IFRS Accounting Standards, Amendments, and IFRIC Update Training

Introduction

The world of financial reporting is evolving rapidly, with frequent amendments, new standards, and critical interpretations shaping the way organizations prepare and present their financial statements. To remain compliant and competitive, finance professionals must stay updated with the latest developments in the International Financial Reporting Standards (IFRS).

The IFRS Accounting Standards, Amendments, and IFRIC Update Training is a comprehensive five-day program designed to equip participants with practical knowledge and skills to navigate these changes with confidence. The training focuses on the latest IFRS amendments, new standards such as IFRS 18 and IFRS 19, and recent IFRIC agenda decisions that clarify grey areas in financial reporting.

Through a blend of expert-led sessions, interactive case studies, and industry-specific applications, participants will gain hands-on experience in applying updated IFRS principles to real-world scenarios. Emphasis is placed on understanding the implications of changes on financial statements, disclosures, and compliance requirements. By the end of the course, attendees will be well-prepared to interpret, implement, and communicate the impact of IFRS developments within their organizations.

This training not only strengthens technical expertise but also empowers professionals to anticipate and adapt to future changes in the IFRS landscape, ensuring accuracy, transparency, and consistency in financial reporting.

Participants who successfully complete the course will receive a Certificate of Participation.

Course Objectives

By the end of the training, participants will be able to:

1. Understand and apply the latest amendments to IFRS standards.
2. Interpret and implement IFRIC agenda decisions in practical scenarios.
3. Prepare and present financial statements in compliance with updated IFRS standards.
4. Analyze the impact of new standards such as IFRS 18 (Presentation and Disclosure in Financial Statements) and IFRS 19.
5. Apply IFRS principles to real-world case studies in different industries.

Duration

5 Days

Who Should Attend

This course is ideal for professionals involved in the preparation, review, and interpretation of financial statements, including:

• Accountants and Finance Managers responsible for financial reporting and compliance.
• Chief Financial Officers (CFOs) and Finance Directors seeking to understand the strategic impact of IFRS amendments.
• Auditors and Internal Auditors requiring up-to-date knowledge to assess compliance and advise clients.
• Financial Controllers and Analysts needing to interpret financial data in line with updated standards.
• Tax and Compliance Officers handling deferred tax, lease accounting, and regulatory disclosures.
• Consultants and Advisors supporting clients with IFRS implementation and reporting.
• Academics, Researchers, and Students specializing in international accounting and financial reporting.
• Regulators and Policy Makers overseeing IFRS compliance in both private and public sectors.

Course Outline

Day 1: Foundations and Updates in IFRS

• Overview of IFRS framework and conceptual foundations
• IFRS vs local GAAP: convergence and differences
• Recent IASB Work Plan and standard-setting updates
• Key 2024–2025 amendments to existing standards

Practical exercise: Mapping IFRS updates to financial statements

Day 2: Key Standards and Their Amendments

• IFRS 9: Financial Instruments (classification, impairment, hedge accounting)
• IFRS 15: Revenue from Contracts with Customers – recent clarifications
• IFRS 16: Leases – modifications, concessions, sale-and-leaseback changes
• IAS 12: Income Taxes – amendments on deferred tax on leases & uncertain tax positions

Case Study: Revenue recognition and lease modifications in practice

Day 3: New and Emerging Standards

• IFRS 18: Presentation and Disclosure in Financial Statements – effective 2027
• New structure of financial statements
• Operating, investing, and financing categories
• IFRS 19: Subsidiaries without Public Accountability
• IFRS for SMEs – amendments and application challenges

Group Exercise: Redesigning financial statements using IFRS 18 format

Day 4: IFRIC Updates and Interpretation

• Understanding the role of IFRIC (Interpretations Committee)
• Latest IFRIC agenda decisions (2024–2025) including:
• Accounting for regulatory assets/liabilities
• Embedded derivatives in loan contracts
• Transaction costs under IFRS 9
• Climate-related risks and disclosures

Workshop: Applying IFRIC decisions to case scenarios

Day 5: Industry Application, Compliance, and Future Trends

• Application of IFRS amendments across key industries:
• Financial Services
• Manufacturing & Retail
• Oil, Gas & Energy
• Non-profits & SMEs
• ESG and sustainability reporting under IFRS S1 & S2 (ISSB standards)
• Disclosure checklists and compliance monitoring
• Preparing for future IFRS developments (2026 and beyond)

Capstone Group Project: Participants prepare mini-financials reflecting amendments, IFRIC decisions, and disclosures.

General Notes

• The instructor led trainings are delivered using a blended learning approach and comprises of presentations, guided sessions of practical exercise, web-based tutorials and group work. Our facilitators are seasoned industry experts with years of experience, working as professional and trainers in these fields.
• The participants should be reasonably proficient in English as all facilitation and course materials will be offered in English.
• Upon successful completion of this training, participants will be issued with a certificate.
• The training will be held at Kincaid Training Centre. The course fee covers the course tuition, training materials, two break refreshments and lunch.
• All participants will additionally cater for their, travel expenses, visa application, insurance, and other personal expenses.
• Accommodation and airport pickup are arranged upon request. For reservations contact the Training coordinator at Email: training@kincaiddevelopmentcenter.org or Tel: +254 724592901
• This training can also be customized to suit the needs of your institution upon request. You can have it delivered in our Kincaid Training Centre or at a convenient location.

For further inquiries, please contact us on Tel: +254 724592901 or send mail to training@kincaiddevelopmentcenter.org.

Payments are due upon registration. Payment should be sent to our Bank account before commencement of training and proof of payment sent to training@kincaiddevelopmentcenter.org.