Training Program on the Fundamentals of International Financial Reporting Standards (IFRS)

Target Auidence

The program is designed for professionals whose responsibilities involve the preparation, review, analysis, or interpretation of financial reports and statements, including:

• Accountants and financial accounting specialists.

• Finance, financial management, and financial reporting professionals.

• Internal and external auditors.

• Financial data and reporting analysts.

• Accounting officers and financial managers.

• Professionals working in financial control and compliance functions.

• Professionals seeking to strengthen their knowledge and practical understanding of IFRS.

The Features

• A specialized training program delivered entirely in Arabic.
• 30 training hours delivered over 6 days.
• Available in both in-person and online formats.
• Designed for intermediate and advanced accounting and finance professionals.
• Uses practical exercises and real-world accounting cases.
• Provides direct interaction with the trainer and opportunities for professional discussion.
• Regularly updated to reflect recent IFRS developments.
• Practical cases can be adapted to commercial, industrial, service, government, and semi-government sectors.
• Combines interactive lectures, professional discussions, and individual and group activities.
• Supports the development of analytical thinking, accounting judgment, and professional decision-making.
• Flexible attendance options suitable for working professionals.
• Participants receive a certificate of attendance and completion upon fulfilling the program requirements.

Topics

Module 1: IFRS Framework and Presentation of Financial Statements

This module introduces the fundamental principles of International Financial Reporting Standards and the requirements governing the presentation and disclosure of financial statements. It covers:

• Definition and significance of IFRS in the business environment.

• The Conceptual Framework for Financial Reporting.

• Development, issuance, and updating of IFRS.

• Key international standards relevant to financial reporting.

• Financial statement presentation requirements under IAS 1 – Presentation of Financial Statements.

• Components of the statement of financial position.

• Classification of assets and liabilities as current and non-current.

• Recognition, presentation, and disclosure requirements for equity.

• Presentation of revenues and expenses by nature or function.

• Statement of profit or loss and other comprehensive income.

• Statement of changes in equity.

• Statement of cash flows and related presentation requirements.

• Offsetting of assets and liabilities and income and expenses.

• Minimum presentation and disclosure requirements.

• Notes to the financial statements.

Module 2: Accounting for Current Assets and Liabilities

This module focuses on the accounting treatment of major current assets and liabilities, with particular attention to recognition, measurement, presentation, and disclosure requirements.

Cash and Cash Equivalents

• Definition of cash and cash equivalents.

• Presentation and disclosure requirements.

• Accounting treatment of relevant short-term financial instruments.

Trade and Other Receivables

• Recognition and measurement in accordance with IFRS 9.

• Measurement of expected credit losses.

• Recognition of impairment allowances for receivables.

• Accounting treatment of bad and doubtful debts.

• Sale and transfer of receivables.

Trade and Other Payables

• Recognition and measurement.

• Short-term liabilities.

• Accrued expenses and amounts payable.

Inventories – IAS 2

• Definition and scope of inventory accounting.

• Recognition of inventories.

• Determination of inventory cost.

• Components of inventory cost.

• Cost flow assumptions.

• Subsequent measurement of inventories.

• The lower of cost and net realizable value principle.

• Inventory impairment.

• Inventory-related disclosures.

Module 3: Non-Current Assets and Liabilities

This module addresses the accounting treatment of long-term assets, provisions, and contingent liabilities, with emphasis on the differences between alternative measurement models.

Property, Plant and Equipment – IAS 16

• Definition of property, plant and equipment.

• Criteria for initial recognition.

• Initial measurement.

• Components of asset cost.

• Depreciation and depreciation methods.

• Subsequent measurement.

• Cost model.

• Revaluation model.

• Derecognition and accounting treatment of disposed assets.

Non-Current Assets Held for Sale – IFRS 5

• Criteria for classifying an asset as held for sale.

• Measurement and presentation.

• Disclosure requirements.

Impairment of Assets – IAS 36

• Concept of impairment.

• Indicators of impairment.

• Determination of recoverable amount.

• Recognition of impairment losses.

• Reversal of impairment losses in accordance with the relevant requirements.

Intangible Assets – IAS 38

• Definition of intangible assets.

• Recognition criteria.

• Initial and subsequent measurement.

• Intangible assets with finite and indefinite useful lives.

• Expenditures that do not qualify for recognition as assets.

• Cost model and revaluation model.

• Impairment of intangible assets.

Investment Property – IAS 40

• Definition of investment property.

• Distinguishing investment property from other assets.

• Initial recognition and measurement.

• Fair value model.

• Cost model.

• Transfers to and from investment property.

• Related disclosure requirements.

Provisions, Contingent Liabilities and Contingent Assets – IAS 37

• Definition of provisions.

• Recognition criteria for provisions.

• Measurement of provisions.

• Contingent liabilities.

• Contingent assets.

• Disclosure requirements for provisions, contingent liabilities, and contingent assets.

Module 4: Financial Instruments under IFRS 9

This module addresses the fundamental principles of accounting for financial instruments, with particular emphasis on classification, measurement, and impairment.

• Definition and types of financial instruments.

• Scope of IFRS 9.

• Initial recognition of financial instruments.

• Subsequent measurement.

• Classification of financial assets.

• Financial assets measured at amortized cost.

• Financial assets measured at fair value through profit or loss (FVTPL).

• Financial assets measured at fair value through other comprehensive income (FVOCI).

• Reclassification of financial instruments between categories in accordance with applicable requirements.

• The concept of fair value.

• Expected credit losses.

• Impairment of financial assets.

• Practical applications relating to the classification and measurement of financial instruments.

Module 5: Updates and Developments in IFRS

This module highlights the importance of monitoring ongoing developments in international financial reporting standards and understanding their implications for accounting policies and practices.

It covers:

• The role of the International Accounting Standards Board (IASB) in developing standards.

• Major recent standards and amendments relevant to financial reporting.

• Methods for monitoring new standards and amendments.

• Assessing the impact of new amendments on an entity.

• Identifying standards that may require changes to accounting policies or disclosures.

• Transition to new standards and relevant amendments.

• A practical case study examining the impact of a selected update on financial statements.

• Approaches for preparing an entity to respond effectively to changes in IFRS requirements.

Note: This module is updated periodically to reflect the latest standards and amendments issued or approved by the International Accounting Standards Board (IASB), rather than being tied to a specific year. This approach helps ensure that the program remains current, relevant, and applicable.

Learning outcomes

Upon successful completion of the program, participants are expected to demonstrate enhanced ability to:

• Read and understand relevant IFRS requirements.

• Analyze financial statements within the international financial reporting framework.

• Determine appropriate accounting treatments for various transactions.

• Apply the principles of recognition, measurement, presentation, and disclosure.

• Assess the impact of new amendments on financial reporting.

• Address accounting matters requiring professional judgment.

• Improve the quality of financial reporting and disclosures.

• Connect the theoretical requirements of IFRS with practical workplace applications.

Requirements And Conditions

Given the advanced nature of the program, participants are preferably expected to have:

• A university degree in accounting, finance, or a related discipline.

• Practical experience in accounting or finance, preferably of at least two years.

• A basic understanding of accounting principles and financial statement preparation.

• Familiarity with fundamental accounting terminology and concepts.

A university degree specifically in accounting is not necessarily required where the participant possesses relevant professional experience and sufficient knowledge of financial accounting.