Online Course on IFRS for
(agriculture, mineral resources, insurance, regulated goods / services)
This course covers four IFRSs that are specific to particular sectors:
IAS 41 deals with agricultural produce, either in animal or crop form. The objective of the Standard is straightforward and it is applied to items related to agricultural activity.
The need for IFRS 6, Exploration for and Evaluation of Mineral Resources, arose because issues with mineral resources were not covered by other Standards, the scope of the Standard is related to expenditure.
IFRS 4 is the first Standard to deal specifically with insurance.
There are a number of diverse treatments applied to the subject and they are
different than those used in many other sectors.
IFRS 14 deals with situations where rates for goods and/or services are subject to regulation.
The Standard setters were concerned that there was no specific guidance on this issue and that there was therefore a need to introduce a Standard to deal with it.
IFRS: Specific Sectors Online Course will enable the learner to:
• Understand basics principles and aims of the four different IFRS regimes
• Comprehend the general rules regarding financial statements prepared under these IFRSs
• Gain an overview of the reports
Learning outcomes of IFRS: Specific Sectors
IAS 41 – Agriculture
• What are the objectives and scope of IAS 41?
• What are the key definitions of applied in this Standard?
• How should biological assets be recognised?
• What happens if there are gains and losses and fair value cannot be measured reliably?
• What disclosures are required about biological assets?
• What happens to biological assets where fair value cannot be measured reliably?
• How should government grants for biological assets be dealt with?
IFRS 6 – Exploration for and Evaluation of Mineral Resources
• What are the objectives and scope of IFRS 6?
• How should items be measured at recognition?
• What rules apply to presentation?
• How should impairment be dealt with?
• What disclosures are required?
IFRS 4 – Insurance
• What are the objectives and scope of IFRS 4?
• How is unbundling dealt with?
• What is the liability adequacy test?
• What about impairment of reinsurance assets?
• What about changes to accounting policy regarding insurance?
• What about insurance contracts acquired in a business combination or portfolio transfer?
• What are discretionary participation features?
• What are the disclosures required?
IFRS 14 – Regulatory Deferral Accounts
• What is the objective and scope of IFRS 14?
• What about changes in accounting policy?
• How are regulatory deferral account balances classified?
• What are the general guidelines on disclosure requirements?
Target audience for IFRS: Specific Sectors
Anyone engaged either in the preparation of financial reports based on IFRS or their audit, as well as users of company accounts wishing to gain a fuller insight into the treatment of these assets and Standards.
You might also be interested in
• IFRS: The Structure of Financial Statements
• IFRS: Property, Plant and Equipment
• IFRS: Other Non-Financial Assets
• IFRS: Income, Revenue and Revenue Recognition
• IFRS: Financial Instruments
• Managing Your Transition to IFRS
About the Author of IFRS: Specific Sectors
Dr Wayne Bartlett specialises in public sector financial management and budgeting and has worked as a consultant and lecturer throughout the world.
After 7 years in the NHS in the UK, he joined the Home Office as Head of Accountancy Advice.
He has worked closely with a number of Supreme Audit Institutions and has become an expert of the implementation of international accounting standards.
Learners take their own route through the topics covered in the course. They will learn at their own pace through a variety of activities designed to accommodate a range of learning styles.
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