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Course Details

IFRS Guidebook - v08 (Course Id 867)

Updated / QAS / Registry   Add to Cart 
Author : Steven Bragg, CPA
Status : Production
CPE Credits : 23.0
IRS Credits : 0
Price : $141.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 867

Description :

The IFRS Guidebook discusses the key elements of International Financial Reporting Standards, as well as how to record and disclose accounting information.

Usage Rank : 0
Release : 2018
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 17-Jan-2018
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 867

Keywords : Accounting, IFRS, Guidebook, v08, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

  • Cite the accounting principles upon which IFRS is based.
  • Note the types of formats in which the balance sheet can be presented, and the circumstances under which different financial statement layouts are required.
  • Identify the various sections and line items contained within the statement of cash flows.
  • State the circumstances under which control is exercised over an investee.
  • Note the circumstances under which financial statements are restated.
  • Cite the indicators of hyperinflation, and when such an environment is no longer considered to exist.
  • State the adjustments needed to derive basic earnings per share and diluted earnings per share.
  • Identify the proper accounting for revenue in an interim period, and note how the integral view alters the accounting for interim periods.
  • State the rules for determining whether a segment of a business is reportable.
  • Note the rules for determining joint control of an entity.
  • Identify the circumstances under which an entity is considered to be an associate.
  • Note the factors under which a structured entity is created, and note how to deal with different end dates for the financial statements of subsidiaries.
  • State the underlying accounting transactions for the periodic and perpetual inventory systems, as well as the derivation of the gross profit and retail methods.
  • Recognize the calculation methods for accelerated depreciation.
  • Identify the circumstances under which intangible assets can be accounted for separately.
  • State the uses for investment property, as well as the accounting for it.
  • Cite the circumstances under which impairment occurs, and the indicators of impairment.
  • Recognize the situations when an asset can be designated as held for sale, and the accounting rules that apply to such an asset.
  • Identify the types of events that can create a provision.
  • Identify the evaluation criteria for a contract, the components of the transaction price, and when the expected value method should be used.
  • Note the treatment of a payment made with a noncash asset.
  • Identify the content of a refund liability account.
  • Recognize when a contract modification can be accounted for as a separate contract.
  • Recognize the accounting treatment pertaining to customer acceptance clauses, rights to acquire additional goods, asset repurchases, and breakage.
  • Note the accounting for a legal obligation related to harmful products.
  • Recognize the situations under which contract liabilities occur, and when disaggregation is used.
  • Identify the types of post-employment benefit plans, and the accounting for the various types of benefit plans.
  • State the impact of stock price volatility on stock options, and the accounting for a compound financial instrument issued to an employee.
  • Identify the basis of measurement for a deferred tax asset.
  • Note the criteria used to discern the acquirer in a business combination, and the accounting for contingent consideration.
  • State the classification criteria for a financial liability, a hedging instrument, and a financial asset derecognition.
  • Note the circumstances under which the highest and best use concept is employed, and examples of the fair value hierarchy.
  • Note the criteria used to identify a functional currency and a presentation currency.
  • Cite the circumstances under which borrowing costs can be capitalized.
  • Identify the reasons why a lease can be useful for a lessee.
  • Note the leasing rules related to asset substitution.
  • Recall how the 12-month lease exception works.
  • Note the criteria for designating an entity as a related party.
  • Classify events as being after the reporting period or as new events.
  • State the intent behind the liability adequacy test and note the impairment rules for a reinsurance contract.
  • Cite the accounting rules for biological assets, and identify the characteristics of these assets.
  • State the recognition criteria for a government grant, and recognize the accounting for these grants.
  • Recognize the special accounting treatment for regulatory deferral accounts.
  • Note the recordation rules for exploration costs and the indicators for mineral asset impairment testing.
  • Note the types of infrastructure facilities to which a service concession arrangement might apply, as well as the accounting for such an arrangement.
  • Identify the relevant accounting for the hedge of a net investment in a foreign operation, as well as the liabilities associated with the Directive on Waste Electrical and Electronic Equipment, and the recognition criteria for non-cash payments to owners.

Chapter 1
Introduction

Cite the accounting principles upon which IFRS is based.

Chapter 2
Presentation of Financial Statements

Note the types of formats in which the balance sheet can be presented, and the circumstances under which different financial statement layouts are required.

Chapter 3
Statement of Cash Flows

Identify the various sections and line items contained within the statement of cash flows.

Chapter 4
Consolidated and Separate Financial Statements

State the circumstances under which control is exercised over an investee.

Chapter 5
Accounting Policies, Estimate Changes and Errors

Note the circumstances under which financial statements are restated.

Chapter 6
Financial Reporting in Hyperinflationary Economies

Cite the indicators of hyperinflation, and when such an environment is no longer considered to exist.

Chapter 7
Earnings per Share

State the adjustments needed to derive basic earnings per share and diluted earnings per share.

Chapter 8
Interim Financial Reporting

Identify the proper accounting for revenue in an interim period, and note how the integral view alters the accounting for interim periods.

Chapter 9
Operating Segments

State the rules for determining whether a segment of a business is reportable.

Chapter 10
Joint Arrangements

Note the rules for determining joint control of an entity.

Chapter 11
Investments in Associates and Joint Ventures

Identify the circumstances under which an entity is considered to be an associate.

Chapter 12
Disclosure of Interests in Other Entities

Note the factors under which a structured entity is created, and note how to deal with different end dates for the financial statements of subsidiaries.

Chapter 13
Inventories

State the underlying accounting transactions for the periodic and perpetual inventory systems, as well as the derivation of the gross profit and retail methods.

Chapter 14
Property, Plant, and Equipment

Recognize the calculation methods for accelerated depreciation.

Chapter 15
Intangible Assets

Identify the circumstances under which intangible assets can be accounted for separately.

Chapter 16
Investment Property

State the uses for investment property, as well as the accounting for it.

Chapter 17
Impairment of Assets

Cite the circumstances under which impairment occurs, and the indicators of impairment.

Chapter 18
Assets Held for Sale and Discontinued Operations

Recognize the situations when an asset can be designated as held for sale, and the accounting rules that apply to such an asset.

Chapter 19
Provisions, Contingent Liabilities and Contingent Assets

Identify the types of events that can create a provision.

Chapter 20
Revenue from Contracts with Customers

  • Identify the evaluation criteria for a contract, the components of the transaction price, and when the expected value method should be used.
  • Note the treatment of a payment made with a noncash asset.
  • Identify the content of a refund liability account.
  • Recognize when a contract modification can be accounted for as a separate contract.
  • Recognize the accounting treatment pertaining to customer acceptance clauses, rights to acquire additional goods, asset repurchases, and breakage.
  • Note the accounting for a legal obligation related to harmful products.

    Chapter 21
    Employee Benefits and Retirement Plans

    Identify the types of post-employment benefit plans, and the accounting for the various types of benefit plans.

    Chapter 22
    Share-based Payment

    State the impact of stock price volatility on stock options, and the accounting for a compound financial instrument issued to an employee.

    Chapter 23
    Income Taxes

    Identify the basis of measurement for a deferred tax asset.

    Chapter 24
    Business Combinations

    Note the criteria used to discern the acquirer in a business combination, and the accounting for contingent consideration.

    Chapter 25
    Financial Instruments

    State the classification criteria for a financial liability, a hedging instrument, and a financial asset derecognition.

    Chapter 26
    Fair Value Measurement

    Note the circumstances under which the highest and best use concept is employed, and examples of the fair value hierarchy.

    Chapter 27
    Effects of Changes in Foreign Exchange Rates

    Note the criteria used to identify a functional currency and a presentation currency.

    Chapter 28
    Borrowing Costs

    Cite the circumstances under which borrowing costs can be capitalized.

    Chapter 29
    Leases

  • Identify the reasons why a lease can be useful for a lessee.
  • Note the leasing rules related to asset substitution.
  • Recall how the 12-month lease exception works.

    Chapter 30
    Related Party Disclosures

    Note the criteria for designating an entity as a related party.

    Chapter 31
    Events after the Reporting Period

    Classify events as being after the reporting period or as new events.

    Chapter 32
    Insurance Contracts

    State the intent behind the liability adequacy test and note the impairment rules for a reinsurance contract.

    Chapter 33
    Agriculture

    Cite the accounting rules for biological assets and identify the characteristics of these assets.

    Chapter 34
    Government Grants

    State the recognition criteria for a government grant and recognize the accounting for these grants.

    Chapter 35
    Regulatory Deferral Accounts

    Recognize the special accounting treatment for regulatory deferral accounts.

    Chapter 36
    Mineral Resources

    Note the recordation rules for exploration costs and the indicators for mineral asset impairment testing.

    Chapter 37
    Service Concessions

    Note the types of infrastructure facilities to which a service concession arrangement might apply, as well as the accounting for such an arrangement.

    Chapter 38
    Other Topics

    Identify the relevant accounting for the hedge of a net investment in a foreign operation, as well as the liabilities associated with the Directive on Waste Electrical and Electronic Equipment, and the recognition criteria for non-cash payments to owners.
  • Course Contents :

    Chapter 1 - Introduction

    What is IFRS?

    The IFRS Conceptual Framework

    How this Book is Organized

    How to Use this Book

    Accounting Principles

    Chapter 2 - Presentation of Financial Statements

    Overview of the Financial Statements

    The Statement of Financial Position

    The Standard Balance Sheet Format

    The Common Size Balance Sheet

    How to Construct a Balance Sheet

    Overview of the Statement of Profit or Loss

    Presentation by Nature or Function

    The Single-Step Income Statement

    The Multi-Step Income Statement

    The Contribution Margin Income Statement

    The Multi-Period Income Statement

    How to Construct the Income Statement

    Overview of the Statement of Changes in Equity

    Income Statement Disclosures

    Chapter 3 - Statement of Cash Flows

    Overview of the Statement of Cash Flows

    The Direct Method

    The Indirect Method

    How to Prepare the Statement of Cash Flows

    Disclosures for the Statement of Cash Flows

    Chapter 4 - Consolidated and Separate Financial Statements

    The Control Concept

    Consolidation Accounting

    Separate Financial Statements

    Chapter 5 - Accounting Policies, Estimate Changes and Errors

    Accounting Policies

    Changes in Accounting Estimates

    Errors

    Impracticability of Application

    Disclosures for Policies, Estimate Changes, and Errors

    Accounting Policies

    Changes in Accounting Estimates

    Errors

    Chapter 6 - Financial Reporting in Hyperinflationary Economies

    Overview of Hyperinflationary Reporting

    Net Monetary Position

    Comparative Information

    Initial Restatement

    Consolidation Issues

    Termination of Hyperinflationary Period

    Historical Presentation

    Hyperinflationary Reporting Disclosures

    Chapter 7 - Earnings per Share

    Basic Earnings per Share

    Diluted Earnings per Share

    Disclosure of Earnings per Share

    Chapter 8 - Interim Financial Reporting

    Overview of Interim Financial Reporting

    Content of an Interim Financial Report

    Reduced Information Requirements

    General Interim Reporting Rule

    Goodwill Impairment Losses

    Interim Period Restatements

    The Integral View

    Chapter 9 - Operating Segments

    Overview of Segment Reporting

    Segment Disclosure

    Segment Disclosure

    Revenue Disclosure

    Geographic Area Disclosure

    Chapter 10 - Joint Arrangements

    Overview of Joint Arrangements

    Financial Statement Presentation of Joint Arrangements

    Chapter 11 - Investments in Associates and Joint Ventures

    Investments in Associates and Joint Ventures

    Significant Influence

    The Equity Method

    Members Shares in Cooperative Entities

    Disclosures

    Chapter 12 - Disclosure of Interests in Other Entities

    Overview of Interests in Other Entities

    Interests in Subsidiaries

    Interests in Joint Arrangements and Associates

    Interests in Unconsolidated Structured Entities

    Chapter 13 - Inventories

    Overview of Inventory

    The Periodic Inventory System

    The Perpetual Inventory System

    Inventory Costing

    The First In, First Out Method

    The Last In, First Out Method

    The Weighted Average Method

    Standard Costing

    The Retail Inventory Method

    The Gross Profit Method

    Overhead Allocation

    Net Realizable Value

    Accounting for Obsolete Inventory

    Work in Process Accounting

    Inventory Measurement by Commodity Broker-Traders

    Inventory Disclosures

    Chapter 14 - Property, Plant, and Equipment

    Recognition of Property, Plant and Equipment

    Subsequent Fixed Asset Recognition

    The Cost Model

    The Revaluation Model

    Depreciation

    Straight-Line Method

    Sum-of-the-Years Digits Method

    Double-Declining Balance Method

    Depletion Method

    Units of Production Method

    Land Depreciation

    Land Improvement Depreciation

    Depreciation Accounting Entries

    Derecognition of Property, Plant and Equipment

    Compensation for Impaired Assets

    Decommissioning Liabilities

    Decommissioning Funds

    Property, Plant and Equipment Disclosures

    Chapter 15 - Intangible Assets

    Overview of Intangible Assets

    Accounting for Intangible Assets

    Intangible Assets Acquired in a Business Combination

    Internally Developed Intangible Assets

    Other Forms of Intangible Asset Acquisition

    Subsequent Intangible Asset Recognition

    The Cost Model

    The Revaluation Model

    Intangible Asset Derecognition

    Web Site Costs

    Additional Intangible Asset Issues

    Intangible Asset Disclosures

    Chapter 16 - Investment Property

    Overview of Investment Property

    Accounting for Investment Property

    Investment Property Transfers

    Investment Property Disposals

    Investment Property Disclosures Fair Value Model

    Investment Property Disclosures Cost Model

    Chapter 17 - Impairment of Assets

    Overview of Asset Impairment

    Indications of Impairment

    Timing of the Impairment Test

    Recoverable Amount

    The Impairment Test

    The Cash-Generating Unit

    Asset Impairment Reversals

    Other Impairment Topics

    Corporate Assets

    Goodwill Allocation to Cash-Generating Units

    Impairment Testing Efficiencies

    Asset Impairment Disclosures

    Chapter 18 - Assets Held for Sale and Discontinued Operations

    Accounting for Non-Current Assets Held for Sale

    Disclosure of Non-Current Assets Held for Sale

    Disclosure of Discontinued Operations

    Chapter 19 - Provisions, Contingent Liabilities and Contingent Assets

    Overview of Provisions

    Accounting for Provisions

    The Provision for Restructuring

    Accounting for Contingent Liabilities

    Accounting for Contingent Assets

    Accounting for Reimbursements

    Accounting for Levies

    Disclosure of Provisions and Contingent Items

    Chapter 20 - Revenue from Contracts with Customers

    The Nature of a Customer

    Steps in Revenue Recognition

    Step One: Link Contract to Customer

    Step Two: Note Performance Obligations

    Step Three: Determine Prices

    Variable Consideration

    Possibility of Reversal

    Time Value of Money

    Noncash Consideration

    Payments to Customers

    Refund Liabilities

    Step Four: Allocate Prices to Obligations

    Allocation of Price Discounts

    Allocation of Variable Consideration

    Subsequent Price Changes

    Step Five: Recognize Revenue

    Measurement of Progress Completion

    Output Methods

    Input Methods

    Change in Estimate

    Progress Measurement

    Right of Return

    Consistency

    Contract Modifications

    Treatment as Separate Contract

    Treatment as Continuing Contract

    Entitlement to Payment

    Bill-and-Hold Arrangements

    Consideration Received from a Supplier

    Customer Acceptance

    Customer Options for Additional Purchases

    Licensing

    Nonrefundable Upfront Fees

    Principal versus Agent

    Repurchase Agreements

    Unexercised Rights of Customers

    Warranties

    Contract-Related Costs

    Costs to Obtain a Contract

    Costs to Fulfill a Contract

    Amortization of Costs

    Impairment of Costs

    Exclusions

    Revenue Disclosures

    Chapter 21 - Employee Benefits and Retirement Plans

    Short-term Employee Benefits

    Post-Employment Benefits

    Defined Contribution Plans

    Defined Benefit Plans

    Projected Unit Credit Method

    Attribution of Benefits to Periods of Service

    Actuarial Assumptions

    Past Service Cost

    Gains and Losses on Settlement

    Measurement of Plan Assets

    Defined Benefit Costs

    Termination Benefits

    Defined Contribution Plan Disclosures

    Defined Benefit Plan Disclosures

    Defined Benefit Plan Financial Statements

    Chapter 22 - Share-based Payment

    Overview of Share-based Payments

    Share-based Payments Settled with Equity

    Share-based Payments Settled with Cash

    Share-based Payments with Cash Alternatives

    Counterparty Has Choice of Settlement

    Issuer Has Choice of Settlement

    Share-based Payment Disclosures

    Chapter 23 - Income Taxes

    The Tax Base Concept

    Current Tax Liabilities and Assets

    Deferred Tax Liabilities and Assets

    Taxable Temporary Differences

    Deductible Temporary Differences

    Unused Tax Losses and Tax Credits

    Reassessment of Unrecognized Deferred Tax Assets

    Investments in Other Entities

    Tax Rates

    Current and Deferred Tax Recognition

    Changes in Tax Status

    Income Tax Presentation

    Income Tax Disclosures

    Chapter 24 - Business Combinations

    The Acquisition Method

    Identification of a Business Combination

    Identify the Acquirer

    Determine the Acquisition Date

    Recognize Assets, Liabilities, and Non-controlling Interests

    Recognize Goodwill or a Bargain Purchase Gain

    Additional Acquisition Issues

    Reverse Acquisitions

    Subsequent Measurement

    Business Combination Disclosures

    Chapter 25 - Financial Instruments

    Measurement of Financial Assets and Liabilities

    Initial Measurement

    Subsequent Measurement

    Expected Credit Losses

    Impairment

    Reclassification

    Embedded Derivatives

    Gains and Losses

    Dividends and Interest

    Hedging

    Hedging Instruments

    Hedged Items

    Accounting for Hedges

    Financial Asset and Liability Derecognition

    Financial Asset Derecognition

    Financial Liability Derecognition

    Servicing Assets and Liabilities

    Valuation of Replacement Financial Asset

    Collateral

    Financial Instrument Presentation

    Financial Instrument Disclosures

    Chapter 26 - Fair Value Measurement

    Overview of Fair Value

    General Concepts

    Measurement Issues

    Initial Recognition

    Measurement of Non-Financial Assets

    Measurement of Liabilities and Equity

    Measurement of a Group of Financial Assets and Liabilities

    Valuation Methods

    Fair Value Disclosures

    Chapter 27 - Effects of Changes in Foreign Exchange Rates

    Foreign Exchange Transactions

    Financial Statement Translation

    Determination of Functional Currency

    Translation of Financial Statements

    Hyperinflationary Effects

    Derecognition of a Foreign Entity Investment

    Foreign Currency Disclosures

    Chapter 28 - Borrowing Costs

    Overview of Borrowing Costs

    Borrowing Cost Disclosures

    Chapter 29 - Leases

    The Nature of a Lease

    Lease Components (Lessee)

    Lease Components (Lessor)

    The Lease Term

    Lease Accounting by the Lessee

    Lease Recognition

    Initial Lease Measurement

    Subsequent Lease Measurement - Assets

    Subsequent Lease Measurement - Liabilities

    Lease Modifications

    Lease Accounting by the Lessor

    Financing Leases

    Operating Leases

    Sale and Leaseback Transactions

    Presentation of Lease Information

    Lessee Presentations

    Lessor Presentations

    Lease Disclosures by the Lessee

    Lease Disclosures by the Lessor

    Chapter 30 - Related Party Disclosures

    Overview of Related Parties

    Related Party Disclosures

    Chapter 31 - Events after the Reporting Period

    Overview of Events after the Reporting Period

    The Going Concern Issue

    Disclosure of Events after the Reporting Period

    Chapter 32 - Insurance Contracts

    Overview of Insurance Contracts

    Reporting Issues

    Liability Adequacy Test

    Reinsurance Impairment

    Accounting Policy Changes

    Acquired Contracts

    Discretionary Participation Features

    Disclosure of Insurance Contracts

    Chapter 33 - Agriculture

    Accounting for Agriculture

    Bearer Plants

    Agriculture Disclosures

    Chapter 34 - Government Grants

    Accounting for Government Grants

    Government Grant Presentation

    Government Grant Disclosures

    Chapter 35 - Regulatory Deferral Accounts

    Accounting for Regulatory Deferral Accounts

    Regulatory Deferral Account Presentation

    Regulatory Deferral Account Disclosures

    Chapter 36 - Mineral Resources

    Accounting for Mineral Resources

    Accounting for Stripping Costs

    Mineral Resources Presentation

    Mineral Resources Disclosures

    Chapter 37 - Service Concessions

    Overview of Service Concessions

    Service Concession Disclosures

    Chapter 38 - Other Topics

    Liabilities from Waste Electrical and Electronic Equipment

    Hedges of a Net Investment in a Foreign Operation

    Distributions of Non-cash Assets to Owners

    Extinguishing Financial Liabilities with Equity Instruments

    Glossary

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