International Financial Reporting Standards (IFRS)

The Conceptual Framework is covered as a foundational reference point for understanding why individual IFRS standards are designed the way they are, addressing the objectives of financial reporting, qualitative characteristics, elements of financial statements, and recognition and measurement principles. Delegates gain a working understanding of how the framework guides accounting judgements in areas where specific standards require interpretation, which is directly applicable to the real-world reporting decisions finance professionals face when standards do not provide a precise answer.  

Revenue recognition under IFRS 15 is covered in depth, walking delegates through the five-step model — contract identification, identification of performance obligations, determination of transaction price, allocation of transaction price, and recognition of revenue when performance obligations are satisfied. Contract identification and performance obligation analysis are examined with case studies that show how the model applies across different transaction types and commercial arrangements. Delegates leave with a structured, applicable approach to revenue recognition rather than a high-level awareness of the standard.  

Financial instruments under IFRS 9 are covered across classification and measurement requirements and the expected credit loss model. Delegates learn how financial assets are classified into amortised cost, fair value through other comprehensive income, and fair value through profit or loss categories, and how the ECL model requires forward-looking credit loss provisions to be recognised. This is directly applicable for those working in banking, financial services, or any organisation with significant financial instrument holdings where ECL provisioning is a material reporting consideration.  

The course covers property, plant and equipment under IAS 16, inventory under IAS 2, intangible assets under IAS 38, impairment of assets under IAS 36, and investment property under IAS 40. Each standard is addressed in terms of its recognition, measurement, and disclosure requirements, with practical exercises and real-life examples used to show how each standard applies to the types of asset decisions organisations encounter in their reporting. Delegates leave with a working command of asset accounting under IFRS rather than a theoretical overview of the standards.  

Leases under IFRS 16 are covered as part of the liabilities content, addressing the right-of-use asset and lease liability recognition model that replaced the previous operating and finance lease distinction. Delegates learn how leases are identified, measured at commencement, and subsequently accounted for by lessees, and what the key disclosure requirements are. The course addresses the practical application challenges that IFRS 16 creates for organisations with significant lease portfolios, which is directly relevant for those involved in lease accounting, financial reporting, or audit of entities with material lease obligations.  

IFRS 18, which replaces IAS 1 as the primary presentation standard, is addressed within the final stage of the course covering financial statement presentation and disclosure requirements. Delegates learn what IFRS 18 changes relative to IAS 1 and how the new requirements affect the structure and presentation of income statements and disclosure practices. This is directly relevant for those involved in financial statement preparation or review who need to understand the practical implications of the transition to IFRS 18 for their organisations' reporting.