NCFM IFRS CERTIFICATION
Conceptual Foundations of Financial Statements.
- The objective of financial reporting;
- The main assumptions;
- Qualitative characteristics of financial reporting;
- Elements of Financial Statements: recognition and measurement;
- Concepts of capital.
IAS 1 “Presentation of Financial Statements”
– Purpose and application of the standard;
– Components of financial statements, including Report on Equity;
– Confidence in reporting and compliance with IFRSs;
– Presentation of Financial Statements.
IAS 7 “Statement of Cash Flows” (CCF)
– Purpose and application of the standard. Concepts;
– The structure of the Cash Flow Statement;
– Classification of business operations with the objective of CFS;
– Types of cash flow statement presentation;
– A direct method for preparation of cash flow statement;
– The indirect method cash flow statement preparation;
– Identification of inflows and outflows of cash and cash equivalents provided by the bank’s operations.
IAS 8 “Accounting Policies, Changes in Valuation Calculations and Errors”
– Purpose of accounting policies;
– Changes in accounting policies – a retrospective approach;
– Reflection in the financial statements of changes in accounting; estimates (prospective approach);
– Errors in the financial statements and methods of their correction.
IAS 32 and 39 “Financial Instruments”
– The concept of financial instruments
– Identification of financial instruments: financial assets and liabilities derivatives: recognition and rejection of the recognition
– Classification of financial instruments;
– Valuation of financial instruments: when registering in financial reporting.
– Follow-up evaluation: should we expect a mortized cost?
– Accounting for impairment of financial assets;
– Derecognition of financial instruments;
– Forward contracts, swaps,futures;
– Non-market interest rates;
– Practical applications for banks and other financial institutions;
– Recommendations to the disclosure.
IFRS 7 “Financial Instruments: Disclosures”
– Accounting Policies;
– Profit and loss account;
– The balance sheet or balance;
– Statement of cash flows;
– Statement of changes inequity;
– Additional disclosures;
– Basic disclosure requirements for financial instruments;
– Disclosure of risk management policy;
– New approaches to disclosure in accordance with IFRS7 “Financial Instruments: Disclosures”.
IAS 16 “Property”
– The concept;
– Criteria and Evaluation;
– Recognition and initial assessment;
– Follow-up evaluation;
IAS 38 “Intangible Assets”
– The concept;
– Recognition and development cost;
– Assessment and reassessment;
IAS 40 “Investment Property”
– Classification of property;
– The preparation of financial statements and assessment of investment property.
IAS 36 “Impairment of Assets”
– The procedure fortesting for impairment;
– The causesof impairment;
– Definition of cash-generating unit;
– Calculation of recoverable amount;
– Restoration of impaired assets;
IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”
– The criteria for the classification of non-current assets as held for sale;
– The Group’s assets for retirement;
– Recognition and measurement.
IAS 17 “Leases”
– Types of lease -finance/operating lease;
– Signs and principles of lease classification;
– Reflection of the lease in the financial lessor and lessee;
– Reflection of operating leases in the financial statements of the lessor and lessee;
IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”
– Reserves – Definition, Recognition and Measurement;
– Creation of reserves (reserves for issued loans, other reserves);
– Contingent liabilities – the definition and recognition;
– Contingent assets – the definition and recognition;
IAS 12 “Income Taxes”
– Deferred income taxes- a concept:
– Temporary differences: Temporary taxable differences and deductible temporary differences;
– Recognition of deferred tax assets and liabilities;
– Calculation of the tax base of the asset and liability;
– The calculation of deferred taxes on credit operations;
– Presentation and disclosure of deferred taxes.
IAS 18 “Revenue”
– The conditions for recognizing revenue;
– Recognition of interest income.
IAS 19 “Employee Benefits”
– Identification of fixed payment of pension plans by the employer groups and plans with defined contribution;
– Recognition and measurement of pension plans, defined contribution and defined benefit;
– Reflection of pension plans in accounting, financial statements and notes to the accounts.
IFRS 2 “Share-based payments instruments”
– The concept of payment based on the equity instruments;
– Evaluation of the transaction at fair value;
– The difference between the operations, which offer payments using the shares settled in cash and equity instruments;
– Disclosure in financial reporting.
Additional Disclosure of Information
IAS 34 “Interim Financial Reporting”
– The scope of IAS 34;
– Definitions and minimum of the interim reporting;
– Information to be included in the notes to the interim financial statements;
– The period to provide the interim financial statements;
– Disclosure of estimates of the interim financial statements in annual reports, if in the final period of assessment has changed;
– Accounting policies for interim reporting;
– Seasonal income, non-uniform costs and the use of estimates in interim financial statements.
IFRS 8 “Operating Segments”
– Definitions of industry and geographical segments;
– Primary and secondary format for segment information;
– Financial performance, requiring disclosure in respect of primary segment format;
– Information about the format of the secondary;
– Criteria for selection of segments for presentation in financial statements;
– The accounting policies of the segment.
IAS 33 “Earnings per Share”
– Calculation of earnings per share in accordance with IAS 33;
– Earnings per share in the event of the year preferential issue or stock split;
– Calculation for the placement of shares at a premium and with the release of rights;
– The calculation of diluted earnings per share and issue convertible debtor preferred stock;
– Issuance of stock options and warrants on shares;
– Identify the circumstances under which an effect of increasing earnings per share;
– Conversion of comparative data on earnings per share;
– Additional disclosures about earnings per share.
IAS 10 “Events after the Balance Sheet Date”
– Definition of subsequent events- corrective and non-adjusting (the algorithm to reflect events after the reporting date);
– Recognition of adjusting events;
– Inclusion in the reporting of non-adjusting events;
– Disclosure of information about events after the reporting date.
IAS 21 “Effects of Changes in Foreign Exchange Rates”
– Identification of the functional currency;
– Assessment at initial recognition of foreign currency transactions;
– Recognition of exchange differences;
– Select the presentation currency;
– How to convert statements into the presentation currency, the current and historical.
IAS 24 “Disclosure of Information of Related Party”
– The purpose and scope of thestandard;
– Key Concepts;
– Criteria for determining related parties;
– The disclosure requirements for related party;
– An example disclosure of information of related party.
The Financial Statements of Associated Companies and Joint Ventures
IFRS 3 “Business Combinations”
– Identification of acquirer;
– Identification of the date of purchase;
– Determining the value of combining;
– Average cost of the combination to the identifiable assets, liabilities and contingent liabilities;
– Determining the amount of goodwill and minority interest;
– Basic requirements for disclosure.
IAS 27 “Consolidated and Separate Financial Statements”
– Definition of subsidiaries;
– Identification of associates and joint ventures;
– Presentation of the consolidated financial statements;
– The procedure and method of consolidation;
– Reflection of investments in subsidiaries, associates and jointly controlled entities in the separate financial statements (IAS 28, IAS31);
– Basic requirements for disclosure.