IFRS 1: First-time Adoption of IFRS

The course gives a detailed overview on the IFRS 1. It explains as to how the IFRS need to be adopted for the entity of the first files financial statements that contain an explicit statement of compliance with IFRS. It’s a small course and gives a brief overview on the objective, scope of IFRS, recognition and measurement, accounting policies, exemptions and exceptions, business combinations exemptions and existing IFRS subsidiaries. All the concepts are explained extensively by the use of various case studies for the purpose of deep and insightful understanding.

Curriculum

The first phase of the course involves laying the basic introduction which gives the onlooker/user the basic level understanding about IFRS and give the reader building concepts to be able to understand the rest of the course.

The second phase explains to the user the objective and scope of International Financial Reporting Standards

After having learnt the basic concept, the course lays emphasis on the recognition and measurement. It involves various examples and case studies for the better understanding of the user.

The course also lays emphasis on the globally recognized accounting standards and gives separate lectures on the same.

Alongside policies, accounting and reporting standards the course also takes hold of the exemptions and exceptions of IFRS, which further lays emphasis on the voluntary exemptions too.
Derecognition and Hedge accounting also forma part of the curriculum of the IFRS course.

Course Objective

The core objective of the course/tutorial is to assist the user in gaining a high level overview of the International financial Reporting Standards, so that he /she gets a complete understanding on how to apply these standards while carrying out international trade or shareholding of any global organization.