Course details

Overview ?

Introduction

In a global and increasingly competitive environment, the need for effective and enforced Corporate Governance and International Financial Reporting Standards (IFRS) is all too evident.

This programme establishes the Case for Corporate Governance and International Financial Reporting Standards by examining such inappropriate practices such as creative accounting, off balance sheeting financing and examples such as Enron and World Com among others.

The programme begins with an exploration of the Framework for the Preparation and Presentation of Financial Statements in accordance with IFRS is then examined via case studies, syndicate/group work and exercises aimed at increasing knowledge, understanding and application of IFRS.

This is followed by an evaluation and interpretation of financial reports prepared in accordance with IFRS.

This programme, the preparation and analysis of financial statements, takes a detailed review of the content and meaning of the annual report and accounts of medium and large sized companies. The programme uses International Financial Reporting Standards as the basis of the preparation and analysis of the financial reports discussed.

Objectives

By the end of this programme you will be able to:

Become aware of the case for Corporate Governance and International Financial Reporting Standards
Identify the creative accounting methods adopted by companies when preparing their financial statements
Appreciate the Lessons Learnt from accounting scandals such as the Enron and World Com cases
Gain an understanding of the Structure of IFRS
Become aware of the adoption of IFRS, Current Issues/IFRS Convergence Projects and the Problems of Convergence
Be able to Present Financial Statements in accordance with IFRS
- balance sheet: statement of financial position
- income statement: statement of comprehensive income
- cash flow statement: statement of cash flows
- statement of changes In equity
- statement of recognised income or expense ("SORIE")
- notes, including a Summary of the Significant Accounting Policies
Gain an understanding of the major IFRS
Be able to evaluate and analyse financial statements and the impact of IFRS

Training Methodology

This programme is highly interactive: from the very first session of the first day, you will be involved in case exercises and problem solving. You will be encouraged to make the link between the training room and your office and organisation. Overall, the programme will expose you to a range of learning methodologies that include

Mini lectures that introduce the main concepts
Case exercises to test understanding
Case histories to develop understanding and application
Class discussions during which you will be given the opportunity to share your opinions and experiences with your fellow delegates

In addition to what might be called traditional materials, you will also be provided with a variety of real life materials and experiences: the training materials contain information drawn from a wide variety of sources from around the world.

You will be given the opportunity to bring along your own materials for inclusion in the discussions to be held throughout the programme.

Personal Impact

You will learn a wide variety of techniques for analysing the content of the financial reports of an organisation: you will become immediately proficient at such analyses by attending this programme. In addition to class based analytical techniques, you will be introduced to various aspects of spreadsheet based analysis together with such techniques as Z Score analysis.

SEMINAR OUTLINE

Corporate Governance and International Financial Reporting Standards (IFRS)

Establishing the Case for Corporate Governance and International Financial Reporting Standards
Creative Accounting and Off Balance Sheet Finance
Enron and other Accounting Scandals and the Lessons Learned
Corporate Governance and Corporate Social Responsibility

The Structure of IFRS:

International Financial Reporting Standards
International Accounting Standards
Interpretations
Standing Interpretations Committee
Adoption of IFRS
Current Issues/IFRS Convergence Projects
The Problems of Convergence
The Framework for the Preparation and Presentation of Financial Statements
Purpose and Status
Scope
Objective
Underlying Assumptions
Qualitative Characteristics of Financial Statements
Elements of Financial Statements
Recognition of Elements of Financial Statements
Measurement of the Elements of Financial Statements

Introduction to Financial Reports

The financial report based on International Financial Reporting Standards including IAS 1, IFRS 1, IAS 8, IAS 10, IAS 18 and IFRS 8:

Balance sheet: statement of financial position
Income statement: statement of comprehensive income
Cash flow statement: statement of cash flows
Statement of changes In equity
Statement of recognised income or expense ("SORIE")
Notes, including a Summary of the Significant Accounting Policies

A brief review of financial reports based on other Standards, such as those from the USA and the UK

Case exercises and case studies
Financial Reports in Detail 1

Today and tomorrow will comprise a detailed review of the key factors underlying the financial reports:

IAS 1 Presentation of Financial Statements
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 Events after the Balance Sheet Date
IAS 18 Revenue
IAS 23 Borrowing Costs
IAS 16 Property, Plant and Equipment
IAS 17 Leases
IAS 7 Cash Flow Statements
IFRS 3 Business Combinations
IAS 27 Consolidated and Separate Financial Statements
IAS 36 Impairment of Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 38 Intangible Assets

A brief review of the following standards

IAS 39 Financial Instruments: Recognition and Measurement
IFRS 7 Financial Instruments: Disclosures

During this session, delegates will be encouraged to raise issues relating to any IFRS based standard even if it is not included in the list set down for this session Delegates are also encouraged to bring along or suggest their own or other organisations for review and analysis in this session

Case exercises and case studies

Financial Reports in Detail 2

Today will comprise a continuation of the detailed review of the major aspects of the preparation of financial reports of an organisation under IFRS begun yesterday.

Additional materials include

The structure and content of the annual report and accounts of an organisation Notes of explanation
A review of annual reports and accounts from around the world

During this session, delegates will be encouraged to raise issues relating to any IFRS based standard even if it is not included in the list set down for this session. Delegates are also encouraged to bring along or suggest their own or other organisations for review and analysis in this session

Case exercises and case studies

The Analysis of Accounting Information

The fundamentals of ratio analysis:

Who?
Why?
What?
When?

Common size statements

Rates of change statements and ratios

The analysis of the financial reports of actual organisations from around the world. Tips for analysing financial reports using an Excel spreadsheet: brief review of:

formulas
financial functions
Data Analysis ToolPak
Graphing/charting data

More comprehensive review of financial reporting information: drilling down by using accounting policies and notes of explanation. More detailed analysis of:

working capital and cash flow management
debtors (accounts receivable)
creditors (accounts payable)
capital structure

Using such techniques as

Z Score and similar techniques
Statistical and regression analysis
Case exercises and case studies

Day 1

Day 2

Day 3

Day 4

Day 5

Training Methodology

International Financial Reporting Standards

Course details

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