Due to upcoming changes in accounting and financial statements and the transition to International Financial Reporting Standards, training in the IFRS course seems necessary for every chief accountant, especially for accountants of medium and large enterprises. During the training process, you will learn the principles and methods of accounting according to IFRS, learn to read and analyze international reporting, calculate financial results, prepare and consolidate reports. The course will also be useful to employees of enterprises with partners abroad, independent auditors and financial consultants.

IFRS training cost:

Start dates

date	Studying time
December 24, 2019	Morning
December 30, 2019	Day
December 23, 2019	Evening
December 28, 2019	Weekend

IFRS training course program

Introduction. Regulation of financial reporting at the international level.
- 2.1.History of the creation of international standards.
- 2.2 Subject of regulation and scope of application.
- 2.3.Advice. Objectives and structure of the IASB.
- 2.4 Composition and hierarchy.
Principles for the preparation and presentation of financial statements
- 3.1 Purposes and users of financial statements
- 3.2. Basic principles for preparing financial statements
- 3.3. Elements of financial statements
- 3.4 Recognition of elements of financial statements
- 3.5 Evaluating elements of financial statements
- 3.6. Capital concepts
Presentation of financial statements
- 4.1 Composition of financial statements
- 4.2 Disclosures and classifications of individual reporting components
- 4.3 Accounting policies, changes in estimates, errors
- 4.4 Discontinued operations
- 4.5 Events after the reporting date
- 4.6 Interim financial reporting
- 4.7 Segment reporting
- 4.8 Related party information
Recognition, measurement and reflection in the financial statements of certain non- financial assets
- 5.1 Definition and recognition criteria for fixed assets
- 5.2 Intangible assets
- 5.3 Impairment of assets. Concepts of recoverable amount, fair value less costs to sell and value in use.
- 5.4 Borrowing costs
- 5.5 Investment property
- 5.6 Non-current assets held for sale
- 5.7 Agricultural assets
- 5.8 Reserves
Employee benefits
- 6.1 Scope of application. Employee benefits concept.
- 6.2 Accounting and reporting by programs pension provision
- 6.3 Share-based payments
Recognition, measurement and reporting in financial statements financial results
- 7.1 Scope of IFRS 18 and definition of revenue.
- 7.2 Reflection of contracts in reporting construction contract
- 7.3 Earnings per share
- 7.4 Reporting income taxes
- 7.5 Deferred income tax
Reporting financial assets and liabilities
- 8.1 Financial instruments
Reserves
- 9.1 Reserves, contingent liabilities and contingent assets
Exchange rates
- 10.1 Impact of changes exchange rates currencies
Consolidated and individual reporting
- 11.1 Business Combination. Goodwill arising upon purchase - definition, reporting, reduction in the value of goodwill.
- 11.2. Consolidated and individual reporting
- 11.3 Investments in associates
- 11.4. Participation in joint activities. Proportional reduction method.
Preparation of financial statements in IFRS format
- 12.1 Initial use
- 12.2 Transformation of reporting. Methodology for transforming reporting. The concept of transformational adjustments. Types of transformational adjustments. Transformation of individual reporting forms.

Topic 1. IFRS structure and principles accounting

1. Purpose of IFRS and their distribution. Application of international financial reporting standards in the Russian Federation.

2. Structure of standards (IAS, IFRS, SIC, IFRIC). Changes to IFRS and the procedure for applying new standards.

3. Conceptual framework of IFRS: qualitative characteristics of financial information, going concern assumption, accrual basis, main elements of financial statements.

Topic 2. Main differences between Russian accounting standards and international accounting standards

1. Distinctive features of the principles of formation financial statements according to international and Russian standards. Conceptual differences. Differences due to established accounting practices. Technical differences.

Topic 3. Structure of financial statements according to IFRS

1. IAS 1 Presentation of Financial Statements. IAS 34 Interim Financial Reporting. Composition of financial statements, relationship between reporting forms. Report on financial situation. Report on total income. Statement of changes in equity. Cash flow statement. Notes to financial statements.

2. IAS 8 "Accounting policies, changes in accounting estimates and mistakes."

3. Consideration of examples of financial statements of Russian corporations under IFRS.

Topic 4. Valuation of assets and liabilities in accordance with IFRS

1. Measurement at initial recognition and subsequent measurement of assets and liabilities.

2. IFRS 13 "Fair value". Basic rules for determining the fair value of assets and liabilities.

2. The procedure for calculating discounted value. Concepts of annuity, PV, NPV, discount rates. Application of the discount method when calculating impairment of assets, present value of receivables and accounts payable. Examples of discounted value calculations.

3. IAS 21 Impact of Changes exchange rates". Determination of the functional currency, initial recognition and subsequent measurement of transactions in foreign currency. Translation into presentation currency.

Topic 5. Inventory accounting

1. 1. IAS 2 "Inventories". Recognition criteria, calculation of inventory cost.

2. Methods for valuing inventories at the end of the reporting period, the concept of net selling price.

3. Methods for writing off inventories as part of the cost of products manufactured and services provided.

Topic 6. Accounting for fixed assets, asset impairment, investment property

1. IAS 16 "Fixed assets": definition, basic principles of formation initial cost, further change in the original cost. Accounting for fruit crops within the framework of IAS 16. Methods of depreciation of fixed assets. Component approach to fixed asset accounting. IAS 23 "Borrowing Costs". Recognition criteria. Start, suspension and termination of capitalization. The impact of the reserve for liquidation of fixed assets and restoration environment to determine book value fixed assets. Revaluation of fixed assets: methodology, reflection in the financial statements. Methods for accounting for the revaluation reserve: upon disposal of an object, annual transfer of excess depreciation.

2. IAS 38 "Intangible assets". Recognition criteria, initial measurement of intangible assets acquired separately and in a business combination, internally generated intangible assets. Accounting for subsequent costs. Features of subsequent assessment of intangible assets: SS method, indefinite period beneficial use, liquidation value.

3. Investment property (IAS 40). Concept and composition, recognition criteria, transfer of fixed assets to investment property. Methods for determining the carrying value at the end of the reporting period, accounting for changes in fair value.

4. IAS 36 "Impairment of Assets". Impairment of fixed assets, goodwill, intangible assets with an indefinite useful life. Signs of asset impairment. Impairment test methodology (estimation of recoverable amount, calculation of value in use). Generating unit cash. Accounting and distribution of impairment losses. Reversal of impairment loss.

Topic 7. Lease of fixed assets

1. IFRS 16 "Lease". Lessor accounting: operating and finance leases. Determination of interest expense for finance lease.

2. Lessee accounting: lease recognition requirements, lease term, initial recognition and subsequent accounting of lease rights and lease obligations. Exceptions.

3. Sale and leaseback transactions. Adjustments to fair value.

4. Disclosure of information about leases in financial statements.

Topic 8. Recognition of revenue from the sale of goods and services in accordance with IFRS

1. IFRS 15 "Revenue from contracts with customers". The concept of transfer of control. 5 steps to recognize revenue.

Topic 9. Business combination

1. IFRS 3 “Business Combinations” - business combination transactions. Accounting for goodwill. Non-controlling interest.

Topic 10. Consolidated and separate reporting

1. 1. IFRS 10 "Consolidated reporting". Concept of control. Reporting consolidation methodology. Major consolidation adjustments. Consolidation of the statement of financial position, statement of profit or loss and other comprehensive income.

2. IAS 27 "Separate Financial Statements". Reflection of investments in subsidiaries and associated companies in the investor’s separate statements.

Topic 11. Investments in associated companies

1. IAS 28 Investments in Associates. Fractional method accounting for investments in associated companies.

Topic 12. Reserves, contingent assets and contingent liabilities

1. IAS 37 "Provisions, contingent liabilities and contingent assets" - concept and examples.

2. Criteria for creating a reserve, legal and constructive obligation, possible categories of reserves. Contingent liabilities and contingent assets.

3. Consideration of information disclosure in actual reporting of Russian corporations.

Topic 13. Events after the reporting date

1. IAS 10 “Events after the reporting period”: adjusting and non-adjusting events, specific cases.

2. Recognition and disclosure as part of financial statements.

Topic 14. Financial instruments: recognition, measurement, disclosure in financial statements

1. IFRS 9 "Financial Instruments". The concept of a financial instrument. Financial assets and financial obligations. Classification and reclassification of financial instruments.

2. Initial recognition and subsequent measurement of financial instruments. Modification cash flows for financial instruments carried at amortized cost. Creation of a reserve for impairment of financial assets.

Topic 15. Income tax

1. IAS 12 “Income taxes”: the concept of deferred taxes, the procedure for determining and accounting for temporary differences. Application of the "balance sheet method" when calculating deferred tax. Recognition of a deferred tax asset. Settlement of deferred tax assets and obligations.

2. Examples of disclosure of real data in financial statements.

Topic 16: Discontinued operations and non-current assets held for sale (IFRS 5)

1. The concept of discontinued operations. The procedure for reflecting the results of discontinued operations. The procedure for recording non-current assets intended for sale.

Topic 17. Cash flow statement

1. IAS 7 “Cash Flow Statement” - structure, presentation forms. Distribution of cash flows between operating, investing and financing activities.

2. Direct and indirect methods drawing up a report.

Topic 18. Transformation Russian reporting in reporting under IFRS

1. IFRS 1 "First-time adoption of IFRS": preparation of the first financial statements under IFRS. Date of transition to IFRS. Incoming balance. Main exceptions to IFRS requirements when preparing first financial statements.

2. Transfer method and parallel accounting method. Practical tasks on transferring individual elements financial reporting (cross-cutting examples throughout the course).

3. The final task of transforming reporting.

Topic 1. IFRS structure and accounting principles

1. Purpose of IFRS and their distribution. Application of international financial reporting standards in the Russian Federation.

2. Structure of standards (IAS, IFRS, SIC, IFRIC). Changes to IFRS and the procedure for applying new standards.

3. Conceptual framework of IFRS: qualitative characteristics of financial information, going concern assumption, accrual basis, main elements of financial statements.

Topic 2. Main differences between Russian accounting standards and international accounting standards

1. Distinctive features of the principles for preparing financial statements according to international and Russian standards. Conceptual differences. Differences due to established accounting practices. Technical differences.

Topic 3. Structure of financial statements according to IFRS

1. IAS 1 Presentation of Financial Statements. IAS 34 Interim Financial Reporting. Composition of financial statements, relationship between reporting forms. Statement of financial position. Statement of comprehensive income. Statement of changes in equity. Cash flow statement. Notes to financial statements.

2. IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors".

3. Consideration of examples of financial statements of Russian corporations under IFRS.

Topic 4. Valuation of assets and liabilities in accordance with IFRS

1. Measurement at initial recognition and subsequent measurement of assets and liabilities.

2. IFRS 13 "Fair value". Basic rules for determining the fair value of assets and liabilities.

2. The procedure for calculating discounted value. Concepts of annuity, PV, NPV, discount rates. Application of the discounting method when calculating asset impairment, present value of receivables and payables. Examples of discounted value calculations.

3. IAS 21 "The Impact of Changes in Exchange Rates". Determination of functional currency, initial recognition and subsequent measurement of foreign currency transactions. Translation into presentation currency.

Topic 5. Inventory accounting

1. 1. IAS 2 "Inventories". Recognition criteria, calculation of inventory cost.

2. Methods for valuing inventories at the end of the reporting period, the concept of net selling price.

3. Methods for writing off inventories as part of the cost of products manufactured and services provided.

Topic 6. Accounting for fixed assets, asset impairment, investment property

1. IAS 16 “Fixed assets”: definition, basic principles for the formation of initial value, further changes in initial value. Accounting for fruit crops within the framework of IAS 16. Methods of depreciation of fixed assets. Component approach to fixed asset accounting. IAS 23 "Borrowing Costs". Recognition criteria. Start, suspension and termination of capitalization. The influence of the reserve for the liquidation of fixed assets and environmental restoration on the determination of the book value of fixed assets. Revaluation of fixed assets: methodology, reflection in the financial statements. Methods for accounting for the revaluation reserve: upon disposal of an object, annual transfer of excess depreciation.

2. IAS 38 "Intangible assets". Recognition criteria, initial measurement of intangible assets acquired separately and in a business combination, internally generated intangible assets. Accounting for subsequent costs. Features of subsequent valuation of intangible assets: SS method, indefinite useful life, liquidation value.

4. IAS 36 "Impairment of Assets". Impairment of fixed assets, goodwill, intangible assets with an indefinite useful life. Signs of asset impairment. Impairment test methodology (estimation of recoverable amount, calculation of value in use). Cash generating unit. Accounting and distribution of impairment losses. Reversal of impairment loss.

Topic 7. Lease of fixed assets

1. IFRS 16 "Lease". Lessor accounting: operating and finance leases. Determination of interest expense for finance lease.

2. Lessee accounting: lease recognition requirements, lease term, initial recognition and subsequent accounting of lease rights and lease obligations. Exceptions.

3. Sale and leaseback transactions. Adjustments to fair value.

4. Disclosure of information about leases in financial statements.

Topic 8. Recognition of revenue from the sale of goods and services in accordance with IFRS

1. IFRS 15 "Revenue from contracts with customers". The concept of transfer of control. 5 steps to recognize revenue.

Topic 9. Business combination

1. IFRS 3 “Business Combinations” - business combination transactions. Accounting for goodwill. Non-controlling interest.

Topic 10. Consolidated and separate reporting

2. IAS 27 "Separate Financial Statements". Reflection of investments in subsidiaries and associated companies in the investor’s separate statements.

Topic 11. Investments in associated companies

1. IAS 28 Investments in Associates. Equity method of accounting for investments in associated companies.

Topic 12. Reserves, contingent assets and contingent liabilities

1. IAS 37 "Provisions, contingent liabilities and contingent assets" - concept and examples.

2. Criteria for creating a reserve, legal and constructive obligation, possible categories of reserves. Contingent liabilities and contingent assets.

3. Consideration of information disclosure in actual reporting of Russian corporations.

Topic 13. Events after the reporting date

1. IAS 10 “Events after the reporting period”: adjusting and non-adjusting events, specific cases.

2. Recognition and disclosure as part of financial statements.

Topic 14. Financial instruments: recognition, measurement, disclosure in financial statements

1. IFRS 9 "Financial Instruments". The concept of a financial instrument. Financial assets and financial liabilities. Classification and reclassification of financial instruments.

2. Initial recognition and subsequent measurement of financial instruments. Modification of cash flows for financial instruments carried at amortized cost. Creation of a reserve for impairment of financial assets.

Topic 15. Income tax

2. Examples of disclosure of real data in financial statements.

Topic 16: Discontinued operations and non-current assets held for sale (IFRS 5)

1. The concept of discontinued operations. The procedure for reflecting the results of discontinued operations. The procedure for recording non-current assets intended for sale.

Topic 17. Cash flow statement

1. IAS 7 “Cash Flow Statement” - structure, presentation forms. Distribution of cash flows between operating, investing and financing activities.

2. Direct and indirect methods of reporting.

Topic 18. Transformation of Russian reporting into IFRS reporting

2. Transfer method and parallel accounting method. Practical tasks on transposing individual elements of financial statements (end-to-end examples throughout the course).

3. The final task of transforming reporting.

IFRS: training, methodology and implementation practice for companies and specialists

A joint project of IPB Russia and the magazine “Corporate Financial Reporting. International standards".

How to become an IFRS specialist

Ph.D., ACCA, editor-in-chief of the magazine “Corporate Financial Reporting. International standards", managing director at the publishing house "Methodology"

The topic of international financial reporting standards (hereinafter referred to as IFRS) is not easy, it requires experience working not only directly with IFRS, but also in the field of accounting, it requires a conceptual understanding of the reporting system, the system of enterprise functioning, a general outlook, knowledge and skills not only in the accounting field, but and in related industries. These requirements determine the value and cost of IFRS specialists.

IFRS: why, for whom and why?

Where did the need for IFRS reporting come from? The fact is that many large companies have extensive holding structures, offices and divisions in different countries peace. Each country has its own national accounting and tax accounting. The need for international standards arose from the tasks of business owners - to see the reporting for their holding in a single format - and the tasks of investors - to compare the reporting of companies with each other.

Today there are two systems of international standards in the world:

US GAAP / US GAAP - standards by which companies prepare financial statements in the United States. Shares of many large international companies are quoted in American stock markets. Accordingly, these companies must report in accordance with US GAAP standards. Historically, companies from many countries around the world were required to report according to American national standards, and therefore the US GAAP system received the status international system financial accounting and reporting.
The second system is IFRS itself. These are supranational accounting and reporting standards that have been developed since 1973 by the IASB (formerly the IASB Committee), based in London. The IFRS Council includes representatives from many countries; it is a platform on which the best global practices for accounting for certain transactions and preparing reports are summarized. The goal of the IFRS developers is the creation and development unified system high quality, accessible, enforceable and globally accepted financial reporting standards based on clearly stated accounting principles.

Why wasn't US GAAP enough? Because this is, first of all, a system of national reporting of American companies, taking into account, first of all, national interests that may run counter to the interests of other countries. Therefore, there was a need to create reporting that would be independent of US GAAP and would become a compromise for all interested parties, mainly on issues such as reporting format, its structure and content, and drafting rules.

Companies prepare reports on accounting standards countries in which they are registered (for example, in Russia - reporting on Russian regulations about accounting); in addition (or instead, if international standards are used as national standards), companies listed on American exchanges prepare reports according to American requirements; and companies listed on European stock exchanges report according to IFRS. Those companies that are not listed anywhere, but want to communicate with international investors and creditors in a language they understand, also choose the international reporting format.

In the last decade, IFRS has spread rapidly throughout the world. Already, more than 120 countries have approved the use of IFRS in their jurisdictions in one form or another.

Users of IFRS reporting are all interested parties. First of all, these are investors and creditors of companies around the world who, based on reporting, make decisions about which companies to invest in / not to invest money in; compare data between companies, knowing on what principles these reports are prepared. Also among users: suppliers, buyers, other contractors, employees, government, public organizations— that is, everyone who is interested in the financial component of a particular company.

IFRS in Russia

Russian companies in mandatory prepare financial statements in accordance with the requirements national system accounting and reporting (Federal Law “On Accounting” dated December 6, 2011 No. 402-FZ).

At the same time, a few years ago, without legislative requirements or requirements from the state, many Russian companies began to prepare reports in accordance with IFRS. This was due to the fact that companies entered Western capital markets, attracted financing in international banks or were part of foreign holdings reporting under IFRS.

Over the past few years, a lot of work has been done to give international financial reporting standards official status in our country. As a result, in 2010 it was published the federal law dated July 27, 2010 No. 208-FZ “On Consolidated Financial Statements”, which came into force starting with reporting for 2012 and made the preparation of IFRS statements mandatory for a number of Russian companies.

In the first version of the law, the list of companies for which reporting under IFRS became mandatory included credit organizations, insurance companies and other organizations, securities which are admitted to organized trading (that is, public companies). These companies, regardless of whether they previously prepared statements under IFRS or not, have been reporting in accordance with the law “On Consolidated Financial Statements” 208-FZ since 2012. According to amendments to the law, since 2015 the list of companies for which the application of IFRS is mandatory has been expanded. Non-state pension funds and management companies have been added to the list investment funds, mutual investment funds and non-governmental pension funds; clearing organizations; federal state unitary enterprises, the list of which is approved by the Government of the Russian Federation; open joint stock companies, the shares of which are in federal ownership and the list of which is approved by the Government of the Russian Federation.

The consolidated financial statements of an organization are prepared along with the accounting (financial) statements of organizations and do not replace them.

At the same time, throughout recent years The Russian accounting system was actively reformed. New forms of Russian reporting and rules for accounting for indicators in reporting are closer to the requirements of IFRS. But the prospect of giving up Russian accounting and there is no way to replace it with accounting according to IFRS yet. Russian accounting standards continue to exist. They are gradually being revised and brought closer to IFRS to the extent that this is appropriate in Russian realities and corresponds to the national interests of the country.

Features of IFRS

Russian accountants have historically become accustomed to Russian accounting regulations, to methodological explanations, accounting recommendations, which state how to reflect this or that in accounting business transaction. The specificity of IFRS is that it is not instructions. IFRS has a different format of thinking.

IFRS is principles, a concept, a framework. IFRS contains basic general requirements about what reporting should be like and how the impact of transactions and events should be reflected in the reporting.

In IFRS you will not find a chart of accounts and instructions for its use; it is not regulated. You will also not find recommended reporting formats - IFRS contains a list of reports that must be prepared: statement of financial position, statement of comprehensive income, statement of capital and cash flows, notes to the statements. IFRS 1 “Presentation of Financial Statements” regulates the minimum list of items that must be disclosed. The company independently develops for itself a format, structure, and a set of indicators for disclosure, based on more detailed requirements contained in individual standards for each specific area.

IFRS has a standard called “Accounting Policies, Changes in Accounting Estimates and Errors,” which requires that a company have accounting policies based on IFRS. As part of the development of accounting policies, the company chooses accounting principles where there is a choice between options in IFRS (there are few such cases), and consistently applies them from period to period.

Sometimes it happens that a company has a specific operation for which IFRS does not provide explanations. In this case, it is necessary to independently develop an approach to accounting and disclosure of information based on an analysis of industry practice or based on the requirements of other generally accepted international standards, for example, US GAAP.

Another feature is the need to form professional judgment in accordance with IFRS. The fact is that a separate block of information in IFRS concerns the issue of making decisions regarding the interpretation of a particular transaction or event. Because the detailed instructions no, it is often necessary to make a decision on the interpretation of a particular operation based on the professional judgment of a specialist or management based on basic requirements and general principles.

In Russia, the concept of professional judgment and its application, the ability to take responsibility for one’s professional judgment are new categories for the mentality of Russian accountants, who have historically been accustomed to working according to instructions.

IFRS reflects transactions based on their economic essence, not legal form. And in national accounting it is necessary primary document to reflect the operation. IFRS does not specify requirements for documents (availability, execution). If a transaction has occurred, but there are no documents, this does not mean that you should not recognize this operation, but on the contrary, such an operation must be recognized in accounting as completed, without waiting for documents from counterparties.

IFRS reporting is valuable for its predictive function. Users are interested not only in indicators on reporting date, but also the organization’s exposure to risks, information about their management, information about the fair value of assets and liabilities. This information is required to be prepared and disclosed by IFRS.

What do IFRS specialists do and how much do they earn?

IFRS reporting is in demand in many countries, including Russia. This creates a demand for specialists who could prepare such reports.

If we analyze the salaries of IFRS specialists, based on statistics from leading job search sites, we can distinguish three blocks of vacancies: management of the IFRS department, specialists / leading specialists in IFRS and junior specialists / assistants in the IFRS department.

Table 1
Data for January-February 2015

Junior specialists/assistants for the IFRS section

As a rule, they are engaged in transformation in individual areas, that is, transferring data into IFRS format from Russian data using certain procedures. If the company has automated accounting according to IFRS, such specialists are engaged in maintaining accounting according to IFRS in the software product. It is possible to perform other management tasks. Verification of reporting according to RAS is often recorded as a duty. If IFRS is prepared on the basis of Russian accounting data and the information is incorrectly reflected in Russian accounting, then these errors will not allow the correct generation of IFRS reporting. Therefore, it is very important to verify the correctness of data reflection in the original source, that is, in reporting according to RAS.

IFRS specialist

Depending on the companies, the IFRS specialist may be one person, for example, when the company is small, the structure has an accounting department and one IFRS specialist who prepares IFRS statements without a direct manager. When the holding is large, one or two IFRS specialists cannot cope, the structure of the IFRS department is more complex: the head of IFRS, IFRS specialists, assistants or entry-level specialists who carry out the tasks of IFRS specialists.

Main functions of an IFRS specialist:

data transformation is the regrouping of Russian reporting indicators according to certain rules using certain adjustments into the IFRS format;
data consolidation - if reporting is prepared for a group of companies, then the transformation is first performed for each company, then the data is combined into a single whole (consolidated reporting);
preparation of disclosures for reporting.

IFRS is often associated with management accounting. All more companies understand that they need IFRS reporting. By its nature, IFRS is focused on governance, management and investors. Therefore, companies are thinking about bringing IFRS and management accounting closer together and building management accounting on the principles of IFRS, that is, compiling additional transcripts and issuing them to management upon request. Therefore, in addition to reporting preparation, IFRS specialists are assigned additional functions in the management accounting and budgeting block: this is the preparation of disclosures on cost management, analysis, and budgeting.

A separate task is the reconciliation of turnover/balances between group companies. To prepare consolidated financial statements under IFRS, it is necessary to add up the indicators of all companies that are part of the group, and then remove (eliminate) all intra-group balances and turnover, because for a holding company, the provision of services / transfer of money by one company to another is an internal operation. In mirror companies, balances and turnover must match. Often reconciliation takes a lot of time and is labor-intensive, because on the RAS side the reconciliation of balances and turnovers with each other is not debugged.

Responsibilities include working with accounting databases. As a rule, this is 1C.

It is also possible to maintain separate sections where data is reflected independently of Russian accounting. For example, the register of fixed assets and intangible assets may be one for accounting and another for IFRS.

Head of IFRS Department

Fully responsible for the process of preparing financial statements under IFRS. The labor functions of a manager are broader due to methodological work. This is not just the collection of IFRS reporting, but the development of a methodology: instructions on how reporting is generated, what data is used from accounting, which areas are maintained separately, how information is processed, how accounting in a company is closed under IFRS, how it is related to accounting, etc. d. The head of the IFRS department is also responsible for the formation of accounting policies as part of the methodological work on the preparation of financial statements under IFRS.

If IFRS in a company is associated with management accounting, budgeting, then often this level tasks arise to automate accounting according to IFRS. That is, reporting is prepared not in Excel, but from software product, and not only reporting under IFRS, but also accounting under IFRS.

Responsibilities also often include analysis investment models. This is the conceptual level of defining the reporting strategy.

In general, the requirements for specialists in the field of IFRS can be reduced to the following list:

knowledge of standards (IFRS) and experience in their application;
Mastery of MS Excel (usually used complex formulas calculation of indicators, the ability to create pivot tables, data consolidation, the ability to build models, work with macros is important);
skills in working with the 1C program (if this program is used to generate IFRS reporting);
analytical skills (that is, you need to be able to do analysis to correctly make a professional judgment; looking at the numbers, understand their economic essence);
accuracy in collecting and analyzing information (preparation of disclosures);
ability to meet tight work deadlines (reporting under IFRS, as a rule, is required earlier and faster than reporting under RAS; optimally, when reporting under RAS is prepared, no further adjustments are made to the accounting data; then, based on this reporting, reporting is compiled according to IFRS);
excellent communication skills - the ability to communicate with other employees, auditors, consultants, programmers involved in the reporting preparation process.

How to become a competent IFRS specialist

First of all, it is necessary to study the standards and the practice of their application. The following sources of information can be recommended:

professional literature - magazines and publications that specialize in this topic, where you can often find information in the public domain;
articles;
forums, communities;
professional exams.

If you decide to become an IFRS specialist, then you need to undergo training, receive a certificate of completion of training and take an exam to obtain a diploma in IFRS (there are several well-developed qualifications on the market, Russian and international). The second task is to apply this knowledge. Sometimes organizations recruit specialists without experience, but with necessary knowledge, supported by documents. These can be auditing and consulting companies, as well as companies in the real sector.

For information
In order to become familiar with the standards, consolidation and get a minimum of practice, you need 60-80 hours of classes in the IFRS program.

You can choose:

Russian programs (conducted by large Russian universities and professional training centers);

international qualifications (international exams are more difficult to pass; accordingly, the value of such diplomas/certificates is higher).

Before starting your career in the field of IFRS, study information about this profession and communicate with its representatives, since the work is quite specific. This is not Russian accounting. IFRS often comes from specialists not from accounting, but from the field of management and financial management, who are accustomed to the concept of economic essence and management. IFRS requires thinking in terms of financial statements that reflect the economic realities of the business.

In conclusion, it should be noted that, of course, two factors provide great assistance in studying IFRS and practical work with them: participation in various conferences and seminars held on the topic of international standards; as well as the study of articles published in our journal, since they have a pronounced practical orientation.

As part of the preparation and conduct of the International competition organized by the company PROFESSIONAL ARENA in collaboration with the Russian College of Auditors, with the support of the Association of Certified Chartered Accountants (ACCA), the Chamber of Commerce and Industry of the Russian Federation, OPORA RUSSIA, IFA, IAB, we invite you and your colleagues to take part in the educational project IFRS School.

TRAINING AT IFRS SCHOOL IS FREE!

IFRS training takes place offline. Complete the REGISTRATION PROCEDURE to connect to the Complete IFRS School video course “IFRS for Beginners”*.

*Connections are carried out by site administrators on a monthly basis.

The main goal of the IFRS School is - popularization of IFRS, the opportunity for students to receive free information on IFRS, improving the educational status of specialists, preparing infrastructure for the widespread use of IFRS, helping to accelerate the implementation of international financial reporting standards into the practice of Russian enterprises.

The process of IFRSization in Russia is gaining momentum, and along with it, interest in the topic of international standards from the professional community is growing. Currently, the majority of domestic accountants and auditors still have a very vague understanding of IFRS and do not have experience in preparing financial statements in accordance with international standards. But, as they say, “Forewarned is forearmed.” The IFRS School helps everyone, completely free of charge, to equip themselves with the knowledge necessary for their work. By becoming a participant in the IFRS School, each specialist learns to apply IFRS in practice and avoid making the mistakes that many financiers encounter when switching to IFRS.

Classes are taught by well-known practitioners who have received professional recognition in the field of IFRS, professional

The training program at the IFRS SCHOOL includes theoretical and practical classes.

Upon completion of training, students of the IFRS School:

1) will receive basic knowledge in the field of IFRS;

2) will acquire initial skills in preparing financial statements and master techniques for reflecting transactions, facts and events in accounting economic activity in accordance with IFRS;

4) will be able to become participants in the preparation program for the DipIFR exam (Diploma in IFRS), organized by the Competition Partners.

Form of training: WEBINAR

DO YOU ALWAYS WANT TO LOOK ATTRACTIVE IN THE EYES OF ANY EMPLOYER?

ADVICE FROM IFRS SCHOOL EXPERTS

1.Don't be careless and don't put off studying IFRS for too long!

Even if your company does not currently prepare financial statements under IFRS, this does not mean that the implementation of IFRS will not happen in the near future. If Russian legislation has taken a course towards IFRS, soon the vast majority of companies will begin to prepare their reports in accordance with International Financial Reporting Standards. In addition, do not forget that there is always the opportunity to change your job to a higher status and higher paying one.

2.Develop practical skills in preparing financial statements according to IFRS!

To make it easier for you to apply international standards in practice, it is advisable to study IFRS in their continuous comparison with the principles and requirements of Russian accounting standards (RAS). By far the most effective way to get practical experience IFRS reporting is the experience you gain in the process of implementing standards in the company you work for. But if this method is not available to you, you can always gain basic skills in applying IFRS in practice within the walls of the free IFRS SCHOOL IFRS Professional.

ATTENTION!

Methodological material and presentations by IFRS SCHOOL speakers are available atwebsite of the free publication on IFRS "IFRS Professional Bulletin". Complete the registration procedure on the magazine’s website and get access to the materials of the IFRS School!

The most interesting classes of the IFRS SCHOOL project

Lesson "Accounting for fixed assets according to IFRS"

There are probably no companies that do not have fixed assets (hereinafter referred to as fixed assets). Therefore, the topic of asset accounting is relevant for all companies that prepare their reporting according to international standards. But accounting for fixed assets under IFRS is not as simple as it seems. This is one of the accounting items where professional judgment is used very widely. We will try to consider all the main aspects of asset accounting under IFRS, so that you can more confidently form your professional judgment and be able to defend it before auditors.

The following issues are considered:

Recognition of fixed assets and assessment upon recognition.

Subsequent costs.

Evaluation after recognition.

Depreciation.

Impairment.

Termination of recognition.

Teacher:

Gomelko Mikhail Vladimirovich, Chief Accountant, OJSC "Azerbaijan Investment company", member of the IFRS PROFESSIONAL Expert Council

Lesson "Accounting for employee benefits according to IFRS"

What standards govern the reporting of settlements with employees?

Basic definitions

What is regulated by standard 19

Short-term benefits: types, recognition and measurement, appropriate disclosures

Pension plans - types of pension plans

Defined Contribution Pension Plans

Defined benefit plans

Actuarial present value and how often it should be calculated

Pension Plan Disclosure

Other long-term benefits

Severance pay

Disclosure of transactions with related parties

Examples of reflection and disclosure

COURSE TEACHER: ZALYALOV GELUS FIRDAVISOVICH, GENERAL DIRECTOR OF AN AUDIT COMPANY, CERTIFIED AUDITOR, DIPIFR.

Lesson "Reflection of discounting operations in the cash flow statement"

1. Discounting - concept and application.

2. Discounting loans (example)

3. Discounting when reflecting leasing (example)

4. The structure of the ODDS and the technique of filling it (briefly)

5. Reflection of discounting operations in the cash flow statement.

Teacher

Klimova Galina Vladimirovna

Certified practicing auditor (unified auditor certificate), leading IFRS auditor of an auditing and consulting group of companies, certified ACCA-DipIFR specialist, more than 15 years of auditing and teaching experience

Lesson “Transformation of reporting into IFRS format”

Methods for preparing financial statements according to international standards. Transformation as a way of preparing financial statements: advantages and disadvantages. Stages of financial reporting transformation and study methodological foundations transformation process: process sequence, working documentation, choice of accounting policy, control system, error minimization. Similarities and differences between the principles of IFRS and RAS

Teacher:Drugov Marat Gennadievich,auditor, specialist in IFRS and US GAAP, General Director of Audit Company LLC

Lesson “IFRS Fundamentals”

1. Introduction to IFRS

2. IFRS Board

3. IFRS hierarchy

4. Conceptual framework of financial reporting

5. Structure and content of financial statements

Teacher: Anikin Pavel Alekseevich,Head of the Audit Department for International Standards of JSC RUFAUDIT

Lesson "IFRS 9 Financial Instruments: New Accounting Rules"

On 24 July 2014, the IASB published new standard IFRS 9, replacing IAS 39. This standard must be applied when preparing financial statements for annual periods beginning on January 1, 2018.

New rules for the recognition of financial assets and financial liabilities;

New rules for the valuation of financial instruments;

New rules for recognizing impairment of financial assets;

New rules for accounting for hedging transactions.

Teacher: Nizkov Alexander Ivanovich, Head of IFRS Department at Sminex Ltd, Best IFRS Methodologist IFRS Professional 2014

TEACHER:

Svetlana Titova, Certified teacher on the subject of IFRS and RAS, ACCA diploma (DipIFR), certified auditor, experience audits and consulting in Russian companies. Participated in the TACIS IFRS teaching program with funding from the European Union

LESSON "New in IFRS"

New revenue standard IFRS 15

Determining control and significant activities: practice in applying IFRS 10

Disclosure of information under IFRS 7, IFRS 13 and IAS 33, etc.

Teacher:

Kolesnikova Nina Arkadyevna

Lesson “Introduction of IFRS and formation of accounting policies”

Composition of IFRS.

Conceptual basis of IFRS.

Composition and structure of financial statements according to IFRS

Teacher:

Kolesnikova Nina Arkadyevna

CEO LLC "AKG "Potential-audit"

Winner of the award "Best IFRS Methodologist IFRS Professional 2013"

Lesson “IFRS 15: new revenue recognition procedure”

1. Reasons for the emergence of a new standard on revenue recognition (IFRS 15).

2. Scope of IFRS 15.

3. Procedure for recognizing revenue.

3.1. Identification of the contract(s) with the client;

3.2. Identification of performance obligations in a contract;

3.3. Determining the transaction price;

3.4. Distribution (allocation) of the transaction price in the context of obligations to perform the contract;

3.5. Revenue recognition when the entity fulfills its obligations under the contract

Teacher:

Nizkov Alexander Ivanovich

Head of IFRS Department Sminex Ltd

Lesson “IFRS 1: first application”

Which reporting is considered first?

Composition of the first set of financial statements under IFRS

Features of the application of accounting policies and the use of estimates during the transition to IFRS

Exceptions from retrospective application IFRS

Features of preparing disclosures for the first set of reports

Teacher:

Karaseva Larisa Andreevna

Head of IFRS Department of ACIG Group of Companies

Lesson “Introduction to IFRS”

Composition of IFRS.

Conceptual basis of IFRS.

Key principles of financial reporting and qualitative characteristics of useful financial information.

Definition of elements of financial statements, criteria for their recognition and assessment.

Accounting policies: rules of formation and disclosure requirements.

Composition and structure of financial statements according to IFRS.

Lesson “Methodological aspects of preparing financial statements under IFRS”

Methods for preparing financial statements according to international standards. Transformation as a way of preparing financial statements: advantages and disadvantages. Stages of financial reporting transformation and study of the methodological foundations of the transformation process: process sequence, working documentation, choice of accounting policies, control system, error minimization. Similarities and differences between the principles of IFRS and RAS.

Lesson “IAS (36) Impairment of Assets”

Scope of IAS 36. Determination of indicators of impairment of an asset and frequency of impairment testing. Recognition and measurement of impairment losses. Reversal of previously accrued impairment loss. Estimating the recoverable amount of an asset using a discounted cash flow model. The concept of a cash-generating unit - identification problems. Presentation of impairment information in financial statements

Lesson “IAS 37 Provisions, contingent liabilities and contingent assets”

Concept current obligation and contingent liability. The concept of reserve. Recognition criteria, initial and subsequent assessment of reserves. Presentation of information on reserves, contingent liabilities and contingent assets in reporting. Requirements for disclosure of information in reporting on reserves, contingent liabilities and contingent assets.

Lesson “Introduction to International Financial Reporting Standards (IFRS). The main differences between IFRS and RAS. Basics of preparation and presentation of financial statements under IFRS"

Consequences of the adoption of IFRS in Russia: analysis of the Federal Law dated July 27, 2010 N 208-FZ “On Consolidated Financial Statements”, Order of the Ministry of Finance of the Russian Federation dated November 25, 2011 No. 160n.

IFRS as a document system. Key principles of IFRS. Differences between IFRS and RAS.

Lesson “Reporting”

Composition of reporting, deadlines and procedure for submission, report formats, submission requirements. Elements of financial statements (assets, liabilities, equity, income and expenses): concept, recognition and measurement.

Formation of accounting policies: selection and application of accounting policies, changes in accounting policy, error correction.

Lesson “Non-current non-financial assets”

Inventories: initial recognition, subsequent valuation, methods of writing off inventories to cost.

Fixed assets: classification of fixed assets, formation of initial cost; subsequent assessment, repair and modernization, revaluation and impairment, disposal of fixed assets

Lesson “Main activity”, “Settlement obligations”

Revenue: structure, problems of revenue recognition and valuation; revenue from the sale of products and goods; proceeds from the sale of works and services; interest, royalties and dividends.

Construction contracts. Industry specifics: consolidation and division of construction contracts.

Contingent assets, contingent liabilities and estimated liabilities: types, recognition and assessment of estimated liabilities.

Lesson "Regulatory regulation of IFRS in Russia. Recent changes to RAS as part of convergence with IFRS"

Comparison of IFRS and RAS requirements and determination of the possibility of convergence of accounting policies in relation to items:

Revenue and accounts receivable(IFRS (IAS) 18, IFRS (IAS) 32, IFRS (IAS 39), PBU 9/99)

Non-current assets: fixed assets according to IFRS and RAS (IFRS (IAS) 16, PBU 6/01) and investment property, intangible assets(IFRS (IAS) 38, PBU 14/2007)

Impairment of assets (IFRS (IAS 36))

Inventories and their impairment (IFRS (IAS) 2, PBU 5/01)

Lesson “Organization of the process of preparing financial statements according to IFRS”

Methods for preparing financial statements according to international standards

Transformation as a way of preparing financial statements: advantages and disadvantages

Stages of financial reporting transformation

Similarities and differences between the principles of IFRS and RAS.

Lesson “Preparation of consolidated statements”

Theoretical aspects of consolidation ( key concepts, preparation stage consolidated statements, consolidation techniques financial reports, the main errors in the preparation of consolidated financial statements).

Practical case.

Lesson “Discounted value in IFRS: theory and practice” (for beginners)

1. Concept and scope of application of discounted value in IFRS

2. Practical situations where discounted value calculation is required and possible ways its calculation:

2.1. leasing contracts.

2.2. loans and credits (including commodity loans).

Lesson “Deferred taxes: RAS and IFRS” (for advanced students)

1. Principles for calculating deferred taxes in RAS. Requirements of IFRS (IAS) 12 “Income Taxes”

2. Practice of calculating deferred taxes under IFRS:

2.1. principles for calculating deferred taxes;

2.2. analysis of practical mini-cases aimed at determining tax base assets and liabilities, income tax expense in accordance with IFRS and preparation of disclosures for deferred tax financial statements.