IFRS Accounting Principles Masterclass

The programme

Programme overview

This Ratomac Accounting training delves into the requirements of the IFRS, Tax legislation, and the South African Companies Act, International Financial Reporting Standards. It also explores the requirements of the Accounting conceptual framework and the controls needed to ensure compliance with the Companies Act, Tax legislation, and accounting standards. Delegates should have a basic background in accounting to understand these requirements and legislative mandates.

Ratomac IFRS Accounting Principles Masterclass training course will focus on the practical application of IFRS, Tax, and the Companies Act across various industry sectors. The Masterclass provides updates on recently released standards and tax legislation amendments that will impact future periods. It is specifically designed for those in accounting, reporting, and/or controlling areas within accounting and finance.

Who should attend

Who is this programme for?

• Accounting Professionals
• Finance Executives
• Financial Managers (Tax & Reporting)
• Bookkeepers
• Accounting Clerks
• Internal Auditors

Learning outcomes

What you will learn

• Understand newly issued standards — including IFRS 18 and IFRS 19 — along with IASB projects, and their impact on financial statements
• Understand the accounting for income tax and value added in financial statements, including deferred tax effects
• Understand the Companies Act legislation to ensure compliance
• Understand basic controls to ensure compliance with standards and legislative requirements
• Understand the practical implementation of more complex standards
• Understand disclosure and accounting requirements in financial reporting of a group of companies
• Understand practical implications of using IFRS in specific industries, including mining, financial services, and public interest entities
• Understand sustainability-related disclosure requirements under IFRS S1 and S2

Explore the programme

Detailed programme outline

• History and evolution of IFRS; IASB and IFRS Foundation; due process; IFRS hierarchy; IFRIC Interpretations; global adoption; benefits and challenges
• Objective, users, qualitative characteristics, elements, recognition, derecognition, measurement, capital maintenance; practical case study
• Complete set of financial statements; Statement of Financial Position, Profit or Loss, Changes in Equity, Cash Flow, Notes
• Replacement of IAS 1; new operating profit subtotal; profit before financing and taxes; income/expense categories; MPMs; aggregation/disaggregation; practical workshop redesigning financial statements
• Selection and changes in accounting policies; changes in estimates; error corrections; retrospective vs. prospective application
• Recognition, initial and subsequent measurement, revaluation model, component accounting, depreciation, derecognition
• Capitalisation principles, qualifying assets, practical calculations
• Fair value model, cost model, transfers
• Recognition, research vs. development, useful lives, amortisation, internally generated assets
• Impairment indicators, recoverable amount, value in use, CGUs, reversal of impairment
• Cost formulas, NRV, inventory write-downs, manufacturing costs
• Five-step model, performance obligations, variable consideration, contract modifications, principal vs. agent; industry cases: construction, telecommunications, mining, retail
• Classification and measurement (amortised cost, FVOCI, FVTPL); ECL model, stages 1-3; hedge accounting (fair value, cash flow, net investment)
• Credit risk, liquidity risk, market risk, sensitivity analysis
• Provisions, contingent liabilities, contingent assets, onerous contracts
• Short-term benefits, post-employment benefits, defined contribution and defined benefit plans
• Current tax, deferred tax, temporary differences, tax rate reconciliation
• Lessee accounting (right-of-use assets, lease liabilities); lessor accounting (finance/operating leases); sale-and-leaseback, variable payments, modifications
• Acquisition method, fair value adjustments, goodwill, bargain purchases
• Control assessment, consolidation procedures, NCI, intragroup eliminations
• Joint operations, joint ventures
• Equity accounting, significant influence
• Identification, disclosure requirements
• Functional currency, foreign operations, translation adjustments
• Fair value hierarchy, valuation techniques, market approach, income approach
• Equity-settled schemes, cash-settled schemes, modifications
• Classification, measurement, discontinued operations
• Exploration and evaluation, rehabilitation provisions, impairment, revenue complexities
• ECL modelling, financial instruments, regulatory disclosures
• ESG reporting, sustainability reporting linkages, governance disclosures
• Scope and eligibility, reduced disclosure framework, relationship with full IFRS, cost-benefit considerations, implementation challenges; practical application: determining IFRS 19 eligibility
• IFRS S1 general sustainability disclosures; IFRS S2 climate-related disclosures, climate risk assessment, transition planning, governance requirements
• Statement of Financial Position, Statement of Profit or Loss, Cash Flow Statement, Notes, consolidation adjustments, IFRS 18 presentation disclosures, sustainability disclosure extracts

Learning approach

How you will learn

Our diverse instructional approaches ensure effective learning:

– Lectures & Presentations: Engage with expert-driven, stimulating content.– Course Material: Access well-crafted supporting resources.– Group Work: Collaborate on discussions and case studies for practical insights.– Workshops & Role-Play: Participate in immersive, scenario-based activities.– Practical Application: Focus on applying theoretical knowledge in real situations.– Post-Training Support: Receive extensive support after training for skill implementation.

Discuss your requirements

Dates, duration & arrangements

Contact Ratomac to confirm dates, duration, delivery format, entry requirements and any applicable assessment or certification before booking.