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IFRS I: From Standards to Practice

For fiscal years beginning on or after January 1, 2011, all publicly accountable enterprises (PAEs) and government business enterprises (GBEs) in Canada are required to switch from Canadian GAAP to International Financial Reporting Standards (IFRSs) for purposes of financial statement preparation. This significant change will impact businesses at many levels: from finance departments to technology, compensation plans, audit committees, etc.

Date: TBA
Time: 9:00 am – 5:00 pm
Location: 688 Sherbrooke Street West, Room to be confirmed
Fee: $895.00 CAD plus applicable taxes


Description

This course provides an overview of the issues involving implementation of the International Financial Reporting Standards (IFRS).

The course represents a blend of theory and practical examples. The first part of the course provides an overview of IFRS including basic standards and implications of applying them, main differences between IFRS and Canadian-GAAP, IFRS and US-GAAP, recognition and measurement issues, practical issues in adopting IFRS, on-going issues post-adoption, and disclosure issues under IFRS.

In the second part, this course considers in detail the implementation of some of the more complex issues that accountants encounter when adopting IFRS, such as financial instruments, leases, employee benefits, business combinations, share-based transactions, and accounting for deferred taxes.


Who Should Attend

Accountants, Controllers, Auditors


Objectives

At the end of this course the participants are able to:

  • Distinguish IFRS, Canadian GAAP, US GAAP technical differences
  • Comply with the current IFRS requirements
  • Understand the new financial statement presentation and specific disclosure requirements
  • Assess the impact on revenue recognition
  • Assess the impact on recognition and measurement of assets
  • Prepare for the complex issues involved in moving from existing GAAP to IFRSs
  • Identify the accounting standards for alternative treatments when preparing IFRS financial statements
  • Adjust to the IFRS impact on financial performance reporting

Topics Covered

  • Distinguish IFRS, Canadian GAAP, US GAAP technical differences
    1. IFRS definition and scope
    2. Canadian GAAP position
    3. US GAAP position
    4. Technical differences
  • Comply with the current IFRS requirements
    1. Timetable
    2. Check list
    3. Implementation changes
  • Understand the new financial statement presentation and specific disclosure requirements
    1. Operating segments
    2. Events after the reporting period
    3. Statement of cash flows
    4. Related parties
    5. Changes in accounting policies
    6. Changes in accounting estimates
    7. Correction of errors
    8. Discontinued operations
  • Assess the impact on revenue recognition
    1. Current revenues
    2. Deferred revenues
  • Assess the impact on assets recognition and measurement
    1. Property, plant and equipment
    2. Intangible assets
    3. Inventories
    4. Accounting treatment of impairment and assets held for sale
  • Prepare for the complex issues involved in moving from existing GAAP to IFRSs
    1. Financial instruments
    2. Leases
    3. Employee benefits
    4. Business combinations
    5. Share-based transactions
    6. Deferred taxes
  • Identify the accounting standards for alternative treatments when preparing IFRS financial statements
    1. Exception mechanism
    2. First time user
    3. Private companies
  • Adjust to the IFRS impact on financial performance reporting
    1. IFRS effect
    2. Business decision effect
    3. Nominal and Real performance
    4. Adjustments

Facilitator

Messaoud Abda, CFE, CGA, CICA, CSI, MBA, FICB is an experienced senior corporate manager and instructor with over 20 years of experience in various sectors of the financial market. Mr. Abda has extensive experience in finance and accounting with large Canadian corporations, including Caisse de depôt et placement du Québec and Hydro-Québec. Messaoud is currently a lecturer at McGill University School of Continuing Studies, as well as professor and program manager at Université de Sherbrooke.


Cancellation Policy

All cancellation & substitution requests must be made in writing. The following Cancellation Policy applies:

Up to 14 days prior to the start date: Full refund
7 days prior to the start date: Refund minus $100 Cancellation fee
Within 7 days of the start date: No Refund, however suitable participation substitution will be permitted

If no notice is given prior to the start of the event(s) and you fail to attend, you will be liable for the full course fee.

McGill SCS reserves the right to cancel an event up to 5 days prior to its start.


Contact Information

Telephone: 514-398-5454
E-mail: pd [dot] conted [at] mcgill [dot] ca