IFRS - International Financial Reporting Standards

The company’s success not only depends on operational return and efficient cost structures, but also on correct balancing. Directives and guidelines make it more complicated to implement and establish balance sheets, profit and loss statements as well as reportings effectively. Knowledge about the biggest hurdles, traps but also about clues are a must for any executive in order to be able to communicate business activities and results in a correct way to creditors, investors, shareholders and associates.

Like many guidelines and standards IFRS are developed and decided by several committees. The structure of the International Accounting Standards Board will be shown to the participants, in order to enlarge upon the tasks of IAS and IFRS as well as upon reporting standards.
Beside basic explanations about terms and tasks the seminar will go into detail regarding current standards, such as frequently applied IAS 17 – leasing, IAS 18 – earnings, but also IAS 23 – borrowing costs.
Comprehension of IAS and IFRS will be consolidated and enlarged. For the participants practical exam-ples will facilitate correlations and use in their own company.

Internationalisation of accounting is very comprehensive and complex, only a specialist will keep an overview of this. The seminar will point out definitions, structures as well as contents of central stan-dards and will add frequently used standards. Apart from this summaries of Final Interpretation (SIC) as well as International Financial Reporting Interpretations (IFRIC) will be referred to. In this context the correlation of boards and hierarchy of norms regarding provisions concerning the IFRS-accounting will be explained and illustrated.

Information requirements and elements of annual accounts according to IFRS

Selected balance sheet items

Profit and loss statement: Total expenditure format / cost of sales format

Reporting by market segment

How classification numbers change under IFRS

Reconciliation of the internal / external earnings statement