Introduction

The International Accounting Standards Board (IASB) was preceded by the International Accounting Standards Committee-IASC (1973-2001). IASC was founded in June 1973 as a result of an agreement by accountancy bodies in Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom, and Ireland and the United States of America, and these countries constituted the Board of IASC at that time.

 

In March 2001, the IASC Foundation was formed as a not-profit corporation incorporated in the State of Delaware, USA. The IASC foundation is the parent entity of the IASB, an independent accounting standard setter based in London, UK.

 

Effective from April 2001, the IASB assumed accounting standard setting responsibilities from its predecessor body the IASC. This was the culmination of a restructuring based on the suggestions of the report recommendations on shaping for the future.

 

On 29 September 2003, the European Commission has adopted a regulation endorsing IASs, including related interpretations (SICs), and therefore confirming the requirement for their compulsory use in EU from 2005 under the terms of the general IAS regulation adopted by the European Parliament and the Council in 2002.

 

In Romania, IASs and IFRSs are mandatory for all Romanian listed companies for accounting periods ending after 31 December 2008.

 

The IAS & IFRS Courses of IntercollegeIBS

 

The IAS/IFRS courses offered by IntercollegeIBS in Romania are unique. The courses are delivered by our IASs/IFRSs experts who have many years of practical on the job experience in applying these standards.

 

They are intended for those who do not wish to gain a qualification but are keen to develop their skills and knowledge. Our IAS & IFRS courses consist of a series

of seminars as follows:

 

This seminar aims to equip participants with the basic understanding of the principles and concepts of the basic IAS & IFRS.

 

On completion of this course participants should be able to apply the basic IASs/ IFRSs in the preparation of financial and related information as well as read,

comprehend and evaluate financial statements incorporating accounting information covered by the basic IAS & IFRS.

 

The IAS & IFRS covered in this seminar are:

■ IAS 1        Presentation of Financial Statements

■ IAS 2        Inventories

■ IAS 8        Accounting Policies, Changes in Accounting Estimates and Errors

■ IAS 10      Contingencies and Events Occurred After the Balance Sheet Date

■ IAS 18      Revenue

■ IAS 20      Accounting and Government Grants

■ IAS 21      The Effects of Changes in Foreign Exchange Rates

■ IAS 23      Borrowing Costs

■ IAS 36      Impairment of Assets

■ IAS 37      Provisions, Contingent Liabilities and Contingent Assets

■ IAS 38      Intangible Assets

■ IFRS 5      Non-current Assets Held for Sale and Discontinue Operations

■ IFRS 8      Operating Segments

 

This seminar aims to ensure that participants have developed a thorough knowledge and understanding of the accounting principles and concepts covered by the more technical IAS & IFRS and that they can apply this grounding to the situations they will typically meet at work.

 

On completion of this seminar participants should be able to apply the technical IAS & IFRS in the preparation of financial and related information as well as read,

comprehend and evaluate financial statements incorporating accounting information covered by the more technical IAS & IFRS.

 

The IAS & IFRS covered in this seminar are:

■ IAS 7 Cash flow Statements

■ IAS 11 Construction Contracts

■ IAS 12 Income Taxes

■ IAS 17 Accounting for Leases

■ IAS 19 Employee Benefits

■ IAS 33 Earnings per Share

■ IAS 34 Interim Financial Reporting

■ IAS 35 Discontinued Operations

■ IFRS 6 Exploration and Evaluation of Mineral Resources

 

3. Basic and Advanced Group IAS & IFRS

The IAS & IFRS relating to Groups of Companies are covered in 2 seminars: The Basic seminar (3 days) and the Advanced seminar (3 days).

The Basic Groups seminar aims to ensure that participants can exercise judgment and the technique in accounting matters relating to consolidated accounts. On completion of this seminar participants should be able to prepare, read, comprehend and evaluate the following alternative group accounting methods:

■ Equity accounting

■ Proportional accounting

■ Acquisition accounting

 

The IASs/IFRSs covered in this seminar are:

■ IAS 7 Cash Flow Statements (Group aspects)

■ IAS 21 The Effects of Changes in Foreign Exchange Rates (Group aspects)

■ IAS 27 Consolidated and Separate Financial Statements

■ IAS 28 Investment in Associates

■ IAS 31 Interest in Joint Ventures

■ IFRS 3 Business Combinations

 

The Advanced Groups seminar covers the more advanced aspects of IAS & IFRS dealt with in the Basic Groups seminar. Upon completion of this seminar participants should be able to deal with the advanced aspects of group accounting and prepare, appraise and comprehend the consolidated financial statements of a group consisting of many subsidiary and associate companies.

 

The seminar aims to “explore with participants” the exotic world of financial instruments and make the controversial and “legendary” IASs 32 &39 as simple as possible.

 

The seminar also aims to ensure that participants can understand, evaluate and apply the requirements of IASs 32 & 39 and IFRSs 2 and 7 as well as grasp the main elements of finance theory and derivatives required by an accountant dealing with these standards.

 

The seminar is delivered in a “unique” IntercollegeIBS approach whereby the participants with no experience and knowledge of finance can also attend and benefit from the sessions.

 

The IASs/IFRSs covered in this seminar are:

■ IAS 32 Financial Instruments: Presentation

■ IAS 39 Financial Instruments: Measurement and Recognition

■ IFRS 2 Share-Based Payment

■ IFRS 7 Financial Instruments: Disclosures

 

This seminar aims to help and guide participants in implementing IAS & IFRS for the first time.

 

On completion of this course participants should be able to apply the IAS & IFRS for the first time and prepare their entity’s first IFRS Balance Sheet. This seminar

covers IFRS1 and all other IAS & IFRS in a “reference approach”.