This workshop offers accounting and finance professionals in the manufacturing sector a deep dive into International Financial Reporting Standards (IAS/IFRS) and their specific application within manufacturing contexts. Through lectures, case studies, and practical exercises, participants will explore key standards such as revenue recognition (IFRS 15), inventory valuation (IAS 2), and accounting for non-current assets. By the end, attendees will emerge equipped with the knowledge and skills to navigate complex reporting requirements and ensure compliance within their organizations.
Define the key objectives of the IAS/IFRS framework and its significance for manufacturing.
Compare and contrast different cost measurement methods for inventory valuation
Classify different types of non-current assets and their accounting treatment under IAS/IFRS.
Differentiate between different types of financial statements and their preparation under IFRS.
Discuss the implications of IFRS standards on financial reporting for manufacturing entities.
Overview of IAS/IFRS framework and its objectives
Benefits of using IAS/IFRS for manufacturers
History and origins of the International Accounting Standards Board
IAS/IFRS Accounting Standards and other reporting frameworks (e.g.: US GAAP)
Five-step model for recognizing revenue from contracts with customers
Applying the model to different types of manufacturing contracts (e.g., standard products, customized products, long-term contracts)
Specific considerations for manufacturers, such as bill-and-hold arrangements, warranties, tender costs, and returns
Impact of IFRS 15 on financial statements
Different cost measurement methods (e.g., FIFO, LIFO, weighted average)
Determining the appropriate cost for finished goods, work-in-progress, and raw materials
Lower of cost or net realizable value (NRV) principle
Disclosure requirements for inventories
IAS 16: Property, plant, and equipment
IAS 40: Investment property
IAS 23: Borrowing costs
IAS 36: Impairment of Assets
IFRS 5: Non-current assets held for sale and discontinued operations
IFRS 16: Leases
IFRS 9: Financial Instruments
IAS 27: Separate Financial Statements
IFRS 10: Consolidated Financial Statements
IAS 28: Investments in Associates and Joint Ventures
IFRS 11: Joint Arrangements
IFRS 12: Disclosure of Interests in Other Entities
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