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Certificate in International Financial Reporting Standards

Course Code Standard Fee NYSC Fee Degree Type

CGC15

N10,000.000

N4,000.000

Certificate

Description

This comprehensive accounting standards training course will enable each participant to appreciate and understand the basics and certain complexities associated with International Accounting Standards (IFRS) along with topic terminology, concepts and applications. In gaining a perspective of the origins of IFRS, the accomplishments, to date, in the development and acceptance of global accounting standards and insights into the foreseeable future, participants will gain a valuable understanding of this critical field of knowledge and be capable of contributing meaningful assistance to their respective organizations with respect to the adoption and utilization of these accounting standards.

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Entry Requirements

Diploma and First Degree (Waiver: High School (O’Level) with minimum of 2 years work experience in a related field can apply).

Learning Outcomes

By the time you complete this course, you should be able to:

1. Understand the current and potential future requirements of IFRS, including the final prospects and timetable for the convergence of GAAP and IFRS

2. Apply standards in accordance with their requirements in terms of preparing IFRS compliant financial statements, including the selection of appropriate accounting policies and related footnote disclosures

3. Understand the recognition and measurement principles as delineated within the IASB’s Framework and comprehending their application within each accounting standard

4. Define and apply the transition process to IFRS and identify the first-time exemptions that are applicable to the financial statements of a transitioning organization

5. Examine accounting standards that either require or permit the use of fair value measurement (including comparisons to U.S. Financial Accounting Standards), determining fair value measurements and financial statement recognition issues and presentation

Course Outline

Module 1

Evolution of International Accounting Standards

International Financial Reporting Standards (“IFRS”)

Introduction, History and Overview of Existing and Future Standards

Roles of the Various Accounting Standards Setting Bodies

Objectives and Structure of the International Accounting Standards Board (“IASB”)

Framework, Demand and Adoption of IFRS

Convergence

Introduction and Historical Overview

Issues, Benefits and Problems of Convergence

IASB/FASB Projects

U.S. SEC Adoption Timeline and Activities

Module 2

Structural Framework for the Preparation and Presentation of Financial Statements

Purpose and Objectives, including Financial Statement Audit Impact

Scope, Structure and Content of IFRS Financial Statements

Accounting Policies and Underlying Assumptions

Components of Financial Statements, including Qualitative Characteristics

Measurement and Recognition of the Elements of Financial Statements

Transition Concerns and Transition Plan Elements

Module 3

Preparation and Presentation of IFRS Financial Statements

Structure and Content of Both General and Specific Elements of Financial Statements

IAS 1

Balance Sheet

Income Statement

Presenting Either a Statement of Changes In Equity or a Statement of Recognized Income or Expense (“SORIE”)

Statement of Cash Flow

Consolidation Criteria and Requirements

Notes to Financial Statements and Related Disclosures

Notes to Financial Statements and Related Disclosures

Revenue Recognition and Reporting Requirements

Module 4

Conversion Preparation to IFRS

Examining Substantive Differences in Disparate Accounting Treatments

Inventory

Fixed Assets

Valuation

Revaluation

Depreciation

Deferred Taxes

Contingencies

Performing Thorough Assessments

Technical Accounting and Tax Implications and Risks

Supporting Established Processes and Infrastructure Considerations

Adopting Implementation Plans

Conversion Issues and Concerns

Technical Accounting and Tax Conversion Issues

Designing Supporting Processes and Infrastructure Features

Developing Revised Organization Plans and Change Strategies

Conversion Maintenance

Implementing Support Processes and Infrastructure Features

Change Management Execution Strategies

Conversion Transfers

Comparative Analysis of Companies Adopting or Not Adopting IFRS

Module 5

Impact of IFRS on Financial Statements Interpretations

International Accounting and Diversity Considerations

Financial Analysis Tools and Techniques

Common Size Statements

Trend Analysis

Ratio Analysis

Dupont Analysis

Z Scores

Investment Ratios

Cash Flow Ratios

Peer Group and Industry Comparisons

Importance of Corporate Governance and Awareness of IFRS Best Practices

Future IFRS Considerations

Note

Due to emerging global trends, changes in the world and globalization across borders, our course outline, regularly change from time to time to meet up with this development and gives you leverage in a competitive world.

Teaching Methodology

The concepts in this course will be taught using a combination of lecture, discussion, and dialogue around cases, with emphasis on active learning. A case is a comprehensive exposition of a real managerial situation describing a set of problems and requiring a plan of action. The case method provides a pragmatic framework for the learning process. Its success depends heavily on student preparation and active participation in class discussions.

Course Assessment

To complete this course successfully, students must achieve a passing grade of 50% or higher on the overall course. This will include assignments and option test exam.

Study Modes

Classroom Online

4 Weeks

2 Weeks

Study Tips

  • 1. Come to class regularly and on time
  • 2. Be fully prepared and ready to participate in every class.
  • 3. Find learning and positive experiences with your classmates and the instructor.
  • 4. Read, prepare and turn in your assignments on time.
  • 5. If asked by the instructor to give your opinion on a topic, give your best answer.
  • 6. Willingly and unselfishly share your ideas, experiences, and opinions to the class.
  • 7. Appreciate the opinions and values of your classmates and be respectful
  • 8. Don’t be noisy; don’t interrupt anyone and do well to keep your argument professional.
  • 9. Keep what happens in class professional and confidential.
  • 10. If you cannot make it to class, please let the instructor know in advance.

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