INTERNATIONAL FINANCIAL REPORTING STANDARDS AND MICROSOFT EXCEL – ONLINE MASTERCLASS

International Financial Reporting Standards and Microsoft Excel: A Meeting of Minds – Online Course

Overview

This unique course comprises a mixture of IFRS based work and Microsoft Excel based work. If you search online for a course with a title like this one, you are likely to find course outlines illustrating a small number of Excel based formulas that relate to IFRS, diagrams or tables compiled in Excel or templates that are actually graphics of work taken from many sources.

The IASs and IFRSs named in this outline. The Excel examples are taken directly from the Standards or they are derived from the Standards or they are examples derived from published financial statements prepared under IFRS.

This course comprises high quality notes relating to the main, fundamental knowledge base and concepts of IFRS together with a wide variety of Excel based exercises and cases.

The course would be conducted over 2 days with each day having learning duration of 3-4 hours.

Course Objectives

By the end of this course delegates will be able to discuss the major contents and concepts of the following Standards and apply and evaluate their understanding of them:

  • IAS 1: Presentation of Financial Statements
  • IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors
  • IAS 37: Provisions, Contingent Liabilities and Contingent Assets
  • IFRS 13: Fair Value Measurement
  • IAS 16: Property Plant and Equipment
  • IAS 10: Events after the Reporting Period
  • IAS 7: Statement of Cash Flows
  • IAS 23: Borrowing Costs
  • IAS 36: Impairment of Assets
  • IAS 2 Inventories
  • IRFS 8: Operating Segments
  • IFRS 15: Revenue from Contracts with Customers
  • IFRS 16 leases FAQs
  • IFRS 9: Financial Instruments
  • The Analysis of Account Information published under IFRS

Training Methodology

The trainer will begin each topic by outlining the main contents and concepts relating to it: this will normally be with reference to one or more IAS or IFRS. The practical financial implications of the topic will then be demonstrated using Excel or the delegates will be encouraged to derive an Excel solution to a problem relating to that topic.

All Excel files used in this course have been prepared using Microsoft 365 and delegates must be using an as up to date a version of Excel software as possible.

By the end of the course, delegates will have received copies of all Word, PowerPoint, Excel and PDF files that have been prepared for the course: that includes a copy of all fully worked solutions to all of the exercises set during the course.

Who Should Attend?

  • Practicing accountants
  • Senior managers with responsibility for financial reporting
  • Newly qualified or graduated accountants who need a good grounding in practical IFRS work
  • Non-financial managers who are aspiring to senior level responsibilities
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  • A statement of financial position
  • A statement of comprehensive income
  • A statement of changes in equity
  • A statement of cash flow

Example Excel based exercise:

From Trial Balance to Financial Statements

  • Definition of accounting policy and accounting estimate
  • Examples and applications of the fundamental principles behind IAS 8

Example Excel based exercises:

Preparation of

  • Disclosure note of change of accounting estimate
  • Income Statement following the change in useful lives of non current assets
  • Definitions
  • The setting of
  • Provisions with examples
  • Contingent liabilities with examples
  • Contingent assets with examples

Example Excel based exercises:

Computation of

  • A provision for warranty
  • An end of year lease obligation
  • A provision for a contingent liability
  • Definitions
  • Recognition
  • Initial measurement
  • Measurement subsequent to initial recognition
  • Revaluation model
  • Depreciation: cost and revaluation models -Derecognition
  • Disclosure

Example Excel based exercises:

  • Initial value of a non current asset
  • Diminishing balance depreciation with residual value
  • Diminishing balance depreciation without residual value
  • Sum of the digits depreciation
  • A review of the vocabulary and layout of a statement of cash flows
  • The links between the SCF and the income statement and balance sheet
  • Examples of SCF in practice

Example Excel based exercises:

Preparation of operating cash flow section of a statement of cash flow using

  • The direct method
  • The indirect method
  • The capitalisation of borrowing costs under given circumstances
  • Where is capitalisation allowed
  • Is there an alternative

Example Excel based exercises:

  • Derivation of the amount of interest to be included the cost of a non current asset
  • Exchange differences eligible for capitalisation
  • Definition of impairment
  • The application of IAS 36:
  • Where it applies
  • Where it does not apply
  • Indications of impairment
  • Internal
  • External

Example Excel based exercises:

  • Impairment test of a CGU (incl. goodwill) based on value in use
  • WACC calculation
  • A review of IFRS 8 and how it applied to the segmented or divisional organisation
  • The Chief Decision Maker’s view
  • Examples of segmental reports

Example Excel based exercises:

Preparation of a segmentation template in Excel to be based on the IFRS 8 disclosure note of an organisation

The five step model framework

The core principle of IFRS 15 is that an entity will recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for these goods or services. This cere principle is delivered in a five step model framework:

  • Identify the contract with a customer
  • Identify the performance obligations in the contract
  • Determine the transaction price
  • Allocate the transaction price to the performance obligations in the contract
  • Recognise revenue when (or as) the entity satisfies a performance obligation

Example Excel based exercises:

  • Illustration of 5 step model (telecom contract)
  • Contract modification
  • Explicit v implicit performance obligations
  • Variable consideration with contingency
  • Significant financing component and right of return
  • Allocating variable consideration + licenses
  • Revenue over time vs. at the point of time (real estate)
  • Contract costs

IFRS 16 Leases replaced IAS 17 Leases and it came into effect for accounting periods beginning on or after 1 January 2019.

  • How does the lessee accounting model work?
  • Has the definition of a lease changed?
  • How does the liability and asset model work for lessees?
  • Has anything changed for lessors?
  • Have disclosure requirements changed for lessees?
  • Who is most affected by IFRS 16?
  • How will this impact lessees’ financial statements?
  • Are there any other transition reliefs available to lessees?

Example Excel based exercises:

  • Initial measurement of the right of use asset and lease liability, quarterly lease payments, rent free periods
  • Reassessment of the lease term with updated discount rate
  • Lease modification: decrease in scope, both increase and decrease in scope, change in consideration only
  • Accounting for a finance lease by a lessor
  • he phased completion of IFRS 9
  • Overview of IFRS 9
  • Initial measurement of financial instruments
  • Derecognition of financial liabilities
  • Derivatives
  • Embedded derivatives
  • Reclassification
  • Hedge accounting
  • Impairment
  • Disclosures

Example Excel based exercises:

    • llustration of application of amortised cost and effective interest method
    • Revision of cash flows in amortised cost calculation
    • Re estimation of cash flows in floating rate instruments
    • Impairment: illustrative calculation of lifetime expected credit losses and 12 month expected credit losses for a loan
    • Impairment: lifetime ECL for trade receivables using a provision matrix
    • Purchased credit impaired financial asset and credit adjusted effective interest rate
    • Asset that has become credit impaired after initial recognition
    • Factoring with partial recourse that qualifies for derecognition

The Analysis of Account Information published under IFRS

This section is based entirely on Excel based materials and data taken from published financial statements prepared under IFRS

      • The fundamental ratios and their calculation
      • Common size statements
      • Rates of change statements and ratios

Reminder: all delegates should have access to a laptop computer for this session

Example Excel based exercises:

The analysis of the financial reports of actual organisations from around the world. Tips for analysing financial reports using an Excel spreadsheet: brief review of:

      • Formulas
      • Financial functions
      • Data Analysis ToolPak
      • Graphing/charting data

More comprehensive review of financial reporting information: drilling down by using accounting policies and notes of explanation. More detailed analysis of

    • Working capital and cash flow management
    • Debtors (accounts receivable)
    • Creditors (accounts payable)
    • Capital structure
    • Using such techniques as
    • Z Score and similar techniques
    • Statistical and regression analysis
    • Review and Revision
    • Opportunity to ask questions to the speaker
    • Revising for the final exam
Duncan Williamson
ACCOUNTING AND MANAGEMENT CONSULTANT
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Event Details
  • Start Date
    February 15, 2021 9:00
  • End Date
    February 16, 2021 5:00
  • Status
    Expired
  • Location
  • Category
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