Course 1011 Conference Course-Technical Update On IFRS For Petrochemical Environment (4 days)

Introduction
International Financial Reporting Standards (IFRSs) are the worlds most widely applied accounting standards. Over 120 countries now require or permit the use of IFRS. Over 7,000 public companies in the European Union have complied with IFRS since 2005. Many other countries are either adopting IFRSs or have decided to converge their national standards with IFRSs. The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are committed to a systematic program of improving and converging their standards. This four-day course provides a rigorous and detailed overview of all major technical IFRS requirements, and includes illustrative financial statements, case studies, examples, coverage of the most significant IFRSs, and interactive participation from the delegates. In addition to a review of current IFRS, course delegates also receive an update on the new standards for 2013 and 2014, as well as information on likely future pronouncements and the probable impact of their adoption. This program answers questions such as:
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What are the current and likely future requirements of IFRS? How are IFRS recognition and measurement principles applied? Where can up-to-date information about IFRS be obtained? When are fair value measurements required? What are the prospects and timetable for convergence of US GAAP and IFRS?

Prerequisites
Understanding of accounting principles based on any national standards. No advance preparation is required for this course.

Topics
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Introduction to IFRS Conceptual Framework Fair value measurement (IFRS 13) Presentation of financial statements (IAS 1) (including the 2011 amendments) o Statement of cash flows (IAS 7) o Accounting policies, changes in accounting estimates and errors (IAS 8) o Events after the reporting period (IAS 10) o Related party disclosures (IAS 24) o Earnings per share (IAS 33) o Operating segments (IFRS 8) o Discontinued operations (IFRS 5) Revenue Recognition o Revenue (IAS 18, IAS 11, IFRIC 13, 15 and 18)

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Assets o Inventories (IAS 2) o Property, plant and equipment (IAS 16) o Borrowing costs (IAS 23) o Investment property (IAS 40) o Intangible assets (IAS 38) o Impairment of assets (IAS 36) Liabilities o Employee benefits (IAS 19) (including the 2011 amendments) o Provisions, contingent liabilities and contingent assets (IAS 37) o Share-based payment (IFRS 2) Leases (IAS 17, IFRIC 4 and SIC 15) Financial Instruments o Financial assets and liabilities (IAS 39 and IAS 32) o Financial instrument disclosures (IFRS 7) o Replacing IAS 39 (IFRS 9) Business Combinations, Consolidations, Associates and Joint Arrangements o Business combinations (IFRS 3) o Consolidated financial statements (IFRS 10) Investments in associates and joint ventures (IAS 28) o Joint arrangements (IFRS 11) o Disclosure of interests in other entities (IFRS 12) Effects of Changes in Foreign Exchange Rates (IAS 21) Income Taxes (IAS 12) Interim Financial Reporting (IAS 34) Transitioning to IFRS o First-time adoption of IFRS (IFRS 1) Expected Future Developments o Update on the IASB-FASB convergence project o Current exposure drafts o IASB Work Plan

Course Benefits
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Apply the requirements of the standards to prepare IFRS compliant financial statements, including the determination of appropriate accounting policies and identification of necessary disclosures Define the process of transitioning to IFRS and identify the first time adoption exemption and exceptions relevant to an organization Explain how the recognition and measurement principles of the IASBs Framework apply within each accounting standard List the standards that require or permit the use of fair value measurement, identify how fair value is measured and specify where the fair value changes are recognized Apply the new standards for 2013 and 2014

Teaching Method
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Live group instruction by specialist instructors Review of the rationale and objective for IASB standards Description and explanation of IFRS technical requirements in clear and simple language

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Use of case studies and real-world examples to illustrate practical application of the standards Interactive participation is encouraged All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials