Financial Accounting Impact of COVID-19: An In-depth Look at IFRS

Why Attend

The COVID-19 pandemic took the world by surprise and resulted in operational and financial disruptions in entities operating across all sectors. Therefore, it is critical for financial controllers, auditors, and financial analysts to understand and assess the impact of this crisis on financial statements. Using the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS), our subject matter experts have compiled a list of accounting issues that professionals should refer to when recording accounting transactions and preparing financial statements. By attending this course, you will be able to reduce the risk of misstatement and provide relevant, reliable, and faithfully represented financial information to relevant stakeholders.

Course Methodology

The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of theories presented by the consultant, and group exercises to exchange experience and apply knowledge acquired throughout the course.

Course Objectives

By the end of the course, participants will be able to:

• Identify the qualitative and quantitative disclosures required in financial statements to increase the understandability of balances and transactions
• Recognize important adjustments and allowances required and their effect on financial statements
• Properly account for events and circumstances that are likely to affect balances of assets, liabilities, equity, revenues and expenses
• List the accounting and financial reporting impact of COVID-19 on the entity’s financial statements and determine the best structure and presentation practices
• Prepare year-end and interim financial statements

Target Audience

Professionals in the field of finance and accounting, accountants at all levels seeking to enhance practical finance and accounting knowledge, and certified financial and accounting personnel.

Target Competencies

• Preparing financial statements
• Disclosing financial information
• Applying International Financial Reporting Standards (IFRS)
• Applying professional judgement in financial reporting