International Financial Reporting Standards (ifrs) For banks and financial institutions

DURATION

5 days

DATE

23 – 27 Jan, 08 – 12 May, 31July – 04 August, 30 Oct – 03 Nov 2023

FEE

£4500

LOCATION

The Business Xchange Hub, Marco Polo House
3-5 Lansdowne Road, Croydon, Surrey, CR0 2BX United Kingdom

Course overview

This course provides a comprehensive overview of the effects that the current and impending standards have on the financial statements of Banks and financial institutions. In addition, likely changes to IFRS based on the IASB’s technical agenda are reviewed.

Objectives

  • To acquire theoretical knowledge about principles of preparation of international financial statements
  • To become familiar with the IAS/IFRS applicable to the banking industry
  • To consider specific cases of IAS/IFRS application by banks.

Who should attend

This course is ideal for individuals at all levels within an organization who need to have detailed knowledge of IFRSs. In essence, it is an opportunity to transfer a crucial new skill set to those responsible for making accounting decisions and preparing, reviewing or approving IFRS financial statements.

The course is ideal for bank employees and specialists dealing directly and indirectly with preparation of bank financial statements according to international standards.

Training methodology

  • Training is conducted in an interactive form and includes a number of case studies

This course can also be taken in

Accra: 16 – 20 Jan, 10 – 14 April, 24 – 28 July, 23 – 27 Oct 2023

Dubai: 23 – 27 Jan, 27 Mar – 31March, 19 – 23 June, 29 Aug – 02 Sept 2023

Texas: On Request

Course Content

The Strategic Management PlanFinancial reporting in credit institutions

  • Financial statements purposes
  • History, objectives, structure of IASB
  • Basic principles of financial reporting

IAS 1 “Presentation of financial statements”

  • Goal and application of standard
  • Components of financial reporting
  • Accuracy of reporting and its’
  • accordance with IFRS

IAS16 “Fixed Assets”

  • Definition
  • Definition criteria
  • Recognition and initial measurement
  • Subsequent measurement
  • Depreciation
  • Disposal
  • Disclosures

IAS 38 “Intangible assets”

  • Key terms and definitions
  • Recognition and initial measurement
  • Future measurement and re-measurement
  • Amortization
  • Disclosures

IAS 17 “Lease”

  • Operating and finance lease definitions
  • Principles of lease accounting for PPE

IAS 36 “Impairment of assets”

  • Introduction and key terms
  • Impairment test
  • Impairment indicators
  • Recognition of impairment loss
  • Recoverable value calculation
  • Reversing an impairment loss
  • Disclosures

Taxes IAS 12 “Income”

  • Introduction
  • Concept of deferred taxes
  • Accounting for deferred taxes: main rules
  • Presentation and disclosure of deferred taxes

IAS 24 “Related party disclosures”

  • Object and field of application of standard
  • Key terms
  • Criteria of Related Parties’ recognition
  • Requirement for disclosure of information on associated parties

IAS 37 “Provisions, contingent liabilities and contingent assets”

  • Provisions – definition, recognition and measurement
  • Evaluation
  • Contingent assets and liabilities – definition and recognition
  • Disclosure

IAS 32 and 39 “Financial instruments”

  • Definition of financial instruments
  • Financial assets & liabilities
  • Classification of financial instruments
  • Measurement of financial instruments:
  • Initial recognition
  • At the time of financial statements preparation
  • Derivatives: basis of recognition
  • Hybrid (combined) financial instruments
  • Accounting for financial assets write-down
  • Cancellation of financial instruments recognition

IFRS 7 “Financial instruments:

  • Accounting policy
  • Statement of financial position
  • Other comprehensive income statement
  • Disclosure

IFRS 9 “Financial instruments”

  • Classification and measurement of financial instruments.

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International Financial Reporting Standards (ifrs) For banks and financial institutions

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