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IFRS – FOCUS ON FIXED ASSETS (1 DAY)

One of the largest differences between IFRS and Canadian GAAP is the change in accounting for fixed assets.

Topics covered

This seminar is an in-depth seminar on accounting for property, plant, and equipment (IAS 16) and will cover the following:

  • Initial recognition of fixed assets (IAS 16)
  • Exchange of assets(IAS 16)
  • Initial measurement of fixed assets(IAS 16)
  • Interest capitalization (IAS 23)
  • Which costs should be capitalized and which costs should be expensed (IAS 16)
  • Components approach to asset recognition (IAS 16)
  • Identifying components of assets (IAS 16)
  • Cost and revaluation models of accounting (IAS 16)
    • Cost model
    • Revaluation model (ie. fair value)
    • Advantages and disadvantages of the cost and revaluation models
    • Factors to consider when deciding between the cost and revaluation models
    • Changes in accounting policy
  • Depreciation methods (IAS 16)
  • Impairment of property, plant and equipment (IAS 36)
  • Investment property and fair value model (IAS 40)
  • Assets held for sale (IFRS 5)
  • Balance sheet presentation of fixed assets
  • Additional disclosures for fixed assets

Workshop format

This workshop is highly interactive. Participants will learn the international financial reporting standards by working through numerous exercises and examples, including journal entries under IFRS. They will refresh their understanding of Canadian GAAP and understand the accounting of fixed assets under IFRS.

Who will benefit

This course is excellent for accountants or financial professionals who are interested in the technical accounting for fixed assets under IFRS.

Price: $649

Accounting

IFRS & ASPE courses

General financial courses

Finance for non-financial professionals

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