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Accounting in accordance with International Financial Reporting Standards

EDUCATIONAL PROGRAM

the discipline of certification

"Accounting in accordance with International Financial Reporting Standards"

Module 1. BASIS OF PREPARATION AND PRESENTATION OF FINANCIAL REPORTS

Theme 1. IFRS 1 "Presentation of Financial Statements"

Explain the nature and purpose of the conceptual framework;
learn to understand the "Principles of Preparation and Presentation of Financial Statements";
examine the objective of financial reporting and the qualitative characteristics;
Describe the structure and content of the profit and loss account;
learn to identify items in the accounts, details of which shall be separately disclosed and the approach to their accounts;
learn how to make a profit and loss account in accordance with the requirements of IFRS;
learn how to prepare and explain the content and purpose of the statement of changes in equity / statement of recognized income and comprehensive income

  • principles of preparation of financial statements;
  • Requirements for the presentation of financial statements;
  • Recommendations on the structure and minimum requirements for its content;
  • The disclosure of information in the notes to the financial statements.

Lecture 1 hour
Seminar 1 hour

Theme 2. IFRS 1 "First application of International Financial Reporting Standards "

Learn to describe the procedure for applying IFRS organization for the first time;
understand the necessity of opening balances of balance according to IFRS and recognize the problems associated with the restatement of comparative information;
Learning to recognize that the provisions of separate standards should be applied only after the transition to IFRS (prospectively) - good to know exceptions and exemptions from the requirement to apply IFRS retrospectively;
Discuss practical issues that organizations should be addressed in the application of IFRS for the first time.

  • First time application of IFRS;
  • Opening balance sheet under IFRS;
  • Presentation and disclosure (comparative information).

Lecture 1 hour
Seminar 1 hour

Theme 3. IFRS 8 "Accounting Policies, Changes in Accounting Estimates and Errors"

Learning how to determine the circumstances when it is justified by a change in accounting policy;
Learning how to define adjustments in respect of prior periods and error, as well as to take into account the correction of errors and the implications of the revised accounting policies;
Learn to distinguish between changes in accounting policies from changes in accounting estimates.

  • The criteria for selecting and changing accounting policies;
  • The accounting treatment and disclosure of changes in accounting policies;
  • Changes in accounting estimates and corrections of errors;
  • The disclosure of information.

Lecture 1 hour
Seminar 1 hour

Theme 4. IFRS 7 "Statement of Cash Flows"

Examine the needs for this form of reporting, as statement of cash flows, and evaluate the usefulness of info presentation;
Learn how to prepare a report of cash flows, together with the relevant notes to the separate organization in accordance with IFRS 7.

  • The benefits of information on cash flow;
  • The methods of reporting cash flows by type of activity;
  • The movement of funds in foreign currency;
  • Interest and dividends;
  • Non-cash transactions;
  • The disclosure of information.

Lecture 1 hour
Seminar 1 hour

Testing online 0.5 hour

Writing test assignment 1 hour

Consultation with teacher on adjustments 2 hours



Module 2. Definition, classification, recognition and measurement ASSETS

Theme 5. IFRS 2 "Inventories"

Learning how to give a definition of "reserves" and "net realizable value";
Learning how to interpret and apply the methods of stock assessment;
Learn the rules of disclosure of holdings in the financial statements in accordance with IFRS 2
Learn to calculate the net realizable value.

  • The classification of inventories;
  • Cost and net realizable value;
  • Methods for estimating inventories;
  • Inventory systems;
  • The disclosure of information.

Lecture 1 hour
Seminar 1 hour

Theme 6. IFRS 16 "fixed assets"

Learning how to determine the value of non-current assets at initial recognition, and distinguish the capital cost from current repair costs;
Learn to describe and explain the rules of IFRS 16 regarding the revaluation of fixed assets;
Learning how to take into account the gains and losses on disposal of assets which revalued, including compensation of impairment losses;
Learn to calculate the amortization of revalued asset and complex assets that contain two or more elements.

  • recognition of fixed assets;
  • Measurement at recognition of fixed assets;
  • Measurement after recognition (model cost model and model of the revaluation);
  • Amortization of fixed assets (methods);
  • Impairment;
  • Write-off of the balance sheet;
  • The disclosure of information

Lecture 1 hour
Seminar 1 hour

Theme 7. IFRS 40 "Investment Property"

Learn the differences in approach to accounting of investment properties from other objects of property.
Describe how the approach to accounting of investment properties may be different from the approach to accounting of other property objects.
Learn to apply the provisions of IFRS 40 to the investment property.

  • Recognition as an investment property;
  • Measurement at recognition;
  • Measurement after recognition;
  • The valuation model: the historical cost and fair value;
  • Reclassification of investment property;
  • The disclosure of information.

Lecture 1 hour
Seminar 1 hour

Theme 8. IFRS 38 "Intangible Assets"

Learn to distinguish between goodwill and other intangible assets, examine, when the intangible asset is identifiable;
discuss the nature and possible approaches to accounting for internally generated goodwill;
define the criteria for the initial recognition and measurement of intangible assets (purchased, internally generated, resulting in a business combination) to understand specific initial recognition and measurement of intangible assets arising in the course of union organizations;
learn to describe and apply the requirements of IFRS 38 to the internally generated assets (clearly know the criteria under which development costs are to be recognized as an intangible asset), other than goodwill;
define the features of the subsequent accounting for intangible assets with finite and indefinite useful lives.

  • The concept of intangible assets (identifiability, control);
  • Recognition and Measurement;
  • Acquisition (separate purchase in a business combination, with the help of state subsidies);
  • Intangible assets created within the company (stage research, development);
  • recognition after the measurement (the model of fair value accounting, the model cost model);
  • Terms of Useful life (defined indefinite);
  • Amortization and other characteristics of intangible assets;
  • The disclosure of information.

Lecture 2 hours
Seminar 1 hour

Theme 9. IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations"

Explain the importance of identifying and reporting the results included in discontinued operations, to distinguish between non-current and current assets and non-current assets held for sale;
Learn to identify criteria for the recognition and evaluation of non-current assets held for sale;
give a definition of a discontinued operation in accordance with IFRS 5;
Examine the importance of identifying and reporting on the results of discontinued operations.

  • The recognition of non-current assets held for sale;
  • Measurement of non-current assets held for sale after recognition;
  • The disclosure of information

Lecture 1 hour
Seminar 1 hour

Theme 10. IFRS 41 "Agriculture"

Determine the sphere of IFRS 41;
Learning how to give a definition of a biological asset;
Learn why regarding of such assets is recommended to apply the model accounts at fair value;
define the criteria for the recognition and measurement of biological assets, as well as inability in the accounting reliably measure the fair value (at initial recognition);
identify and explain the approach to accounting for government subsidies in agriculture;
prepare reports on the transformation of biological assets and agricultural produce at the point of harvest;
Present and disclose information related to agricultural activity.

  • Recognition and measurement (profit and loss upon initial recognition);
  • The inability to measure at fair value;
  • Government subsidies;
  • The disclosure of information.

Lecture 1 hour
Seminar 1 hour

Theme 11. IFRS 36, "Impairment of Assets"

Define the asset's recoverable amount and the impairment loss;
learn to identify the signs of impairment;
explain the term "cash generating unit flows (cash generating units)";
determine the allocation of impairment losses in respect of cash-generating unit flows CGU.

  • Identification of an asset that may be impaired (internal and external sources of information);
  • Measurement of the recoverable amount (fair value less costs to sell, value in use);
  • Estimates of future cash flows;
  • The discount rate;
  • The recognition and measurement of impairment losses;
  • Generating units for cash;
  • The disclosure of information.

Lecture 1 hour
Seminar 1 hour

Theme 12. IFRS 32 "Financial Instruments: Presentation", IFRS 39 "Financial Instruments: Recognition and Measurement", IFRS 7 "Financial Instruments: Disclosures", IFRS 9 "Financial tools"

Learn to keep a record of debt instruments, equity instruments, as well as the distribution of financial costs;
give a definition of financial instruments, financial assets and financial liabilities;
explain why its own ordinary shares do not represent a financial asset, while the preferred shares should be classified as equity instruments, and sometimes - as financial liabilities when the contract, payment for which can be produced by own equity instruments gives rise to a financial asset or liability;
learn how to keep records of bonds with a fixed interest rate and convertible bonds (the breakdown of complex financial instruments in the debt and equity components and their subsequent accounting);
to define and study the classification of financial instruments;
learn to describe a particular valuation of financial instruments;
proposals to clarify the current valuation of the financial instruments, including the application of hedge accounting and the present value of the corresponding gains and losses;
Describe the disclosure requirements relating to financial instruments.

  • Presentation of financial instruments;
  • Recognition and derecognition
  • The types and categories of financial instruments;
  • Hedging;
  • The disclosure of information.
  • The initial recognition of financial instruments;
  • Subsequent measurement of financial instruments;
  • The disclosure of information.
  • The recognition of financial assets and liabilities;
  • Measurement of financial instruments;
  • The disclosure of information

Lecture 3 hours
Seminar 3 hours

Theme 13. IFRS 6 "Exploration for and Evaluation of Mineral Resources"

Determine which expenses can be attributed to the cost of exploration and evaluation of mineral resources;
learn to understand in what cases can the capitalization of such costs, and what is not;
learn to understand the peculiarities of the accounting policies applied regarding exploration and evaluation.
describe the requirements for disclosure of information on exploration and evaluation.

  • The cost of exploration and evaluation of mineral resources;
  • Cases of possible capitalization;
  • The disclosure of information.

Testing online 1 hour

Writing test assignment 3 hours

Consultation with teacher on adjustments 6.5 hours



Module 3. REGISTRATION OBLIGATIONS

Theme 14. IFRS 19, "Employee Benefits"

Examine the definition of pension plans to defined contribution and defined benefit and differences between them;
learn to describe pension Group Plans;
clarify the rules for recognition and evaluation in relation to pension defined benefit plans;
learn how to account for pension benefit plans, including the amounts included in the balance sheet, profit and loss statement;
prepare the relevant notes to the financial statements.

  • Short-term compensation;
  • Long-term compensation;
  • Severance pay;
  • Compensation;
  • The disclosure of information.

Lecture 0.5 hour
Seminar 0.5 hour

Theme 15. IFRS 12, "Income Taxes"

Learning how to take into account current tax liabilities and assets in accordance with IFRS 12;
study the effect of taxable temporary differences arising on the accounting and tax purposes;
expound the principles of accounting for deferred taxes;
in the requirements of IFRS in respect of deferred tax assets and liabilities;

  • Taxable income;
  • Permanent and temporary differences;
  • Tax effect of permanent and temporary differences;
  • Deferred tax asset and deferred tax liability;
  • The disclosure of information

Lecture 1 hour
Seminar 1 hour

Theme 16. IFRS 17 "Leases"

Determine the essential characteristics of the lease;
identify features that distinguish finance lease from operating;
explain the impact on accounting and financial reporting of financial and operating leases, to be able to verbally describe the accounting leases in the financial statements;
learn to take into account the operating leases in the financial statements;
learn to take into account the financial lease in the financial statements landlord and the tenant (with the introduction of the rent at the end or at the beginning of the period);
determine the accounting sales on the back of financial and operating leases;
Learn the basic principles of IFRS 17.

  • The lease (financial and operational);
  • Criteria for the recognition of the financial asset;
  • The account of the lessee;
  • Consideration of the lessor;
  • Leaseback;
  • The disclosure of information.

Lecture 1 hour
Seminar 2 hours

Theme 17. IFRS 37, "Valuation allowance, Contingent Liabilities and Contingent Assets"

Able to explain the need for a standard regarding provisions with examples of previously existing abuses in the matter;
to determine the reserve, the legal and factual obligations of past events and disposal of economic benefits;
learn to recognize when they should or should not be created reserves, and how they should be reflected in the accounting records;
Learn the rules to reserve estimates in accordance with IFRS 37 (in the case of a one-time commitment or a large group of homogeneous liabilities) to understand the procedure for calculating interest expenses on provisions in connection with the reduction of the discount period;
learn to take account of changes in estimates of existing reserves for decommissioning, restoration of landscape, etc. obligations (IFRIC 1);
learn how to give a definition of contingent assets and liabilities, with examples and description of approach to their accounts;
learn to identify and display accounting: onerous contracts, environmental and similar provisions;

  • Contingent liabilities;
  • Contingent Assets;
  • Evaluation of the reserves, the present value;
  • The disclosure of information.

Lecture 1 hour
Seminar 1 hour

Theme 18. IFRS 23, "Borrowing Costs"

Learn to identify the preconditions of borrowing costs capitalization (IFRS (IAS) 23), i.e. to know which of the costs related to borrowing costs and what such a qualifying asset;
Learn to keep a record of borrowing costs, ie Know how to calculate the amount of borrowing costs to be capitalized, as in the case of targeted and general borrowing. When you start, pause and stop the capitalization of borrowing costs.

  • Terms of capitalization of borrowing costs;
  • Calculation of the amount of borrowing costs and target total borrowings;
  • Suspension and termination of the capitalization of borrowing costs;
  • The disclosure of information.

Lecture 1 hour
Seminar 1 hour


Testing online 1 hour

Writing test assignment 1 hour

Consultation with teacher on adjustments 2.5 hours



Module 4. ACCOUNTING OF FINANCIAL RESULTS

Theme 19. IFRS 18 "Revenue"

Examine the criteria for revenue recognition and the circumstances where, despite the change of ownership, revenue cannot be recognized;
define general principles and terms of revenue recognition;
explore the concept of prevailing economic substance over legal form in connection with the recognition of revenue from sales;
learn to compare "balance sheet approach" to the IFRS revenue recognition under the "Principles of Preparation and Presentation of Financial Statements" with the requirements of IFRS (IAS) 18.

  • The recognition of revenue from sales;
  • Recognition of income from the provision of services;
  • The recognition of interest income (interest), dividends and royalties;
  • The disclosure of information

Lecture 1 hour
Seminar 2 hours

Theme 20. IFRS 21 "The Effects of Changes in Foreign Exchange Rates"

Examine the records and translation of monetary and non-monetary items separate organizations to date;
determine the difference between the functional currency and reporting currency;
learn to identify the functional currency of the entity;
Learn to reflect the impact of changes in exchange rates in the financial statements.

  • The impact of changes in exchange rates;
  • The financial statements of foreign operations;
  • Functional and reporting currency;
  • The disclosure of information.

Lecture 1 hour
Seminar 1 hour

Theme 21. IFRS 11, "Construction Contracts"

Learn to identify the differences of contracts for the construction of a fixed-price and cost-plus;
explore the process of recognition of income from construction contracts to complete the work;
Describe methods of recognition of revenues and costs of construction contracts;
method of calculating the income, expenses, profit / loss and accounts receivable / payable under construction contracts;
Disclose information on construction contracts in the financial statements.

  • Determination of percentage of completion;
  • Calculation of income and expenses of the reporting period;
  • The disclosure of information.

Lecture 1 hour
Seminar 1 hour

Theme 22. IFRS 20, "Accounting for government subsidies and Disclosure of Government Assistance"

Analyze the significance the concept of state assistance and state subsidies;
learn to reflect the accounting for government grants and state assistance;
learn to reflect on the balance sheet by one of the methods of subsidies related to assets and the accounting for grants related to income;
learn to reflect the accounting for the return of government subsidies;
disclose information on government subsidies and state assistance in the notes to the financial statements.

  • The recognition of state subsidies and assistance;
  • Measurement of state subsidies and assistance;
  • The disclosure of information.

Lecture 1 hour
Seminar 1 hour

Theme 23. IFRS 4 "Insurance Contracts"

A definition of an insurance contract;
able to explain the desirability in general, the recognition of profits from insurance contracts;
explore ways of recognition of income and expenses for insurance contracts;
examine the methodology for calculating the income, expenses, profit / loss and accounts receivable / payable under insurance contracts;
Learn to disclose information on insurance contracts in the financial statements.

  • Insurance, reinsurance;
  • insurance risk;
  • The disclosure of information.

Lecture 0.5 hour
Seminar 0.5 hour

Theme 24. IFRS 2, "The payment is based on the stocks"

Explore the concept of "Share-based payment";
learn the difference between a transaction involving payments with the use of the shares settled by cash and equity instruments;
learn the principles of evaluation of both of these types of operations;
learn to calculate the amount to be recognized in the financial statements
For transactions involving share-based payments.

  • the concept of "payment based on shares";
  • the difference between a transaction involving payments using shares;
  • Calculation of payments in cash and equity instruments;
  • disclosure of the amounts to be recognized in the financial statements.

Lecture 1 hour
Seminar 0.5 hour

Testing online 1 hour

Writing test assignment 1 hour

Consultation with teacher on adjustments 3.5 hours



Module 5. DISCLOSURE OF FINANCIAL STATEMENTS

Theme 25. IFRS 10 «Events after the balance sheet date»

Learn to distinguish events after the reporting date are recognized and not recognized in the accounts. Learning how to take into account events occurring after the balance sheet date

  • Types of events after the balance sheet date;
  • The date of the financial statements for publication;
  • Adjusting events;
  • Non-adjusting events;
  • Disclosure of items.

Lecture 1 hour
Seminar 1 hour

Theme 26. IFRS 8 "Operating Segments"

Explain the necessity of operating segments;
learn to apply the relevant accounting standards to key elements of the report;
learn to apply the disclosure requirements in the financial statements;
learn how to prepare financial statements for the operating segments of individual organizations;
learn how to prepare financial statements, the Group's operating segments

  • Criteria for the segment;
  • Segment reporting (comparative information);
  • The disclosure of information

Lecture 1 hour
Seminar 1 hour

Theme 27. IFRS 26, "Accounting and Reporting by Retirement pension Plans"

To consider the status and requirements of IFRS (IAS) 26

  • programs (plans) to defined contribution;
  • programs (plans) with a defined pension plan;
  • the actuarial present value;
  • The disclosure of information.

Lecture 0.5 hour
Seminar 0.5 hour

Theme 28. IFRS 29 "Financial Reporting in Hyperinflationary Economies"

Learn to apply the disclosure requirements in the financial statements in hyperinflationary economies
Examine the basis on which takes into account the impact of inflation on financial statements

  • The criteria for determining the presence of a hyperinflationary economy;
  • The disclosure of information.

Lecture 0.5 hour
Seminar 0.5 hour

Theme 29. IFRS 34 "Interim Financial Reporting"

To consider the status of the international standard on interim financial reporting;
learn how to prepare interim financial statements in accordance with IFRS (IAS) 34.

  • the composition and structure of the interim financial statements;
  • organizations providing interim financial statements
  • The disclosure of information

Lecture 1 hour
Seminar 1 hour

Theme 30. IFRS 33, "Earnings per Share"

Explain the importance of ensuring comparability in the calculation of earnings per share (EPS), as well as the importance of this indicator for the stock market, to understand why the trends in earnings per share may be a more accurate measure of the performance of the organization than the trend of the change in its accounting profits;
A definition of profit used in the calculation of EPS;
learn to calculate earnings per share in accordance with IFRS (IAS) 33: Learn how to calculate earnings per share in the event of the year for a preferential issue or share split, and learn to calculate the earnings per share in the case of a rights issue during the year;
Learn to calculate the reduced earnings per share by: issue convertible debt or preferred shares, and the issuance of options and options on the shares;

  • Basic earnings per share;
  • Instruments that are convertible into shares;
  • Share dilution;
  • The disclosure of information.

Lecture 1 hour
Seminar 1 hour

Theme 31. IFRS 24, "Disclosure of Related Party"

Learn to identify related parties;
To study how the accounting transactions between related parties may mislead users of financial statements;
Learn the rules governing the disclosure of transactions between related parties.

  • The recognition of related parties;
  • Transactions with related parties;
  • The disclosure of information.

Lecture 1 hour
Seminar 1 hour

Theme 32. IFRS 3 "Business Unification"

To study the method allowed for the accounting on business combinations;
Examine the negative goodwill accounting rules;
To study the signs of the presence and absence of control;
Examine what costs are included in the business combination.

  • The parent company, subsidiary;
  • Control, significant influence;
  • The purchase method;
  • Goodwill;
  • Minority interest;
  • The disclosure of information.

Lecture 2 hours
Seminar 2 hours

Theme 33. IFRS 27 "Separate Financial Statements"

Explain the differences between the consolidated and separate financial statements;
Know how in separate financial statements should be considered investments in subsidiaries, joint ventures and associates;
have an understanding of disclosure requirements in separate financial statements.

  • Separate Financial Statements;
  • Procedure for the preparation of the separate financial statements;
  • The disclosure of information.

Lecture 1 hour
Seminar 0.5 hour

Theme 34. IFRS 28 "Investments in Associates and Joint Ventures"

Examine equity method (equity) related standards, definitions, significant influence and Separate Financial Statements;
connection with the group;
the basic rule;
the equity method of accounting (equity method);
display in the consolidated statement of financial position;
Displays in the consolidated statement of comprehensive income or loss;
recognition of losses;
accounting policies and the end of the financial year;
impairment.

  • Scope of application;
  • A significant impact;
  • The equity method;
  • The classification of investments;
  • Termination the use of the equity method;
  • Operations within the group;
  • Impairment loss on investment;
  • The excess over the size of investor losses in its share;
  • Separate Financial Statements;
  • The disclosure of information.

Lecture 1 hour
Seminar 2 hours

Theme 35. International Financial Reporting Standard (IFRS) 10 "Consolidated Financial Statements"

Explain the concept of control as it is presented in the IFRS (IFRS) 10 "Consolidated Financial Statements";
prepare the consolidated statement of financial position of the simple group including profit before and after the acquisition, non-controlling interest and goodwill;
explain why intra-group transactions should be excluded in the consolidation;
show the effect of trade transactions between group companies and other transactions, including unrealized profits and intra-group loans;
take into account dividends paid out of profits earned up to the date of acquisition;
submit to reporting the results of intercompany dividends, including those that have been paid out of profits earned up to the date of acquisition;
explain why, in order to prepare the consolidated financial statements of consideration paid for the acquisition of a subsidiary, as well as the acquired identifiable assets and liabilities to be measured at their fair value;
prepare the consolidated statement of financial position, in which all the necessary adjustments;
prepare the consolidated statement of profit or loss and other comprehensive income for the simple group, including in the presence of non-controlling interest in the acquisition and implementation of the reporting period;
display the results in the financial statements, and other intercompany transactions.

  • Control;
  • Authority;
  • Income;
  • The connection between power and income;
  • Non-controlling interest;
  • Loss of control;
  • General rules of consolidation;
  • Consolidated statement of financial position;
  • Consolidation adjustments;
  • Consolidated statement of profit and loss and other comprehensive income
  • Consolidated statement of changes in equity;
  • The acquisition of a subsidiary company in the middle of the reporting period

Lecture 2 hours
Seminar 1 hour

Theme 36. International Financial Reporting Standard (IFRS) 11, "Joint Ventures"

define joint activities;
to provide a definition of joint control;
distinguish between joint operations and joint ventures;
Different policies of joint operations and joint ventures.

  • Investments in Joint Ventures
  • Joint operations;
  • joint ventures;
  • Joint ventures in the financial statements of the venture
  • A reflection of the investor in the joint venture without the presence of joint control

Lecture 1 hour
Seminar 1 hour

Theme 37. International Financial Reporting Standard (IFRS) 12 "Disclosure of interests in other entities (organizations)"

Get an idea:
- Problems of IFRS (IFRS) 12 "Disclosure of Interests in Other Entities"
- Structured entities
- The requirements for the disclosure of information in relation to:
- The significant estimates and judgments on the degree of influence on the investee
- Interests in subsidiaries
- Participation in joint ventures and associated companies
- Participation in unconsolidated structured entities

  • disclosure of significant judgments and assumptions;
  • Disclosure of Interests in subsidiaries;
  • Disclosure of Interests in joint ventures and associated companies;
  • Disclosure of Interests in unconsolidated structured entities.

Lecture 0.5 hour
Seminar 0.5 hour

Theme 38. International Financial Reporting Standard (IFRS) 13, "Fair Value"

Determines the fair value;
IFRS establishes a separate concept of fair value;
Specifies disclosures about fair value.

  • The determination of fair value;
  • Features assess non-financial assets;
  • Features-obligation estimates and its own equity instruments;
  • fair value on initial recognition of financial instruments;
  • measurement of fair value.

Lecture 0.5 hour
Seminar 0.5 hour

Testing online 1 hour

Writing test assignment 3 hours

Consultation with teacher on adjustments 6 hours




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