Financial Crime World

International Financial Reporting Standards (IFRS) Training Course Launched in Bouvet Island

Enhancing Accounting Skills of Professionals in Bouvet Island

Bouvet Island, a remote island territory in the South Atlantic Ocean, has witnessed the launch of an International Financial Reporting Standards (IFRS) training course aimed at enhancing the accounting skills of professionals in the region. The 5-day training program, conducted by GLOMACS, a leading provider of professional development courses, is designed to equip delegates with a detailed understanding of IFRS and its application in financial reporting.

Improved Knowledge and Skills for Delegates

At the end of the training program, delegates are expected to be able to:

  • Follow accounting concepts and policies
  • Prepare income statements and statements of financial position in accordance with IFRS
  • Evaluate cash flow statements
  • Prepare and present financial statements, including annual reports and financial statements, notes and disclosures

Practical Application of IFRS

The organization will benefit from the practical application of IFRS, ensuring legal compliance in line with the latest requirements. The training program is designed to aid corporate governance, reduce risk, and contribute to more effective financial decision-making.

Increased Importance to the Organization

Delegates who attend this training course will gain skills and knowledge to:

  • Further their professional careers
  • Enhance their role within the organization
  • Improve their ability to liaise effectively with other departments and colleagues

The training program is suitable for a wide range of professionals, including:

  • Corporate accountants
  • Financial controllers
  • Treasury officers
  • Management accountants
  • Finance staff in general accounting, payables, receivables, inventory, fixed assets
  • External auditors
  • Government regulators
  • Financial analysts and more

Course Outline

The 5-day training program is divided into five days:

Day 1: The Role & Scope of IFRS

  • Establishing the case for IFRS
  • International accounting diversity
  • IFRS & US GAAP
  • The role & scope of IFRS & IAS
  • The IASB conceptual framework
  • IFRS, accounting concepts & policies

Day 2: The Presentation & Preparation of Financial Statements

  • The annual reports & financial statements
  • IAS 1 presentation of financial statements
  • Preparing the income statement
  • Preparing the statement of financial position
  • IAS & statement of cashflow
  • Notes & disclosures

Day 3: Accounting for Cash Flow & Financial Instruments

  • The importance of cash flow
  • Preparing a statement of cash flows in accordance with IFRS 7
  • Evaluating the cash flow
  • What are financial instruments & derivatives?
  • IFRS 7 financial instruments: Disclosures
  • IFRS 9 financial instruments

Day 4: Accounting for Assets

  • Tangible & intangible assets
  • IAS 16: Property, plant and equipment and Depletion, Depreciation & Amortisation (DD&A)
  • IAS 36: Impairment of assets
  • IFRS 13 fair value measurement
  • IAS 38: Intangible assets
  • IAS 2 inventories

Day 5: Accounting for Strategic Alliances & Business Combinations

  • Strategic alliances mergers & acquisitions
  • Goodwill
  • IFRS 3 business combinations
  • IFRS 10: Consolidated financial statements
  • IFRS 11: Joint arrangements
  • IFRS 12: Disclosure of interests on other entities

GLOMACS Registration

GLOMACS is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.

Collaboration with PetroKnowledge

The training program is in collaboration with PetroKnowledge, a leading provider of professional development courses. The aim is to provide the best training services and benefits for valued clients.