International Financial Reporting Standard (IFRS)


Date and Venue

March 27, 2023 - March 31, 2023
Top Rank Hotels Galaxy, Ikeja, Lagos
June 12, 2023 - June 16, 2023
Top Rank Hotels Galaxy, Ikeja, Lagos
Aug. 21, 2023 - Aug. 25, 2023
CSS Farm Resort, Nasarawa State.
Nov. 20, 2023 - Nov. 24, 2023
University of Ibadan Guest Houses



The diminishing differences between generally accepted accounting principles (GAAP), principally established by the Financial Accounting Standards Board (FASB), and international financial reporting standards (IFRS), as established by the International Accounting Standards Board (IASB, is narrowing at a faster pace. IFRS are now the world’s most widely accepted and applied accounting standards with more than 100 countries now requiring or permitting their use.

This course will discuss: 

  • The latest developments in the growing worldwide use of International Financial Reporting Standards (IFRS) 
  • The latest IFRS, Exposure Drafts (ED) and the International Accounting 
    Standards Committee Foundation (IASCF) Improvement Project 
  • Basic practical examples on the implementation and application of accounting and financial reporting concepts 
  • Real world challenges to applying IFRS and strategies to overcome them
  •  Revenue recognition and financial reporting requirements

Course Objectives:
At the end of this course, participants will be familiar with:

  • Understand the rationale for the IFRS 
  • Comprehend the IASB’s thinking – what is truly behind the standards – the framework
  •  Appreciate why the new standards have been issued and what they mean and how they are to be implemented 
  • Identify where IFRS is now and where it is going with regards to convergence and how will this affect the organisation 
  • Understand and apply new and revised standards 
  •  Understanding the current and potential future requirements of IFRS, including the final prospects and timetable for the convergence of GAAP and IFRS
  • Applying 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
  • Understanding the recognition and measurement principles as delineated within the IASB’s Framework and comprehending their application within each accounting standard
  • Defining and applying the transition process to IFRS and identifying the first-time exemption as well as exceptions relating to the financial statements of a transitioning  organization

Target Participants
Senior level officers who are in finance and accounts department. Non-accountants will also find the course highly rewarding.

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 OR FASB Projects
  • Adoption Timeline and Activities

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

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
  •  Revenue Recognition and Reporting Requirements

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

Impact of IFRS on Financial Statement 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