The webinar series is devoted to the basic principles and rules of recognition and measurement under IFRS. We will focus on areas that are treated differently than under Czech accounting standards (tangible and intangible assets, provisions, revenues, etc.) to give you a general overview of the differences between IFRS and CAS. The webinar series does not include reporting of leases under IFRS 16, which due to its complexity is covered by a separate course.
The fee for the whole series is CZK 10,000 excl. VAT. The fee for one module is CZK 3,000 excl. VAT.
Who are the intended participants?
- Accounting staff in charge of the preparation of financials statements under IFRS
- Reporting staff dealing with the preparation of reporting packages under IFRS for the purposes of group consolidation
- Employees of companies getting ready for transition to IFRS
- Others who come across financial statements prepared under IFRS and need to have a basic knowledge of the main principles of IFRS
- All who want to understand the basic differences between IFRS and Czech accounting standards
Programme MODULE 1 – Basic reporting principles
- IAS 1: conceptual framework and structure of financial statements and notes under IFRS
- IAS 7: structure of cash flow statement
- IAS 21: functional and reporting currency
- IAS 8: accounting policies, changes in accounting estimates and errors
- IFRS 5: discontinued operations
Programme MODULE 2 – Fixed assets
- IAS 16: tangible fixed assets (e.g., componentisation, residual value, fair value remeasurement, spare parts)
- IAS 40: investment property
- IAS 38: intangible fixed assets (what can(not) be capitalised)
- IAS 20: government grants for acquisition of fixed assets
Programme MODULE 3 – provisions and adjustments to non-financial assets
- IAS 37: provisions, contingent assets, and contingent liabilities
- IAS 19: employee benefits
- IAS 36: impairment of non-financial assets
- IFRS 5: assets held for sale
Programme MODULE 4 – Revenues and financial assets in brief
- IFRS 15: revenues (five steps to revenue recognition, specific items of financial statements – contract assets, contract liabilities, contract performance costs, contract costs).
- IFRS 9: financial instruments (for non-financial institutions – what is a financial instrument, initial and subsequent measurement, specifics of amortised cost measurement such as application of effective interest rate or impairment based on expected credit losses)
Benefits
After attending the course, you will be able to:
- Understand the substance and logic of the IFRS concept
- Understand main approaches and rules of recognition and measurement under IFRS thus gain a basis for preparing translation bridges between CAS and IFRS for the purposes of IFRS reporting
- Identify your company’s risk areas in terms of the differences between IFRS and CAS, and have an idea of what underlying information needs to be prepared and what steps taken to ensure that the reporting is completed in time, accurately and with as little administrative burden as possible
If you supplement the series with the training course IFRS 16: reporting of leases – fundamentals, you will gain a comprehensive overview of all substantial and most frequently applied IFRS rules.
