Learn the basic requirements and principles of IAS 24, Related Party
Disclosures, and IAS 21, The Effects of Changes in Foreign Exchange Rates. Gain
fundamental knowledge that will empower you to assist clients subject to these
standards.
Key concepts you will explore include:
- related party transactions,
- functional currency determination, and
- consolidating financial statements that include a foreign subsidiary and calculating goodwill.
Compete in the modern business environment
Many of the world's largest capital markets require or permit the use of International Financial Reporting Standards®.
Whatever your location, you could easily find yourself with a client subject to IFRS requirements.
Understanding IFRS requirements will help you better assist clients subject to these standards and enable you to effectively compete in the modern business world.
Practical learning through realistic scenarios
The interactive learning elements and real-life examples will help you implement the key concepts you learn in this course.
The real-world case studies will allow you to practice what you learn and apply your knowledge of IFRS requirements.
Who Will Benefit
- Accounting and finance professionals who work for
private or public multinational organizations that have adopted IFRS®
Standards.
- Accountants in public practice who provide audit or assurance services to private or public multinational organizations that have adopted IFRS Standards.
Key Topics
- Related party definition
- Related party transactions
- Related entities
- Disclosure requirements
- Functional currency definition and determination
- Translating a foreign currency transaction
- Calculating and presenting exchange differences
(gains and losses) on financial statements
- Consolidating financial statements that include a foreign subsidiary and calculating goodwill
Learning Outcomes
- Recognize who is a related party.
- Identify the disclosures required for related party
transactions.
- Recall how an entity determines its functional
currency.
- Recognize foreign currency transactions in the
functional currency.
- Recall how to translate an entity’s financial
statements into a presentation currency.
- Recognize the implications for consolidated financial statements that include a foreign subsidiary.