My latest blog post was around Valentine’s Day and I was feeling all the love, especially for IFRS 3, Business Combinations. If you can remember, I noted that one of our 2022 initiatives is to build a comprehensive and interactive IFRS eLearning library to complement our current U.S. GAAP eLearning library. And as of this blog’s publishing date, we have launched eight new, interactive IFRS online courses! We are excited to offer you these amazing, fun, and interactive courses, and are looking forward to your feedback!
The following are brief summaries of the IFRS courses that are available online:
Business Combinations: Scope, Definition of a Business and Identifying the Acquirer
Accounting for business combinations can be quite complex! In this CPE-eligible, eLearning course (1.0 CPE) we cover the definition of a business and the scope of IFRS 3, discussing the difference between the accounting for business combinations as compared to asset acquisitions. We then provide an overview of the 4-step acquisition method before jumping into the details of the first two steps – identifying the acquirer and determining the acquisition date – which are all about control! If you’re new to accounting for business combinations under IFRS, this course is a good place to start!
Business Combinations: Application of Acquisition Method and Other Considerations
Now that you’ve been introduced to IFRS 3, it’s time to take a deeper dive into the accounting for business combinations. After a quick refresher on the content discussed in our first online course, this CPE-eligible, eLearning course (1.0 CPE) covers the last two steps of the 4-step acquisition method, specifically identifying and measuring the assets and liabilities acquired, and calculating goodwill. There are a few exceptions to the general principle of recognizing the net assets acquired at fair value and we cover those in this course. Other important issues related to business combinations are also covered, specifically accounting for noncontrolling interests, step acquisition, and measurement period adjustments.
Revenue: Overview of IFRS 15
Revenue is one of the most important line items in a set of IFRS financial statements. As such, it is important to get the accounting right! IFRS 15, Revenue from Contracts with Customers is your one-stop shop for revenue accounting for all companies, regardless of their industry. This CPE-eligible, eLearning course (1.5 CPE) walks through the key concepts of the 5-step model within IFRS 15, step by step, and gives you an opportunity to apply what you’ve learned in practice using examples and class discussion questions!
IFRS 13: Overview of Fair Value Measurement
Fair value measurement is used all over the financial statements and yet, it is one of the most complex and judgmental areas of accounting! In this CPE-eligible, eLearning course (1.5 CPE), we explore key accounting concepts of fair value measurement under IFRS 13, including various methodology approaches, and required disclosures.
Foreign Currency: Overview of IAS 21
Companies operating internationally may have transactions in foreign currencies, invest in foreign operations, and/or present their financial statements in a foreign currency. And changes in foreign currency exchange rates impact how such transactions are presented in the IFRS financial statements. IAS 21, The Effects of Changes in Foreign Exchange Rates prescribes how to include foreign currency transactions and foreign operations in IFRS financial statements and how to translate financial statements into a presentation currency. In this CPE-eligible, eLearning course (1.0 CPE), besides getting you comfortable with foreign currency exchange rates, we cover the main concepts and requirements within IAS 21 including: Determining the functional currency, accounting for foreign currency transactions, and translating the results of foreign operations.
Overview of IAS 16: Property, Plant, and Equipment
Practically all companies, regardless of the industry, have some type of property, plant, and equipment (PP&E) recognized on their IFRS balance sheet! And while the basic concepts of accounting for PP&E under IAS 16 are relatively straightforward, applying certain requirements has been known to present challenges. In this CPE-eligible, eLearning course (1.0 CPE), we provide you with an overview of the key concepts of IAS 16 such as its scope, initial measurement and recognition requirements, and subsequent measurement requirements, including how to calculate depreciation.
IFRS 5: Held-for-sale Assets
IFRS 5 fundamentally changes the measurement and presentation of non-current assets and disposal groups that are classified as held for sale. A thorough understanding of when this change is triggered, how an entity measures these items, including required disclosures, are essential to properly account for held-for-sale assets in accordance with IFRS 5. And because these are non-recurring transactions, it is not something you encounter every day, so it's even more important to be ready to do it correctly when the time comes. Looking to understand the accounting and reporting of held-for-sale assets under IFRS? If so, then this CPE-eligible, eLearning course (1.0 CPE) has got you covered!
IFRS 5: Discontinued Operations
Discontinued operations are not a recurring issue for most organizations. But, if they do occur, they must be properly identified and presented separately in the Statement of Comprehensive Income. IFRS 5 sets out explicit requirements for the presentation of discontinued operations within IFRS financial statements. What are these requirements? Well, you are about to find out in this CPE-eligible eLearning course (0.5 CPE)!
How great do all of these courses sound? I typically don’t get excited by the thought of a “library” but I’m telling you, you won’t be disappointed in any of these. And we have more courses coming your way (Overview on IFRS 9, Financial Statement Presentation under IAS 1, and Intangible Assets under IAS 38 to name a few!).
As always, if you have any additional questions, please feel free to contact us and we’ll be happy to assist you in any way!
About GAAP Dynamics
We’re a DIFFERENT type of accounting training firm. We don’t think of training as a “tick the box” exercise, but rather an opportunity to empower your people to help them make the right decisions at the right time. Whether it’s U.S. GAAP training, IFRS training, or audit training, we’ve helped thousands of professionals since 2001. Our clients include some of the largest accounting firms and companies in the world. As lifelong learners, we believe training is important. As CPAs, we believe great training is vital to doing your job well and maintaining the public trust. We want to help you understand complex accounting matters and we believe you deserve the best training in the world, regardless of whether you work for a large, multinational company or a small, regional accounting firm. We passionately create high-quality training that we would want to take. This means it is accurate, relevant, engaging, visually appealing, and fun. That’s our brand promise. Want to learn more about how GAAP Dynamics can help you? Let’s talk!
This post is published to spread the love of GAAP and provided for informational purposes only. Although we are CPAs and have made every effort to ensure the factual accuracy of the post as of the date it was published, we are not responsible for your ultimate compliance with accounting or auditing standards and you agree not to hold us responsible for such. In addition, we take no responsibility for updating old posts, but may do so from time to time.