IFRS Provisions, Contingent Liabilities and Contingent Assets
A Certified Public Accountant, business author Mike Morley is an entertaining and informative speaker and a recognized authority in the field of finance.
Mike offers various training programs, such as IFRS, SOX, and Financial Statement Analysis that focus on providing continuing education opportunities for finance and accounting professionals.
Many Fortune 500 companies take advantage of his training programs to bring their staff up to speed so that everyone understands what their responsibilities are.
Mike is the author of several books, including:
“IFRS Simplified”, which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.
“Sarbanes-Oxley Simplified,” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.
“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.
Part of this standard’s purpose is to remove any ambiguity about the rules for establishing provisions, thus trying to establish consistency in the approach while still leaving some room for judgment.
It is not always an easy balancing act, but this session will help you achieve that balance.
- Scope of this standard
- Definition of items specific to this standard
- Know how to account for estimates
- When and how to apply contingent assets and contingent liabilities
- Understand and account for risks and uncertainties
- Establish, measure, and record provisions
- Deal with Constructive obligations
- Review legal action provision
- Know the disclosure requirements
- Use recognition rules for provisions
- Account for contingent assets and contingent liabilities
- Know what to do about risks and uncertainties
Course Level- Basic/Fundamental to Intermediate
Who Should Attend
- Board members
- External auditors
- Compliance professionals
- Operational professionals
- Finance professionals
- Internal auditors
- Anyone involved in the IFRS compliance process
Why Should You Attend
When it comes to provisions, contingent liabilities, and contingent assets, how do you ensure that appropriate recognition criteria and measurement bases are applied so that the result is a clear, relevant, reliable, and comparable financial statement?
This standard spells out what information needs to be disclosed in the notes to enable users to understand the nature, timing, and amounts relating to provisions, contingent liabilities, and contingent assets.
Part of this standard’s purpose is to remove any ambiguity about the rules for establishing provisions, thus trying to establish consistency in the approach while still leaving some room for judgment. It is not always an easy balancing act, but this session will help you achieve that balance.