It is time for Canadian companies and accounting firms to train their staff. In-house training allows a company to train many employees at the same time and to delve into IFRS issues that are pertinent to their setting and industry.
Canadian businesses are quickly adapting to the needs of IFRS (International Financial Reporting Standards).
For the accounting profession IFRS is the biggest change in decades.
There will be three days of training. The first training seminar is called IFRS Overview and it will provide a solid understanding of IFRS. Then, this is followed with the 2 day IFRS Workshop where we will go through the standards in detail and do numerous applications.
This training is for industry accountants, finance professionals, and auditors.
The outline for the IFRS Overview Seminar is:
1. Comparison of IFRS to Canadian GAAP
2. Introduction to IFRS
3. Financial Statement Presentation
5. Property, Plant & Equipment
6. Investment Property
7. Leases, Intangible Assets, and Asset Impairment
9. Foreign Currency Translation
The outline for the 2 day IFRS workshop follows:
1. Revenue Recognition
2. Construction Contracts
3. Consolidated Financial Statements
4. Accounting Policies, Changes in Principles and Correction of an Error
5. Statement of Cash Flows
6. Non-current Assets held for Sale & Discontinued Operations
7. IFRS Exploration for and Evaluation of Mineral Resources
8. Deferred Income Taxes
9. First Time Adoption
10. Borrowing Costs
11. Accounting for Government Grants
12. Events after the B/S Date
13. Related Party Disclosure
15. Investment in Associates & Joint Ventures
16. Employee Benefits
17. Share-Based Payments
18. Financial Instruments
Leah Donti, has been teaching IFRS since 1997. She is an expert on IFRS will conduct the training.
Over 100 countries have already converged to IFRS including the Eurozone, Switzerland, UK, Hong Kong, Australia and New Zealand.
Companies that are due to begin their IFRS conversion projects over the next couple of months could be underestimating the full extent of what this entails. In the worst case scenario, this could lead to financial results being restated and, with the world’s financial markets currently so delicately poised, such a flurry of activity could prove damaging.
In Canada, the TSE will require IFRS beginning Jan. 1, 2011. As well, all publically accountable entities in Canada are scheduled to make the move to IFRS on the same date.
In the US, the SEC has released the Roadmap for comment.
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Advantage Montreal Seminars Inc. provides in-house training as well as public seminars across North America since 1991.
The firm specializes in accounting, auditing and finance training.
Leah Donti is a public speaker and speaks at conferences.