This course provides a comprehensive overview of accounting standards and financial reporting, with a focus on the International Financial Reporting Standards (IFRS) and their impact on businesses globally. Participants will learn about the transition requirements accompanying accounting standards, the importance of accounting principles in financial reporting, and the implications of changing economic conditions on financial statements.

The course also explores the role of accounting principles in financial regulatory compliance, ethical considerations, and mergers and acquisitions. Additionally, participants will gain insights into accounting principles for non-profit organizations, intangible assets, financial reporting consistency, revenue recognition, historical cost, materiality, conservatism, and full disclosure.

By the end of the course, participants will have a solid understanding of accounting standards and financial reporting practices to ensure accurate and meaningful financial information.

Key Topics Covered:

• Transition requirements and their impact on financial reporting
• The importance of accounting principles in financial reporting
• Understanding the impact of changing economic conditions on financial statements
• Accounting principles and their role in financial regulatory compliance, ethical considerations, and mergers and acquisitions
• Accounting principles for non-profit organizations, intangible assets, and financial reporting consistency
• The matching principle and recognition of revenue and expenses
• Accrual accounting and its role in fundamental accounting principles
• Inventory valuation and depreciation
• Impact of changes in accounting standards on fundamental accounting principles
• Primary characteristics of useful financial information
• Relevance and reliability in financial reporting
• Liquidity and solvency analysis through financial statements
• The contribution of financial ratios and trend analysis to financial information usefulness
• Examples of financial information usefulness for external parties
• The revenue recognition principle and its impact on financial reporting
• Determining the timing and amount of revenue recognition
• Complexities and controversies in revenue recognition
• The historical cost principle and its impact on financial statements
• The materiality principle and its impact on analysis
• The conservatism principle and its limitations
• The full disclosure principle and its importance
• Recognition and measurement of income taxes according to IAS 12