Introduction

In a global and increasingly competitive environment, the need for effective and enforced Corporate Governance and International Financial Reporting Standards (IFRS) is all too evident.

This program establishes the Case for Corporate Governance and International Financial Reporting Standards by examining such inappropriate practices such as creative accounting, off-balance sheeting financing and examples such as Enron and World Com among others.

The program begins with an exploration of the Framework for the Preparation and Presentation of Financial Statements in accordance with IFRS is then examined via case studies, syndicate/group work and exercises aimed at increasing knowledge, understanding and application of IFRS.

This is followed by an evaluation and interpretation of financial reports prepared in accordance with IFRS.

This program, the preparation, and analysis of financial statements take a detailed review of the content and meaning of the annual report and accounts of medium and large-sized companies. The program uses International Financial Reporting Standards as the basis of the preparation and analysis of the financial reports discussed.

Objectives

By the end of this program you will be able to:

• Become aware of the case for Corporate Governance and International Financial Reporting Standards

• Identify the creative accounting methods adopted by companies when preparing their financial statements

• Appreciate the Lessons Learnt from accounting scandals such as the Enron and World Com cases

• Gain an understanding of the Structure of IFRS

• Become aware of the adoption of IFRS, Current Issues/IFRS Convergence Projects and the Problems of Convergence

• Be able to Present Financial Statements in accordance with IFRS

  • balance sheet: statement of financial position

  • income statement: statement of comprehensive income

  • cash flow statement: statement of cash flows

  • statement of changes Inequity

  • statement of recognized income or expense ("SORIE")

  • notes, including a Summary of the Significant Accounting Policies

• Gain an understanding of the major IFRS

• Be able to evaluate and analyze financial statements and the impact of IFRS

Methodology

This program is highly interactive: from the very first session of the first day, you will be involved in case exercises and problem-solving. You will be encouraged to make the link between the training room and your office and organization. Overall, the program will expose you to a range of learning methodologies that include

• Mini lectures that introduce the main concepts

• Case exercises to test understanding

• Case histories to develop understanding and application

• Class discussions during which you will be given the opportunity to share your opinions and experiences with your fellow delegates

In addition to what might be called traditional materials, you will also be provided with a variety of real-life materials and experiences: the training materials contain information drawn from a wide variety of sources from around the world.

You will be given the opportunity to bring along your own materials for inclusion in the discussions to be held throughout the program.

Personal Impact

You will learn a wide variety of techniques for analyzing the content of the financial reports of an organization: you will become immediately proficient at such analyses by attending this program. In addition to class-based analytical techniques, you will be introduced to various aspects of spreadsheet-based analysis together with such techniques as Z Score analysis.

Outlines 

Day 1: Introduction to Corporate Governance and IFRS

• Overview:

  • Importance of Corporate Governance and IFRS in the global context.

  • Review of past accounting scandals (Enron, WorldCom) and lessons learned.

• Objectives:

  • Understanding the case for Corporate Governance and IFRS.

  • Introduction to creative accounting and off-balance sheet financing.

Day 2: Structure of IFRS & Corporate Social Responsibility

• Content:

  • Introduction to the structure of IFRS:

    • International Financial Reporting Standards

    • International Accounting Standards

    • Interpretations & Standing Interpretations Committee

  • Corporate Governance and Corporate Social Responsibility.

  • Adoption of IFRS: Current Issues and Convergence Projects.

Day 3: IFRS Framework & Qualitative Characteristics

• Content:

  • The Framework for the Preparation and Presentation of Financial Statements:

    • Purpose and status

    • Scope and objectives

    • Underlying assumptions

    • Qualitative characteristics of financial statements.

  • Case studies and discussions on IFRS adoption challenges.

Day 4: Key Financial Statements under IFRS

• Content:

  • Overview of key financial statements under IFRS:

    • Balance sheet (Statement of Financial Position)

    • Income statement (Statement of Comprehensive Income)

    • Cash flow statement

    • Statement of Changes in Equity

    • Notes, including Significant Accounting Policies.

  • A review of financial reports based on other standards (USA, UK).

Day 5: Presentation of Financial Statements (IAS 1, IFRS 1, IAS 8)

• Content:

  • Case exercises and syndicate work to analyze:

    • IAS 1 (Presentation of Financial Statements)

    • IFRS 1 (First-time Adoption)

    • IAS 8 (Accounting Policies, Changes in Estimates, and Errors).

  • Detailed case studies of annual financial reports.

Day 6: Financial Reporting Standards Review

• Content:

  • Deep dive into key financial standards:

    • IAS 16 (Property, Plant, and Equipment)

    • IAS 17 (Leases)

    • IAS 23 (Borrowing Costs)

    • IFRS 3 (Business Combinations)

  • Case exercises and group discussions on real-world financial statements.

Day 7: Financial Reporting Standards Review (Part 2)

• Content:

  • Continuation of the review:

    • IAS 27 (Consolidated and Separate Financial Statements)

    • IAS 36 (Impairment of Assets)

    • IAS 37 (Provisions, Contingent Liabilities, and Contingent Assets).

  • Discussion on delegates’ selected cases for analysis.

Day 8: Financial Analysis Techniques & Ratio Analysis

• Content:

  • Introduction to fundamental analysis techniques:

    • Ratio analysis (Profitability, Liquidity, Solvency, etc.)

    • Common size and rate of change statements.

  • Case studies and practical exercises on real financial reports.

Day 9: Advanced Financial Analysis & Excel Tools

• Content:

  • Advanced analysis techniques:

    • Z Score analysis

    • Regression analysis

  • Practical session on using Excel for financial analysis:

    • Key financial formulas

    • Financial functions and Data Analysis ToolPak.

Day 10: Comprehensive Financial Reporting Review & Conclusion

• Content:

  • Review of financial reporting information:

    • Drilling down using accounting policies and notes of explanation.

    • Detailed analysis of working capital, cash flow management, and capital structure.

  • Final case studies and group presentations.

  • Q&A and summary of the training program.