Learn Ifrs Through Case Studies Part 1

Practical Application of IFRS through Case-Based Accounting Scenarios

What you'll learn

Practical application of IFRS to 35+ accounting scenarios across six cases

Identify the relevant IFRS standard and steps to address the issue using the relevant standard

Step-by-step analysis of the issue or scenario using the relevant IFRS standards

Conclude on the appropriate accounting treatment and provide adjusting journal entries

Requirements

Recommended to have some prior knowledge of IFRS (International Financial Reporting Standards)

Description

This course focuses on teaching IFRS through practical application. There are six cases in this course. Each case consists of five or six accounting/financial reporting scenarios (total of thirty-five scenarios). For each scenario, we will identify the relevant standards, complete a step-by-step analysis using the relevant IFRS standards, recommend correct accounting treatment and provide adjusting journal entries where applicable. This way, you will learn the standards through practical application. An examination scenario might require you to analyze accounting/financial reporting issues using IFRS, and this course focuses on helping you gain competence in such scenarios. The videos and slides document the IFRS criteria under the relevant standard, an analyses of case facts using the criteria and a conclusion with adjusting journal entries where applicable. The actual case, along with slides, and where applicable an Excel file with calculations, is provided with each case under the first (introductory) video for each case. The scenarios covered include issues such as leases, revenue recognition, financial instruments, accounting for business combinations, significant influence, joint arrangements and joint ventures, revaluation of PP&E, foreign subsidiaries and translation of foreign currencies, impairment calculations and allocation of impairment loss, environmental restoration liabilities, correction of errors and changes in estimates, employee termination benefits, investment property, subsequent events, deferred taxes and non-monetary exchanges.

Overview

Section 1: Introduction

Lecture 1 Introduction

Section 2: Case 1 - Sky Airlines

Lecture 2 Case Introduction

Lecture 3 Issue #1 - Accounting for Business Combinations

Lecture 4 Issue #2 - Aircraft Leases

Lecture 5 Issue #3 - Contingent Assets

Lecture 6 Issue #4 - Financial Instruments (Bonds)

Lecture 7 Issue #5 - Customer Loyalty Program (Revenue Recognition)

Lecture 8 Issue #6 - Donations

Section 3: Case 2 - AirX

Lecture 9 Case Introduction

Lecture 10 Issue #1 - Foreign Subsidiaries and Translation of Foreign Currency

Lecture 11 Issue #2 - Financial Instruments (Shares)

Lecture 12 Issue #3 - Impairment of Financial Instruments

Lecture 13 Issue #4 - Changes in Estimates and Correction of Errors

Lecture 14 Issue #5 - Capitalization of Inspection Costs

Section 4: Case 3 - Ben's Construction Ltd.

Lecture 15 Case Introduction

Lecture 16 Issue #1 - Revaluation Method for PP&E

Lecture 17 Issue #2 - Allocation of Impairment Loss

Lecture 18 Issue #3 - Deferred Tax Assets

Lecture 19 Issue #4 - Percentage-of-Completion Method (Revenue Recognition)

Lecture 20 Issue #5 - Financial Instruments (Loan Receivable)

Lecture 21 Issue #6 - Non-Monetary Exchanges

Section 5: Case 4 - Andy's Furniture Inc.

Lecture 22 Case Introduction

Lecture 23 Issue #1 - Deferred Tax Impact on Acquisition

Lecture 24 Issue #2 - Consignment Sales (Revenue Recognition)

Lecture 25 Issue #3 - Onerous Contracts

Lecture 26 Issue #4 - Discontinued Operations

Lecture 27 Issue #5 - Purchase of Investment Property

Lecture 28 Issue #6 - Subsequent Events

Section 6: Case 5 - Graeme Steyn Petroleum Inc.

Lecture 29 Case Introduction

Lecture 30 Issue #1 - Environmental Restoration Liabilities

Lecture 31 Issue #2 - Impairment of Diesel Division

Lecture 32 Issue #3 - Significant Influence and Control

Lecture 33 Issue #4 - Bill and Hold Arrangements (Revenue Recognition)

Lecture 34 Issue #5 - Lease of Office Space

Lecture 35 Issue #6 - Procurement System and Net Income Calculation

Section 7: Case 6 - Toby's Panda

Lecture 36 Case Introduction

Lecture 37 Issue #1 - Joint Arrangements: Joint Operations and Joint Ventures

Lecture 38 Issue #2 - Rebates

Lecture 39 Issue #3 - Termination Benefits

Lecture 40 Issue #4 - Impairment of Store Pt.1

Lecture 41 Issue #4 - Impairment of Store Pt.2

Lecture 42 Issue #5 - Management Referral Liability

Lecture 43 Issue #6 - Construction of Store

This course is for all students pursuing degrees, diplomas or designations that include the study and application of IFRS.