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IFRS Accounting Standards e-learning series
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The business challenge

Are your employees up to date with IFRS?

In the competitive global market, knowledge is a valuable asset essential for success. However, many companies struggle to provide their employees with the right development opportunities.

How PwC Nigeria can help

Our IFRS e-learning modules can help you overcome these challenges.

With our extensive accounting knowledge embedded in our e-learning modules, training your employees will become much more efficient. The modular design and regular updates ensure a consistent standard of knowledge for all employees.

Our latest e-learning module – IFRS 18

To avoid unnecessary tensions in your organisation, it's essential to provide employees with foundational compensation knowledge as the first step in your pay transparency learning journey. Empower employees with a clear understanding of base salary, benefits, bonuses, and other rewards to support smooth transition.

The key new concepts introduced in IFRS 18 relate to:

  • the structure of the statement of profit or loss; 

  • the required disclosures in the financial statements for ‘management-defined performance measures’; and 

  • enhanced principles on aggregation and disaggregation. 

IFRS 18 will replace IAS 1. Many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its ‘operating profit or loss’. 

We have created a detailed e-learning module to prepare you and your employees for these changes. 

Our portfolio of IFRS Accounting Standards e-learning modules

  • Concept of international financial reporting standards
  • Main features of the Conceptual Framework
  • Qualitative characteristics of useful financial information (fundamental and enhancing)
  • Main features of the IFRS and IAS standards
  • Different measurement bases, such as historical cost and current value, including fair value, value in use, fulfilment value and current cost)
  • Definition of control
  • Main aspects of the primary financial statements

  • Concept and definition of inventor
  • Items to be included in the cost of inventory
  • Definition of overheads
  • Rules for recognition and derecognition of inventories
  • Measurement rules
  • Methods of inventory valuation (standard cost, weighted average cost, FIFO method)
  • Net realisable value
  • Provision (write-down) against inventories and reversal of provision
  • IAS 2 standard's disclosure requirements
  • Cash equivalents and non-cash items
  • Two approaches (direct – indirect) to produce cash flows from operations
  • Main categories of cash flows
  • Cash flows from operating activities
  • Cash flows from investing activities
  • Cash flows from financing activities
  • Basic steps of preparing statements of cash flows based on the IAS 7 standard
  • IAS 7 standard's disclosure requirements
  • Concept and definition of accounting policies, accounting estimates, materiality and errors
  • Situations where accounting estimates are used
  • Changes in accounting policies and changes in accounting estimates
  • Prospective and retrospective application is the correct approach
  • Proper accounting treatment for the retrospective approach
  • Proper accounting treatment for the retrospective approach
  • Correct accounting treatment of prior period errors through scenarios
  • IAS 8 standard's disclosure requirements
  • Scope of IAS 10
  • Adjusting and non-adjusting events
  • Proper accounting treatment or disclosures for adjusting and non-adjusting events
  • Concept of going concern and its relation to IAS 10
  • IAS 10 standard's disclosure requirements
  • Concept and definition of accounting policies, accounting estimates, materiality and errors
  • Situations where accounting estimates are used
  • Changes in accounting policies and changes in accounting estimates
  • Prospective and retrospective application is the correct approach
  • Proper accounting treatment for the retrospective approach
  • Proper accounting treatment for the retrospective approach
  • Correct accounting treatment of prior period errors through scenarios
  • IAS 8 standard's disclosure requirements
  • Definition of property, plant and equipment
  • Type of costs which should and should not be included in the value of property, plant and equipment at the time of initial recognition
  • Proper accounting treatment under the component-based approach
  • Depreciation of property plant and equipment
  • Correct accounting treatment of subsequent expenditures
  • Correct accounting journals for a disposal of property plant and equipment
  • IAS 16 standard's disclosure requirements
  • Accounting treatment of defined benefit plans according to IAS 19 – Employee Benefits standard
  • Proper discount rate under IAS 19
  • Disclosure requirements under IAS 19 for defined benefit plans
  • Government grant and government assistance in the scope of IAS 20
  • Grants related to assets and grants related to income
  • Proper accounting treatment in the case of grants related to assets and grants related to income
  • Disclosure requirements of IAS 20 
  • Monetary and non-monetary items
  • Exchange rates to be used to translate different transactions in foreign currency
  • Cumulative translation adjustments
  • Identifying the functional currency by using the primary and secondary indicators determined by IAS 21
  • Qualifying assets
  • Borrowing costs eligible for capitalisation
  • Appropriate period of capitalisation
  • Recognition principles of borrowing costs
  • Amount to capitalise
  • IAS 23 standard's disclosure requirements
  • Underlying principle of IAS 27 standard
  • Separate financial statements required to be prepared by an entity
  • Accounting methods for investments in subsidiaries, joint ventures and associates in the separate financial statements
  • Accounting treatment of investment related dividends
  • Impairment considerations
  • Derecognition rules of investments
  • IAS 27 standard's disclosure requirements
  • Objectives and scope
  • Significant influence
  • Equity method
  • Disclosures
  • Investments that must be accounted for using the equity method under IAS 28
  • The carrying value of the investment and share of the profit or loss of associate or joint venture applying the equity method and define disclosure requirements
  • Entities which are obliged to present earnings per share in their financial statements
  • Basic earnings per share with different types of share issues
  • Diluted earnings per share with various securities which might have a diluting effect on the figure of earnings per share
  • Scope of IAS 36 standard and situation when to apply IAS 36 standard
  • When to perform an impairment test
  • Distinction between a triggering event review and an impairment test
  • Indicators of impairment
  • Recoverable amount as the higher of value in use and fair value less costs to sell
  • Cash-generating units
  • Steps for allocation of impairment for a cash generating unit
  • IAS 36 standard's disclosure requirements
  • Concept and key characteristics of provisions
  • Concept of contingent liabilities and contingent assets
  • Distinguishing contingent liabilities from liabilities and provisions
  • Definition of “probable”
  • Recognition criteria for provisions
  • How to measure provisions in different situations
  • Accounting treatment of provisions, contingent liabilities and contingent assets
  • Specific type of provisions, like onerous contracts and restructuring provisions
  • IAS 37 standard's disclosure requirements
  • Definition of intangible assets
  • Different types of intangibles, such as internally generated, separately acquired and acquired through business combination
  • Recognition criteria for different types of intangibles
  • Initial measurement requirements of IAS 38 standard
  • Subsequent measurement methods for accounting intangible assets
  • Concept of intangible assets with finite and indefinite useful lives
  • Criteria for impairment
  • IAS 38 standard's disclosure requirements
  • Investment property and owner-occupied property
  • Appropriate recognition
  • Measurement and accounting treatment and identification the related disclosures
  • Objectives and scope
  • First IFRS financial statements
  • Accounting policies
  • Mandatory exceptions
  • Optional exemptions
  • Presentation and disclosure
  • Relevant standards related to financial instruments
  • Concept of financial assets and financial liabilities
  • Different types of financial assets and financial liabilities
  • Debt or equity instrument according to IAS 32 standard
  • Factors of business model assessment to be able to define appropriate business models for financial assets
  • Whether an instrument meets the SPPI (solely payment of principal and interest) test
  • Concept of fair value and amortised cost
  • Classification of financial instruments into one of the following categories: amortised cost, fair value through other comprehensive income and fair value through profit or loss
  • Recognition and measurement rules based on classification
  • IFRS 9 standard's requirements for derecognition and modification of financial assets and financial liabilities
  • Relevant patterns to calculate expected credit loss on financial assets
  • Introduction: Financial instrument and the scope of IFRS 9
  • Classification and measurement: Assets/Liabilities, What is amortised cost measurement?, Fair Value Hierarchy, Business Model Assessment, Cash flow characteristics 
  • Impairment: Expected credit losses model 
  • Derecognition: Financial instruments/assets, Liabilities/Assets, Debt restructuring 
  • Debt vs. Equity: Classification principles
  • Purpose of consolidation and when it needs to be carried out
  • Definition of main concepts related to consolidation, such as parent, subsidiary, group, control, non-controlling interest
  • Three basic steps of consolidation
  • Types of adjustments need to be made in consolidation
  • Non-controlling interest
  • Goodwill or gain on bargain purchase
  • Intra-group transactions and balances
  • Basic steps of preparing a consolidated statement of financial position and consolidated statement of total comprehensive income
  • Objectives and scope
  • Joint control
  • Classification of joint arrangements
  • Measurement - Accounting
  • Disclosures
  • Underlying principle of IFRS 13 standard and fair value measurement
  • Fair values are out of the scope of IFRS 13 standard
  • 5 steps of fair value measurement
  • Fair values for assets and liabilities
  • Different valuation techniques (market-, income- and cost approach)
  • Preferred method for measuring fair value
  • Main focus of fair value disclosures according to IFRS 13 standard
  • Scope of the IFRS 15 standard
  • IFRS 15 standard's 5 step approach
  • Contract with the customer, including situations of contract combination and contract modification
  • Performance obligations in the contract
  • Transaction price by understanding the complexities including the effects of variable consideration, significant financing component, non-cash consideration, variable consideration, etc.
  • Transaction price
  • Revenue recognition pattern at a point in time or over time
  • Features of a contract which indicate that the contract contains a lease
  • Substantive substitution rights
  • Suppliers’ protective rights
  • Transaction prices when separating components of a contract
  • Variable payments in a contract
  • Criteria for recognition and measurement exemptions
  • Lease term
  • Lessee accounting
  • Lessor accounting
  • Key changes to primary statements under IFRS 18
  • Principles for aggregation and disaggregation under IFRS 18
  • Categorising income or expense items
  • Rules for classifying specific items under IFRS 18
  • Management-defined performance measure under IFRS 18
  • Comparison between IFRS and US GAAP along the following topics:
    • Provisions
    • Employee Benefits/ Pensions
    • Revenue Recognition
    • Financial Instruments
    • PP&E/ Intangible Assets/ Inventories/ Offsetting/ Consolidation
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Uloma Ojinmah

Uloma Ojinmah

Partner | Assurance and Business School Leader, PwC Nigeria

Tel: +234 (1) 271 1700

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