The Institute of Financial Accountants was established in 1916 and is the oldest body of non Chartered Accountants in the world. It represents members and students in more than 80 countries, providing qualifications for those wishing to work in financial management and accountancy and continuous professional development for qualified Financial Accountants. The Institute sets technical and ethical standards for its members. The Institute is an Associate Member of the International Federation of Accountants (IFAC) - the global body setting professional standards and regulating accountants around the world.
With members and students in over eighty countries, the Institute has been providing professional accountancy examinations and membership since 1916 and is today a truly ‘international’ organisation. Put simply, IFA support Professional Financial Managers in SMEs.
1. Introduction in IFRS ( an acquaintance and determination of expectations)
Classification of the national accounting and accounting systems and factors that influences on their functioning. Distinctions that are in international book-keeping practice. Adjusting of accountancy. Concept of IFRS, application and it role. The international financial reporting standards Committee.
2. Forming principles and presentation of the financial reporting IFRS(IAS 1)
Aims of the financial reporting. Fundamental principles of the financial reporting. The qualitative characteristics of the financial reporting. Elements of the financial reporting. The order of presentation and composition of accounting forms. Balance sheet. Gain and losses report. Report on changes in a capital. The Executive Summary to the financial reporting. The audit trail.
3. The asset accounting (IAS 16)
The fixed- capital assets. Classification of the fixed assets. Real estate and other property. General rules of the amortization. The main features of the fixed assets amortization. Impairment of assets. Disposal of assets. Disclosure of information.
4. Inventor accounting (IAS 2)
The Accounting systems. Inventory cost. Influencing of the inventory evaluation methods on the financial reporting indications. Mistakes at the estimation of inventories. Disclosure of information.
5. Obligations accounting (IAS 37)
The kinds of obligations. The credit indebtedness. The contingent asset and the contingent obligation. Inventories. Disclosure of information.
6. Profits (IAS 18, IAS 20)
The revenue recognition. The debtor indebtedness. The expenses recognition. The government grant accounting. Disclosure of information.
7. Tender contracts
The expenses and the profits on the tender-contract. Recognition of the expenses and the profits on the tender contract. Disclosure of the information about tender-contracts. Segment Reporting. Information disclosure.
8. Diminishing utility
Diminishing utility of assets. The accounting procedures on diminishing utility. Losses from the diminishing utility of assets. Information disclosure.
9. Borrowing costs Expenses on loans (IAS 23)
Borrowing costs. The overdrafts rate, short-term and long-term loans. The amortizations of discounts and bonuses that relates to the loans. The financial and other expenses, the rates differences that relates to the loans. Cost recovery on loans. Capitalization of the expenses on loans. Information disclosure.
10. Lease accounting (IAS 17)
The time value of money. The tenancy. The amortization of the tenancy. The financial reporting of a lessee. The financial reporting of a lessor.
11. Accounting of the intangible assets (IAS 38)
Features of recognition and evaluation. Information disclosure about intangible assets. Amortization of intangible assets. Expenses for development and researches. Information disclosure.
12. Income taxes (IAS 12)
Determination of the approaches to the tax accounting on profit. Differences in taxes. The deferred tax assets. The deferred tax liability. Information disclosure.
13. Cash flow statement (IAS 7)
Drawing up of the report about monetary movement by an indirect method. Drawing up the report about a method of a direct reflection and an expenditure of money resources. Presentation of cash flow facilities. Information disclosure.
The accounting about purchase of companies. The accounting of uniting of interests. Disclosing of the information on association of the companies. The reporting about associate companies. The consolidated financial reporting and the order of its drawing up. Information disclosure.
15. Interim financial reporting (IAS 34)
Aims of drafting the interim reporting. Information disclosure.
16. Information analysis and disclosure (IAS 10)
Information disclosure about fundamental mistakes. Information disclosure about the changes in accounting policies.
The financial instruments and the financial assets. The 4th categories of the financials assets. The recognition of financial assets and financial liabilities. The evaluation of the financial instruments. Information disclosure.
18. Iinvestment property (IAS 40)
The determination of the accounting treatment to the investment property. The determination and the evaluation of the investment property and the information disclosure.
19. Accounting of the investments and the participation in a joint activity, the investment property (IAS 28, IAS 31, IAS 40)
The general approach to the investments accounting. Investments in affiliated and associated enterprises. The investment property. Investments in joint activity. Information disclosure in the financial reporting.
20. Discontinuing operation (IFRS 5)
Discontinuing operation. Information disclosure.
21. Information disclosure and analysis (IAS 8, IAS 33, IFRS 1, IAS 14)
Earnings per share ratio. Events after accounting date. The acceptance of IFRS for the first time. Information disclosure.
22. Foreign currency transactions. Financial Reporting in conditions of hyperinflation (IA Events after accounting date S 21, IAS 29)
The influence of currency rates changes. The financial reporting in conditions of a hyperinflation. Information disclosure.
23. Employee benefits (IAS 19, IAS 26)
The employee benefits. Reporting and accounting on pension fund scheme. Information disclosure.
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