Advanced Financial Reporting

Day 1: Introduction to Advanced Financial Reporting

• Overview of financial reporting principles.

• The evolution of financial reporting standards (IFRS, GAAP).

• Understanding the balance sheet, income statement, and cash flow statement in depth.

• Key differences between IFRS and GAAP financial reporting.

• Review of major changes in IFRS standards (IFRS 15, 16, 9, etc.).

• Introduction to consolidated financial statements: Importance and key principles.

• Practical exercise: Reviewing a set of financial statements and identifying key areas for improvement.

Day 2: Consolidated Financial Statements and Group Accounting

• Understanding group accounting and consolidation procedures.

• Preparing consolidated financial statements under IFRS and GAAP.

• Treatment of minority interests and non-controlling interests.

• Equity method of accounting for investments in associates.

• Special considerations for joint ventures and subsidiaries.

• Accounting for business combinations (mergers and acquisitions).

• Practical exercise: Preparing a consolidated income statement and balance sheet for a group of companies.

Day 3: Financial Instruments, Derivatives, and Hedging

• Detailed analysis of financial instruments under IFRS 9 and GAAP.

• Classification of financial assets and liabilities.

• Accounting for financial instruments: Recognition, measurement, and disclosures.

• Hedge accounting and its impact on financial statements.

• Derivatives and their treatment in financial reporting.

• Understanding the risks associated with financial instruments.

• Practical exercise: Preparing financial reports that include derivatives and hedge accounting entries.

Day 4: Segment Reporting, Revenue Recognition, and Provisions

• Understanding segment reporting under IFRS 8: Determining reportable segments.

• Preparing segment disclosures for public financial reporting.

• Advanced revenue recognition principles under IFRS 15: Identifying performance obligations and measuring revenue.

• Accounting for provisions, contingencies, and contingent liabilities under IFRS and GAAP.

• Practical exercise: Creating segment disclosures and revenue recognition schedules for a multi-segment company.

Day 5: Advanced Topics in Financial Reporting & Final Assessment

• Accounting for leases under IFRS 16: Lessee and lessor accounting.

• Recent developments and updates in IFRS standards (IFRS 17, IFRS 9, etc.).

• Advanced issues in financial reporting: Impairment of assets, foreign currency translation, and equity investments.

• Best practices in financial reporting for transparency and accuracy.

• Preparing for audits: Key considerations for external and internal auditors.

• Final assessment: Creating a comprehensive financial report with advanced reporting techniques.