Training Course on International Financial Reporting Standards (IFRS) Updates & Implementation

Introduction

Staying current with the latest International Financial Reporting Standards (IFRS) is essential for accurate financial reporting, compliance, and transparency in a global business environment. This training course provides finance professionals with detailed insights into recent IFRS updates and practical guidance for their effective implementation.

This training course on IFRS Updates & Implementation covers amendments, new standards, and interpretation changes, focusing on real-world application challenges and solutions. Participants will learn to apply IFRS standards correctly, improve financial statement quality, and ensure regulatory compliance.

Target Audience

• Accountants and Financial Reporting Specialists
• Financial Controllers and CFOs
• Auditors and Compliance Officers
• Finance Managers and Analysts
• Corporate Secretaries
• Regulators and Standard Setters
• Consultants and Trainers

Duration

10 Days

Course Objectives

1. Understand recent IFRS updates and amendments
2. Interpret new standards and application guidance
3. Apply IFRS changes to financial statements preparation
4. Address disclosure and presentation requirements
5. Manage transition and implementation challenges
6. Ensure compliance with global regulatory frameworks
7. Evaluate the impact of IFRS changes on financial ratios and KPIs
8. Enhance communication with stakeholders on IFRS matters

Course Content

Module 1: Overview of IFRS Framework and Recent Updates

• IFRS conceptual framework recap
• Summary of recent IFRS amendments
• New standards issued and effective dates
• Role of IFRS Interpretations Committee
• Impact on financial reporting practices

Module 2: Revenue Recognition (IFRS 15) Updates

• Core principles of IFRS 15
• Identifying performance obligations
• Measurement and timing of revenue
• Contract modifications and variable consideration
• Disclosure requirements

Module 3: Leases (IFRS 16) Implementation

• Lease classification and recognition
• Accounting for lessees and lessors
• Transition options and practical expedients
• Impact on financial statements and ratios
• Disclosure and presentation

Module 4: Financial Instruments (IFRS 9) Changes

• Classification and measurement
• Impairment model and expected credit losses
• Hedge accounting updates
• Derecognition principles
• Disclosures and transitional guidance

Module 5: Other Significant IFRS Amendments

• Amendments to IAS 1, IAS 8, and IAS 12
• Insurance contracts (IFRS 17) overview
• Changes in IFRS for small and medium entities (SMEs)
• Sector-specific considerations
• Emerging IFRS issues and trends

Module 6: Practical Implementation Challenges

• Transition planning and impact assessment
• Systems and process adjustments
• Training and communication strategies
• Internal controls and audit considerations
• Case studies on common pitfalls

Module 7: Disclosure and Presentation Best Practices

• Enhanced disclosure requirements
• Financial statement presentation updates
• Management commentary and notes
• Using technology for disclosure management
• Improving transparency and stakeholder communication

Module 8: Capstone – IFRS Update Application Workshop

• Analyzing financial statements with recent IFRS changes
• Applying amendments to complex scenarios
• Preparing disclosures and reconciliations
• Group presentations and peer feedback
• Developing an IFRS implementation roadmap

General remarks

• Customizable courses are available to address the specific needs of your organization.
• The participant must be conversant in English
• Participants who successfully complete this course will receive a certificate of completion from Lenol Development Center.
• The course fee for onsite training includes facilitation training materials, tea break and lunch.
• Accommodation and airport pick up are made upon request
• For any inquiries reach us through info@lenoldevelopmentcenter.com or +254 710 314 746
• Payment should be made to our bank