Certified IFRS Professional

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Video Learning

Introduction to IFRS 7 Topics

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Use of IFRSs around the world

IAS 1 – Presentation of Financial Statements 7 Topics

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IAS 1 Objectives

IAS 1 Scope

IAS 1 Key Terms

Complete set of financial statements

General requirements of IAS 1

Statement of comprehensive income

Disclosure of accounting policies

IAS 2- Inventories 6 Topics

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IAS 7- Statement of Cash Flows 6 Topics

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IAS 7 Key Terms

Presentation of a statement of cash flows

Non-cash Transactions

Foreign Currency Cash Flows

Reporting Cash Flows on a Net Basis

IAS 7 Disclosures

IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors 3 Topics

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IAS 8 Key terms

Selection and Application of Accounting Policies

Consistency of Accounting Policies

IAS 10- Events After the Reporting Period 4 Topics

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IAS 10 Key Terms

Adjusting Events after the Reporting Period

IAS 10 Dividends

IAS 10 Going Concern

IAS 11 – Construction Contracts 10 Topics

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IAS 11 Key Terms

IAS 11 Contract options

IAS 11 Contract revenue

IAS 11 Contract cost

Recognition of Revenue and Costs

Outcome of Construction Contract Can Be Estimated Reliably

Stage of Completion

Outcome of Construction Contract Cannot Be Estimated Reliably

Effect of Change in Estimate in Construction Contract

IAS 11 Disclosures

IAS 12 – Income Taxes 6 Topics

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IAS 12 Key Terms

IAS 12 Tax base

Recognition and measurement of current tax liabilities and current tax assets

Recognition of deferred tax liabilities and deferred tax assets

Accounting for deferred tax

IAS 12 Disclosures

IAS 16- Property, Plant, And Equipment 8 Topics

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IAS 16 Scope

IAS 16 Key Terms

IAS 16 Recognition

IAS 16 Elements of cost

Measurement of cost

Measurement after recognition

IAS 16 Derecognition

IAS 16 Disclosures

IAS 17 – Leases 5 Topics

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IAS 17 Key Terms

Classification of leases

Leases in the financial statement of lesees

Operating Leases

Leases in the financial statement of lessors

IAS 18 – Revenue 8 Topics

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IAS 18 Scope

IAS 18 Key Terms

Measurement of Revenue

Identification of a Transaction

Revenue on Sale of Goods

Revenue from Rendering of Services

Interest, Royalties, and Dividends

IAS 18 Disclosures

IAS 19 – Employee Benefits 7 Topics

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IAS 19 Scope

IAS 19 Key Terms

Types of Employee Benefits

Short-term Employee Benefits

Post Employment Benefit Plans

Other long-term Employee Benefits

Termination Benefit

IAS 20 – Accounting For Government Grants and Disclosure of Government Assistance 5 Topics

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IAS 20 Key Terms

Recognition of Government Grants

Presentation of Grants Related to Assets

Presentation of Grants Related to Income

Repayment of Government Grants

IAS 21 – The Effects of Changes In Foreign Exchange Rates 5 Topics

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IAS 21 Scope

IAS 21 Key Terms

Identification of Functional Currency

Net Investment in a Foreign Operation

Use of Presentation Currency Other Than Functional Currency

IAS 23 – Borrowing Costs 6 Topics

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IAS 23 Key Terms

IAS 23 Recognition

Borrowing Costs Eligible for Capitalization

Commencement of Capitalization

Suspension of Capitalization

Cessation of capitalization

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IAS 24 Key Terms

Substance Over Form

Recent Amendments to the Standard

IAS 26 – Accounting and Reporting By Retirement Benefit Plans 4 Topics

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IAS 26 Scope

IAS 26 Key Terms

Defined Contribution Plans vs. Defined Benefit Plans

IAS 26 Disclosures

IAS 27– Consolidated and Separate Financial Statements 4 Topics

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IAS 27 Key Terms

Requirement for separate financial statements

Choice of accounting method

Disclosure

IAS 28 – Investments in Associates

IAS 29 – Financial Reporting In Hyperinflationary Economies 6 Topics

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IAS 29 Scope

IAS 29 Key Terms

Restatement of Financial Statements

Restatement of Comprehensive Income

Statement of Cash Flows

Economy Ceases to Be a Hyperinflationary Economy

IAS 31 – Interests in Joint Ventures

IAS 32 – Financial Instruments: Presentation 11 Topics

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IAS 32 Scope

IAS 32 Financial Assets

IAS 32 Financial Liabilities

IAS 32 Equity Instruments

Presentation of Liabilities and Equity

Treasury Shares

Purchased and Written Option to buy/sell own equity

Puttable Instruments

Offsetting Financial Assets and Liabilities

Interest, Dividends, Losses, and Gains

Transaction Cost of an Equity Issue

IAS 33 – Earnings Per Share 9 Topics

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IAS 33 Scope

IAS 33 Key Terms

IAS 33 Measurement

Diluted Earnings Per Share

IAS 33 Antidilution

Rights Issue

Increasing Rate Preference Shares

IAS 33 Presentation

IAS 33 Disclosures

IAS 34 – Interim Financial Reporting 6 Topics

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IAS 34 Scope

IAS 34 Key Terms

Contents of an Interim Financial Report

Periods for which interim financial reports are required

Accounting Policies

Measurement of interim financial report income tax expense

IAS 36 – Impairment of Assets 13 Topics

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IAS 36 Scope

IAS 36 Exclusions

IAS 36 Key Terms

Identification of assets that may be impaired

Calculation of Recoverable Amount

Calculation of Fair Value less costs to sell

Calculation of Value in Use

Selection of Discount Rate

Recognition of an Impairment Loss

Cash-generating Units

Impairment of Goodwill

Reversal of an Impairment Loss

IAS 36 Disclosures

IAS 37- Provisions, Contingent Liabilities, And Contingent Assets 9 Topics

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IAS 37 Scope

IAS 37 Key Terms

Recognition of a Provision

Measurement of Provisions

Re-measurement of Provisions

Restructurings

Contingent Liabilities

Contingent Assets

IAS 37 Disclosures

IAS 38 – Intangible Assets 9 Topics

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Intangible Assets with Finite Lives

Intangible Assets with Indefinite Lives

Subsequent Expenditure

IAS 38 Disclosures

IAS 39- Financial Instruments: Recognition and Measurement 13 Topics

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Classification of Financial Assets

Financial asset or financial liability at fair value through profit or loss

Recognition Principles

Measurement Principles

Regular-way Purchase or Sale Contract

Accounting for Financial Liabilities

Impairment and Uncollectibility of Financial Assets

Hedge Accounting

Embedded Derivatives

IAS 40 – Investment Property 7 Topics

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IAS 40 Key Terms

IAS 40 Scope

Measurement of Investment Property

Transfers to and from Investment Property

IAS 40 Disposals

IAS 40 Disclosures

Fair Value and Cost Model

IAS 41 – Agriculture 5 Topics

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IAS 41 Scope

IAS 41 Key Terms

Recognition and Measurement

Gains and Losses

Government Grants

IFRS 1 – First-Time Adoption of International Financial Reporting Standards 7 Topics

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IFRS 1 Scope

IFRS 1 Key Terms

Exceptions to the first-time adoption rule

Opening IFRS Statement of Financial Position

Adjustments Required in Preparing

Mandatory Exceptions

Presentation and Disclosure

IFRS 3 – Business Combinations 8 Topics

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IFRS 3 Scope

IFRS 3 Key Terms

Indentifying a Business Combination

Acquisition Method of Accounting

Recognizing Assets and Liabilities

Fair value of Consideration

Measurement Period

IFRS 3 Disclosures

IFRS 2 – Share Based Payment 7 Topics

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IFRS 2 Scope

IFRS 2 Key Terms

Accounting for equity-settled share-based payments

Vesting

Accounting for cash-settled transactions

Accounting for transactions that can be settled through cash or issuance of shares

IFRS 2 Disclosure

IFRS 4- Insurance Contracts 12 Topics

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IFRS 4 Scope

Insurance Contract

Contract that are not classified as insurance contracts

Embedded Derivatives

Unbundling of Deposits

Temporary exemption from application of IAS 8

Business Acquisitions

Deferred Acquisition Costs

Liability Adequacy Test

Change in Accounting Policies

Discretionary Participation Features

IFRS 4 Disclosures

IFRS 5- Noncurrent Assets Held for Sale and Discontinued Operations 9 Topics

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Disposal group assets

Discounted operations

Measurement of noncurrent assets held for sale or disposal group

Changes in classification of held for sale

IFRS 5 Disclosures

IFRS 6 – Exploration for and Evaluation Of Mineral Resources 6 Topics

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Selection and application of accounting policies

IFRS 6 Key Terms

Accounting for E&E costs

Measurement after initial recognition and presentation

IFRS 6 Impairment

IFRS 6 Disclosures

IFRS 7- Financial Instruments: Disclosures 15 Topics

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IFRS 7 Scope

Significant accounting policies relating to financial instruments

Disclosures for Reclassification

Disclosures for de-recognition of financial assets

IFRS 7 Collateral

Impairment allowance

Disclosures in the statement of comprehensive income

Hedge accounting disclosures

Disclosures in lieu of fair value disclosure

Fair value hierarchy-based disclosures

Risk disclosures

Liquidity risk disclosure through maturity analysis

Quantitative liquidity risk disclosures

Disclosure of market risk sensitivity analysis

Risk disclosures of insurance contracts

IFRS 8 – Operating Segments 8 Topics

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IFRS 8 Scope

IFRS 8 Core principle

Chief operating decision maker (CODM)

Identifying segment using IFRS 8

Identifying operating segments

Reportable segments

Measurement of segment information

IFRS 8 Disclosures

IFRS 9- Financial Instruments 17 Topics

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Classification Issues

Classification at a glance

Business Model

Nature of contractual cash flows

IFRS 9 Prepayments

Extension of the contractual term of debt instruments

Change in timing and amount of the contractual cash flows

Recognition of financial assets

Measurement of financial assets

Measurement subsequent to initial recognition

Embedded derivatives

Optionally convertible debenture in the hands of investor

Compulsory convertible debentures

IFRS 9 Reclassification

Gains or losses on financial assets

Investment in unquoted equity shares

Transition Provisions

IFRS 10- Consolidated Financial Statements 10 Topics

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IFRS 10 Scope

IFRS 10 Key terms

Consolidation procedures

IFRS 10 Control

Exposure or rights to variability in returns

Link between power and returns

Relationship with other parties (“de facto agents”)

Changes in the ownership interests

IFRS 10 Loss of control

IFRS 10 Disclosure

IFRS 11 – Joint Arrangements 5 Topics

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IFRS 11 Scope

General requirements

Understanding joint control

Accounting for sales or contributions of assets to a joint operation

Presentation and disclosure

IFRS 12- Disclosure of Interest in Other Entities 3 Topics

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IFRS 12 Scope

IFRS 12 Key Terms

Disclosure information required under IFRS 12

IFRS 13- Fair Value Measurement 6 Topics

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IFRS 13 Scope

The process of performing fair value measurements

Approaches to valuation

Market approach

Income approach

Adjusted net asset method

IFRS 14 – Regulatory Deferral Accounts 6 Topics

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IFRS 14 Scope

Recognition and measurement

Impairment considerations

IFRS 14 Presentation

IFRS 14 Disclosures

Effective dates and transition

IFRS 15 – Revenue from Contracts with Customers 4 Topics

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IFRS 15 Scope

IFRS 15 Key Definitions

IFRS 15 Summary

IFRS 15 Disclosures

IFRS 16 – Leases

IFRS 17 – Insurance Contracts

Issues in IFRS 3 Topics

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Form and components of financial statements

Statement of financial position

Statement of profit or loss and other comprehensive income

Difference Between IFRS and US Gaap 1 Topic

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Way forward with GAAP