News
IASCA Concludes “Live Interactive Broadcast” Training Course on International Accounting Standards
24-Mar-2022
IASCA Concludes “Live Interactive Broadcast” Training Course on International Accounting Standards
AMMAN - The International Society of Certified Accountants (IASCA) concluded the digital training course entitled “Live Interactive Broadcast”, organized in English to Talal Abu-Ghazaleh Global (TAG.Global) staff in Bahrain. The course discussed the International Accounting Standards (IAS), and the International Financial Reporting Standards (IFRS).
During the course, participants were introduced to the Investments in Associates and Joint Ventures (IAS 28), mainly the accounting description of investments in associates and joint ventures, and the identification of the requirements for the application of the equity method when accounting for investments in associates and joint ventures. The course also addressed the application of the equity method, the exceptions thereof, and the cases where it is no longer used. That is in addition to the history of IAS 28; the standard applies to all entities that are investors with joint control of, or significant influence over, an investee.
Furthermore, the training course highlighted the IFRS 9 (Financial Instruments) which aims at drawing up the principles of financial reporting of financial assets and liabilities. IFRS 9 provides relevant and useful information for the users of financial statements that helps them assess the future cash flows of entities along with the timing and uncertainty associated with them. In the training course, other topics were also discussed such as the application scope of IFRS9 on financial statements, the method of recognition of financial assets and liabilities in the statement of financial position, the classification of financial assets and liabilities, and the history of IFRS9. This Standard should be applied to an entity that determines whether a financial asset meets the definition requirements of “held for trading assets”.
Furthermore, IFRS 10 (Consolidated Financial Statements) was also discussed in the training course. This standard aims at setting the principles for the presentation and preparation of consolidated financial statements when an entity controls another entity or more. IFRS 10 supersedes the requirements of consolidated financial statements set in IAS 27 (revised in 2008). IFRS 10 also supersedes SIC 12, consolidation - special purpose entities. An entity shall apply this Standard retrospectively in accordance with IAS 8, Accounting Policies, Changes in Accounting Estimates, and Errors.
It is noteworthy that the e-training courses are conducted through an interactive broadcast using the Microsoft Teams application, which allows participants to interact with the lecturer by asking questions directly or by writing them on a Chat page. Trainees can join these courses wherever they are at a low cost and can follow up on lectures after the end of the course through the recordings provided by the system for limited periods.