aim of IFRS is to ensure that companies’ financial statements provide high quality, transparent and comparable information to users of financial statements. Businesses must demonstrate that their financial reporting standards are under control or risk damaging their reputation before investors. The coronavirus pandemic has created lots of uncertainty for businesses impacting many areas in financial reporting for entities. The obvious areas, include going concern uncertainties, fair value measurements and impairments, which are expected to be commonplace in 2020 financial statements. Whilst we are also embedding the latest IFRSs, there may be increased judgement in these unprecedented times. This course will look at some of the challenges within some IFRSs that may arise from COVID-19, and it will help you master the implementation and application of the new changes to the IFRSs. The participation of delegates is encouraged and they are also invited to bring their own cases and discuss the issues they face in applying the standards.