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IFRS Training Course

Indian : Rs.15000
International : $250
INTRODUCTION
The ACCA Diploma in IFRS has been developed by The Association of Chartered Certified Accountants (ACCA). Diploma in International Financial Reporting (DipIFRS) is for finance professionals who need to acquire detailed understanding of IFRS. DipIFRS is a fast and efficient solution that will develop the current knowledge of this field
KEY FEATURES
  • Unlimited access to online content
  • Certification developed by Industry professionals and academicians
  • Content updated as per evolving Industry requirements
  • Career boost for students and professionals
CONTENT
  • Introduction to International Financial Reporting Standards: -
  • Overview
  • What is GAAP and source of GAAP?
  • Role of statute and standards
  • Role of the EU and compliance with IFRS
  • IASB – Background, objectives and structure
  • Foundation Trustees, Board
  • IFRS Council and its objectives
  • IFRS IC Interpretations and approach 
  • Standard setting, Discussion Papers, Exposure Draft, Voting
  • Comment period, GAAP hierarchy
  • “IFRS”:- Scope of IFRS and Adoption of IFRS
  • IOSCO
  • Impact on US listings
  • Barriers to development
  • Conceptual Framework for Financial Reporting: -
  • Overview and Purpose
  • Authority, application and scope
  • Financial statements: - Users, Objective and usefulness
  • Financial position and performance
  • Changes in financial position
  • Underlying assumption and Economic phenomena
  • Fundamental qualitative characteristics
  • Relevance and Materiality, Faithful representation and enhancing characteristics
  • Cost constraint
  • Elements of financial statements- An asset, A liability, Equity, Income and Expenses
  • Recognition – meaning and criteria
  • Measurement bases
  • Historical cost and Current cost
  • Realisable (settlement) value and Present value
  • Concepts of capital, Capital maintenance and Fair Value background
  • IFRS 13 And Transaction
  • Non-financial assets 
  • Valuation techniques
  • Disclosures
  • IAS 1 Presentation of Financial Statements: -
  • Learning Objectives, Overview and Objectives
  • General purpose financial Statements and Supplementary statements
  • Application of IAS 1
  • Objectives of FS and Components
  • Overall considerations
  • Accrual basis of accounting
  • Materiality and aggregation
  • Offsetting
  • Frequency of reporting
  • Comparative information
  • Consistency of presentation
  • Statement of financial position
  • Current/non-current distinction
  • Current assets and Current liabilities
  • Statement of financial position
  • Statement of Comprehensive Income
  • Illustrative SOCI
  • Profit or loss
  • Other comprehensive income and Examples
  • “Line items” of SOCI
  • Reclassification (IAS 16,19 & 9)
  • Classification by nature and function
  • Statement of changes in equity
  • Movement on reserves
  • IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: -
  • Learning Objectives and Overview
  • Accounting policies and Change in accounting estimate
  • Prior period errors
  • Selecting accounting policies and its Illustration
  • Consistency
  • Change in accounting policy
  • Case Study – Capitalisation policy
  • Solution – Statement of profit or loss and Statement of changes in equity
  • Accounting estimates and Change in accounting estimate
  • Prior period errors
  • IFRS 15 Revenue from Contracts with Customers: -
  • IFRS 15 Overview
  • Principles of revenue recognition
  • Definitions
  • Recognition criteria
  • Illustration Identify Performance Obligations (I) and (II) 
  • Allocate the Transaction Price and its Examples
  • Performance obligation satisfied
  • Satisfied Over Time and Satisfied at a Point in Time
  • Illustration Satisfaction of Performance Obligations (I) and (II), Contract Liability and Receivable and Contract Asset and Receivable
  • Output Methods and Input Methods
  • Cost Recognition
  • Illustration Non-proportionate costs and Incremental Costs
  • Costs to Fulfil a Contract
  • Principal v Agent
  • Repurchase Agreements
  • Forward or Call Option
  • Put Option
  • Bill-and-Hold Arrangements
  • Consignments
  • IAS 16 Property, Plant and Equipment: -
  • Overview and Scope
  • Property, plant and equipment
  • Definitions
  • Recognition criteria
  • Capital expenditure and Revenue expenditure
  • Initial measurement - At cost
  • “Decommissioning”
  • Subsequent costs
  • Part replacement
  • Major inspection/overhaul costs
  • Subsequent measurement
  • Revaluations – Frequency, Accumulated depreciation and its Case Study and Increase/decrease
  • Depreciation
  • Useful life
  • Case Study – Revision of useful life
  • Residual value
  • Depreciation period and Depreciation methods
  • Compensation for impairment
  • Derecognition
  • IAS 23 Borrowing Costs: -
  • Issue – Recognition
  • Arguments for capitalisation and Arguments against capitalisation
  • IAS 23 Treatments
  • Borrowing costs and Qualifying asset
  • Eligible borrowing costs
  • Generally borrowed funds
  • Case Study – Capitalisation rates
  • Commencement of capitalisation, Suspension of capitalisation and Cessation of capitalisation
  • IAS 17 Leases: -
  • Learning Objectives and IAS 17 Overview
  • Key definitions
  • Case Study – Minimum Lease Payments
  • Risks and rewards of ownership
  • Indicators
  • Terms of the lease
  • Land
  • Finance lease principles
  • Case Study – Rentals in arrears and Rentals in advance
  • Interest allocation – Actuarial method
  • Operating leases and its Case Study
  • Lessor accounting – Definitions
  • Finance leases
  • Lessor provides financing
  • Lessor “owns” the asset
  • Allocation of finance income 
  • Sale and leaseback, Sale and leaseback – finance lease and its Case Study
  • Profit effect
  • Sale and leaseback – operating lease and its Case Study
  • IAS 38 Intangible Assets: -
  • Learning Objectives, Overview and Scope
  • Intangible assets
  • Case Study – Tangible vs intangible and its Examples
  • “Identifiability “and “Control”
  • General recognition criteria
  • Goodwill
  • Initial measurement – cost
  • Separate acquisition and Case Study and Business combination and Case Study
  • Government grant
  • Internally generated goodwill and intangible assets
  • Research phase and Development phase
  • Development activities
  • Case Study – Development expenditure
  • Recognition as an expense and Subsequent expenditure
  • Measurement after recognition
  • Active markets
  • Useful life and Factors
  • Illustration – Legal rights
  • Amortisation and Residual value
  • Case Study – Research and development, Development expenditure
  • Indefinite useful lives
  • Retirements and disposals
  • IAS 40 Investment Properties: -
  • Learning Objectives, Definitions and Examples
  • Not investment property
  • Recognition and Initial measurement
  • Meaning of cost
  • After initial recognition
  • Fair value model and measurement
  • Exceptional circumstances
  • Cost model
  • Transfers and Disposals
  • Case Study – Applying IAS 40 and Cost of construction
  • IAS 41 Agriculture: -
  • Learning Objectives, Overview and Scope
  • Agricultural Activity, Related Definitions and Features of agricultural activity
  • Recognition and Measurement
  • Case Study – Fair value
  • Costs to sell
  • Fair value considerations
  • Gains and losses
  • Indeterminable fair value
  • Presentation Example – Agricultural Assets
  • Case Study – Fair value gain, Estimated fair value- Price change and Physical change
  • Government grants and Presentation
  • IAS 36 Impairment of Assets: -
  • Learning Objectives, Overview, Scope and Definitions
  • A cash-generating unit
  • Impairment review
  • External and Internal sources of information and Examples
  • Recoverable amount – Measurement, its case study and Practical points
  • Fair value and Fair value - Hierarchy
  • Costs of disposal
  • Case Study – Fair value less
  • Value in use and its Case Study
  • Cash flow projections
  • Future cash flows and Discount rate
  • Case Study – Cash flows and Relevant cash flows
  • CGU – Illustration 1 and 2
  • Problem – Allocating assets
  • Impairment loss and its Case Study
  • Allocation within a CGU
  • Subsequent review On individual assets for a CGU
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets: -
  • Overview, History, Objective and Scope
  • Provisions
  • Obligating event and Constructive obligation
  • Contingent liability and Contingent asset
  • Recognition – Provision
  • Reliable estimate and Measurement
  • Case Study – Warranty claims (I) and (II) and Case Study – Restoration costs
  • Specific measurement points
  • Case Study – Environmental damage
  • Changes in provisions and Provision accounting
  • Decommissioning costs
  • IAS 19 Employee Benefits: -
  • Overview, Objective and Scope of IAS 19
  • Definitions – Benefits, Plans
  • Net defined benefit liability (asset)
  • Plan assets
  • Actuarial gains and losses
  • Net interest on net defined benefit liability
  • Remeasurements
  • Short term benefits and Other long-term benefits
  • Short vs Long-term benefits
  • Termination benefits
  • Defined contribution schemes and Defined benefit schemes
  • Funded vs unfunded
  • Post-employment benefits (funded)
  • Role of the actuary
  • Recognition and measurement
  • Illustration – Retirement benefit plan
  • Defined benefit – PorL
  • Past service cost
  • Defined benefit – OCI
  • Daktari example
  • IFRS 2 Share-based Payment: -
  • Scope, Main Features, Recognition and Measurement
  • Cash-settled and Equity-settled
  • Indirect Measurement
  • Valuation technique
  • Models in use
  • Share-based payments
  • Performance condition (ex price) and its Case study
  • Share appreciation rights (SARs) and its Example
  • IAS 12 Income Taxes: -
  • Overview and Definitions
  • Temporary differences
  • Current tax
  • Deferred tax problems and perspectives
  • Case study – Differences arising
  • Analysis and Impact on profit or loss
  • Statement of financial position –Extracts
  • Calculations of tax for the periods
  • Income statements
  • Tax base – Illustrations and its Case Study
  • Temporary differences – sources
  • Case Study – Taxable temporary
  • Differences and Deductible temporary differences
  • Exclusion of non-taxable items
  • Recognition of deferred tax liabilities
  • Case Study – Liability recognition, Asset recognition, Deferred taxation, Further information, Change in rates, Tax consequences, Deferred tax movement and Revaluation
  • Summary of approach
  • Presentation and Presentation – Offsetting
  • Offsetting – Deferred tax
  • Case study – IAS 12 – Tax regime
  • Financial Instruments: -
  • IAS 32
  • IFRS 7
  • IFRS 9
  • Financial instruments
  • IAS 32 Definitions and IFRS 9 Definitions
  • Amortised cost and its Case Study
  • Presentation (IAS 32)
  • Compound instruments – Presentation, Carrying amounts
  • Case Study – Convertible bond
  • Treasury shares
  • Initial Measurement Financial Asset and Subsequent Measurement Financial Asset
  • Amortised Cost
  • Fair Value Through Other Comprehensive Income
  • Business Model
  • Classification and Measurement Summary
  • Fair Value Through Profit or Loss
  • Gains and Losses and Accounting for Gains and Losses
  • Embedded derivatives
  • Impairment – terminology
  • General Approach
  • Credit Risk
  • Impairment – factors
  • Trade Receivables
  • Provision Matrix
  • Categories of financial liability and Financial Liabilities
  • Derecognition of a financial asset and its Examples
  • Derecognition accounting entries, Derecognition of a financial liability
  • Objective of Hedge Accounting and Hedge Accounting Criteria
  • Hedging instruments, Hedged items and Hedge accounting
  • Hedging relationships – three types – (Fair value hedges, FV hedge and Cash flow hedges)
  • Conceptual Principles of Group Accounting: -
  • Overview and Key definitions
  • Parent’s separate financial statements
  • Truth and fairness
  • Control, Power, Returns and Link
  • Exclusions
  • Reporting date
  • Accounting policies
  • Date of acquisition or disposal
  • Non-controlling interest
  • Exemption from group accounts
  • Consolidated Statement of Financial Position (Acquisition Accounting): -
  • Learning Objectives and Overview
  • Background and Rule
  • Acquisition accounting and Goodwill
  • Case Study – Basic principles, Goodwill, Post acq growth and NCI valued at fair value
  • NCI – exam issue
  • Intercompany trading and Intra-group trading
  • Unrealised profit – IFRS 10 and its Case Study
  • Further Adjustments (Goodwill): -
  • Learning Objectives and Goodwill definition
  • IFRS 3 calculation
  • Consideration given, Deferred consideration and Contingent consideration
  • FV differences
  • Case study – FV adjustment I and II
  • Positive goodwill
  • Bargain purchase 
  • Provisional accounting
  • Partially owned subsidiary
  • Goodwill impairment
  • Associates and Joint Arrangements: -
  • Learning Objectives and Definitions
  • Illustration – Joint Operators
  • Significant influence 
  • Joint Arrangement and its Examples 
  • Joint Operation and Joint Venture 
  • Equity method 
  • Elimination of unrealised profits
  • Impairment
  • Recognition of losses 
  • Presentation and Disclosures
  • IAS 21 The Effects of Changes in Foreign Exchange Rates: -
  • Accounting issues and Key definitions
  • Accounting for transactions
  • Monetary settlements
  • Year-end balances
  • Case study – Aston and Warrior
  • Net investment in a foreign operation
  • IAS 33 Earnings per Share: -
  • Learning Objectives, Overview, Scope and Definitions
  • Basic EPS and Which earnings?
  • Preference dividends
  • Weighted average number and Weighted average proforma
  • Issues – no consideration received
  • Bonus issues, comparatives and its Illustration
  • Rights issue, Rights issue – EPS calculation and its Case study
  • Multiple capital changes – Method and its Illustration
  • Diluted EPS, Diluted EPS – ordinary shares, Earnings
  • Case study – Diluted EPS I and II
  • Retrospective adjustments
  • Presentation and Disclosure
  • IFRS 8 Operating Segments:- 
  • US GAAP (SFAS 131)
  • Scope and Definitions
  • Reportable segments
  • Disclosure
  • General Information-Information about profit or loss, assets and liabilities, Basis of measurement and Reconciliations
  • Entity-wide disclosures
  • Usefulness, Benefits and Problems
  • IFRS 5 Non-Current Assets Held for Sale: -
  • Disposal group and its Illustration
  • “Held for sale” Classification and Criteria
  • Accounting and Definitions
  • Presenting Discontinued Operations
  • IAS 10 Events after the Reporting Period: -
  • Events after the reporting period
  • Adjusting Events and Non-Adjusting Events
  • Going Concern and Disclosures
  • IAS 24 Related Party Disclosures: -
  • Learning Objectives and Definitions
  • Related Parties
  • Key management personnel
  • Close family members
  • Parties not related
  • Disclosures
  • Government-related entities
  • IFRS 1 First-time Adoption of International Financial Reporting Standards: -
  • IFRS 1 Overview
  • First-time Adopters 
  • IFRS 1 – Transition Overview and Issues Raised
  • Stages in Transition: - 
  • Optional Exemptions
  • Mandatory Exceptions
  • IFRS 1 – Presentation and Disclosure
  • IFRS Impact Matrix
  • IFRS for Small and Medium-sized Entities: -
  • Presentation and Disclosure
  • Description
  • Simplifications made
  • Omitted topics
  • Disallowed treatments
  • Recognition and measurement
  • Disclosure requirements
EXAM
Candidates opting for Vskills certification, will undergo the assessment exam at Vskills centers, across India. The details for same are as.
  • The Certification Exam is for one hour (1 hour) duration.
  • The exam has 50 multiple choice questions (1 marks each), with no negative marking.
  • The passing percentage is 50% i.e., 25 marks need to be scored in order to clear the exam.
  • One exam attempt is provided per registration with no limit on re-appearance.
  • Certification Exam is computer based exam, held every month at Vskills exam centers.
  • Exam result is shown after submitting the exam.
CERTIFICATION
Successful candidates receive the hard copy certificate usually in 7-10 working days and the link to soft copy can be accessed with in 2-3 working days, post exam date.
Frequently Asked Questions

What is GetCertGo?
GetCertGo (GCG) is one of the India’s largest skill assessment company for working professionals. GCG has transformed the learning and certification process by providing content in online modules which are easy to access and comprehend.

What is the duration of the exam?
If candidate is registered for Vskills Certification, the certification Exam is for one hour (1 hour) duration.

What type of questions are asked in the exam?
If candidate is registered for Vskills Certification, then the exam has 50 multiple choice questions (1 marks each), with no negative marking.

What are the benefits that I will get by taking GCG Certification Exam?
Some of the benefits that you get on taking GCG Certification exam are - Certifying skills that are valued by experts in the industry. Certification opens avenue for candidates as it is an proof of candidate's skills. Getcertgo Certification enhances the chances of employment. CVs of certified candidates are tagged on Monster India and Shine.com website.

What is the eligibility for registration?
There is no minimum qualification for taking up the Certification Exam

What study material is provided?
Different certifications have different supplementary content being provided to ease the preparation. Content in the form of online videos are provided.

How to access the course?
Link to online videos with login credentials is e-mailed for registered certification.

Is material enough for exam?
The supplementary material provided, covers the table of contents for the certification.

How many days it takes to get access for the material?
Usually it takes maximum of 3 working days to get access to content as login credentials are e-mailed to candidate.

What are minimum days required to complete this course .?
If candidate is registered for Vskills Certification, then the candidate need to schedule their exam with in 6 months of order date.

What is the passing percentage?
If candidate is registered for Vskills Certification Exam. Passing percentage is 50% i.e., 25 marks need to be scored in order to clear the exam.

When is the exam conducted?
If you have taken the Vskills Certification, then Exam is held every month.

How many attempts can I give for a certification exam?
If you have taken the Vskills Certification Exam. Then one exam attempt per registration with no limit on re-appearance.

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Get Cert Go offers professionals the chance to continue their education with some of the world’s most respected course providers online, without compromising on the personal support and interactive elements favored in face-to-face learning. Get Cert Go courses are designed to equip students with workplace-ready skills and knowledge, that are both industry-relevant and current, and recognized by the Industry.

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