The purpose of this subject is to set out the principles and conceptual issues of IFRS, including their use in group statements. IFRS signifies a new era of financial reporting that will eventually touch thousands of companies across the globe. The broader a company’s international activities, the greater the effect of IFRS.
Description
Nearly 100 countries use or coordinate International Financial Reporting Standards (IFRS), which are issued by the International Accounting Standards Board (IASB). These countries or groups of countries include the European Union, Australia, and South Africa. While some countries require all companies to adhere to IFRS, others merely allow it or try to coordinate their own country’s standards to be similar. The purpose of this subject is to set out the principles and conceptual issues of IFRS, including their use in group statements. IFRS signifies a new era of financial reporting that will eventually touch thousands of companies across the globe. The broader a company’s international activities, the greater the effect of IFRS.
Accreditation
Institute of Certified Bookkeepers as a Quality Assurance Partner of the QCTO.
Qualification
SACOB Certificate of Completion.
This subject forms part of a national qualification. On completion of this subject and the remainder of the subjects in this level you will receive a national certificate.
Requirements
National Diploma: Technical Financial Accounting NQF L5, Diploma: Public Sector Accounting NQF L5 or
Higher Certificate: Office Administration NQF L5 with
ICB Financial Accounting or
ICB Public Sector Accounting or
ICB Business Management or
ICB Entrepreneurship
Duration
This subject can be completed in 3 months.
Subjects
Introduction to International Financial Report Standards and the IASB Framework
IAS1 Presentation of financial statements
IAS16 Property, plant and equipment
IAS40 Investment property
IAS36 Impairment of assets
IAS38 Intangible assets
IAS2 Inventories
IAS37 Provisions, contingent liabilities and contingent assets
IAS17 Leases
Financial Instruments
IAS10 Events after the reporting period
IAS18 Revenue
IAS19 Employee benefits
IAS21 The effects of changes in foreign exchange rates
IAS33 Earnings per share
IAS12 Income taxes
IAS8 Accounting policies, changes in accounting estimates and errors
IAS7 Statement of cash flows
Consolidated financial statements
Financial reporting requirements of the Companies Act 2008
Packages
This course is available via two comprehensive support packages, Online Standard and Online Premium. Each Package includes the following:
Online Standard:
- Textbooks
- Introduction Video
- Exam Info
- Q & A Platform
- Concept Videos
- Forums
- Exam Timetable
- Study Schedule
- A Mock Exam & Solutions
Online Premium:
- Textbooks
- Introduction Video
- Exam Info
- Q & A Platform
- Concept Videos
- Forums
- Exam Timetable
- Study Schedule
- Multiple Mock Exams & Solutions
- LIVE Webinars via Zoom
- Recording of the LIVE Webinars
- Quizzes
- Exam Walkthrough (Pre-recorded)
Assessment
The ICB assesses the Financial Reporting and Regulatory Frameworks subject by means of a Portfolio of Evidence where you are required to complete Activities (assignments) and Evaluations (tests) and then complete a final summative assessment (exam) written at an ICB assessment centre. Please be sure to register for your assessment.
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