IFRS Full Course: 2024-2025 Curriculum

Understanding IFRS: A Comprehensive Guide for Professionals and Students

This course provides a thorough exploration of International Financial Reporting Standards (IFRS), the globally recognized accounting framework used by businesses worldwide to ensure transparent and comparable financial reporting. Designed for both professionals seeking to enhance their expertise and students learning about international accounting, this course covers a wide range of IFRS standards, from foundational concepts to complex applications. Gain practical insights and a deep understanding of navigating the world of international accounting.

Introduction to IFRS

This section lays the groundwork for understanding IFRS, beginning with an overview of the IFRS framework and its significance in the global financial landscape. We'll explore the history of IFRS, its evolution, and its importance in fostering consistency and transparency across borders. Learn about the fundamental principles of IFRS and how they compare to local Generally Accepted Accounting Principles (GAAP). This section also covers the timeline, requirements, exemptions, and disclosure needs for entities adopting IFRS for the first time.

IFRS 1 - First-time Adoption of IFRS

This module focuses on IFRS 1, specifically addressing the process for entities transitioning from local accounting standards to IFRS. We'll delve into the scope and objectives of IFRS 1, including exemptions and required disclosures. Learn how to handle differences between local and IFRS standards, understand the impact on various financial assets and liabilities, and analyze real-world examples of IFRS adoption.

IFRS 2 - Share-based Payment

Explore IFRS 2, covering the accounting for share-based payments to employees and other stakeholders. This section details the principles of equity-settled and cash-settled payments, the importance of grant dates and vesting conditions, and how these affect the valuation of awards. We'll also examine the implications of modifications, cancellations, and settlement of awards, along with required disclosures.

IFRS 3 - Business Combinations

This section examines IFRS 3, focusing on the accounting for business combinations. Learn about key definitions like business combinations and goodwill, and the process of accounting for acquisitions from the acquisition date onwards. We'll cover the measurement of non-controlling interests, contingent considerations, and indemnification assets, and explore the calculation and allocation of goodwill.

IFRS 4 - Insurance Contracts

A crucial section on IFRS 4, dedicated to the accounting for insurance contracts. Understand the recognition and measurement of insurance liabilities, embedded derivatives, and unbundling scenarios. Explore the Liability Adequacy Test (LAT), impairment issues, and the impact of changes in accounting policies. We'll also discuss required disclosures related to insurance contracts.

IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations

This section delves into IFRS 5, covering the classification and measurement of non-current assets held for sale and discontinued operations. Learn the criteria for classifying assets for sale, the accounting implications, and the treatment of impairment losses. We'll also explore required disclosures for discontinued operations.

IFRS 6 - Exploration for and Evaluation of Mineral Resources

Focus on IFRS 6, addressing the specific accounting challenges related to exploration for and evaluation of mineral resources. Understand the recognition and measurement criteria for exploration assets, impairment considerations, and required disclosures. Practical examples will illustrate how to account for exploration expenditures.

IFRS 7 - Financial Instruments: Disclosures

This section covers IFRS 7, focusing on the disclosure requirements for financial instruments. Learn about the fair value hierarchy and how to apply valuation techniques to measure financial instruments. We'll explore qualitative and quantitative risk disclosures, including liquidity risk, market risk, and credit risk.

IFRS 8 - Operating Segments

Learn about IFRS 8, which provides guidance on the disclosure of information about a company’s operating segments. Understand how to identify segments, the criteria for reporting segment revenues, profits, assets, and liabilities, and the required disclosures in interim financial statements.

IFRS 9 - Financial Instruments

This section explores IFRS 9, focusing on the classification, measurement, and impairment of financial instruments. Learn about the different categories of financial assets, the expected credit loss (ECL) model, and the hedge accounting framework. Real-world examples will demonstrate the practical application of IFRS 9.

IFRS 10 - Consolidated Financial Statements