IFRS - Fundamental concepts

The roll-out of global accounting standards has been publicly supported by many international organisations, including the G20, World Bank, IMF, Basel Committee, IOSCO, and IFAC.

IFRS have currently been adopted by more than 135 countries which make it the “preferred financial language” overall.

Nevertheless, being widely adopted does not mean it is simple. PwC professionals introduce you to this language in a very pedagogic way and illustrate concepts with real life and concrete examples taken from their daily experience.

PwC’s Academy proposes a programme that has been developed for those who are not familiar with IFRS and would like to gain basic knowledge in this area.

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

• explain general concepts of the standards presented during the course and their impact on the preparation of financial information under IFRS;
• book current transactions under IFRS;
• apply requirements linked to the presentation of IFRS statutory and consolidated financial statements;
• put into practice the basics of the standards;
• assess the impact of a conversion of accounts under IFRS.

• From issue of a standard to European Union endorsement – how does it work?
• Financial statements under IFRS – key presentation rules
• Balance sheet under IFRS
  • Tangible and intangible fixed assets
  • Impairment of non-financial assets
  • Provision and taxes
  • Introduction to financial instruments
• Income statement
  • Introduction to revenue recognition
• Consolidation
  • Notion of control
  • Associates
  • Joint arrangements
  • Business combination and goodwill
  • Non-current assets held for sale

This training is coordinated by Philippe Förster, lead partner of IFRS Learning Solutions of PwC Luxembourg.
It will be animated by experts of PwC Luxembourg daily involved in the implementation of the IFRS norms.
Philippe Forster is the IFRS leader for PwC Luxembourg and is partner in the Assurance practice. He has over 16 years experience in serving financial and multinational institutions providing audit and advisory services. He is part of the PwC Global Accounting and Consulting Services (GACS) and is a partner specialised in accounting for financial instruments and consolidation under IFRS.
He is member of several PwC International IFRS working groups: GACS, Financial Instruments Topical Team (FITT) and Corporate Treasury Technical Committee (CTTC). He participated to the elaboration of our global guide: Hedge accounting in practice.
Philippe graduated from HEC-University of Liège-Belgium. He is a qualified “réviseur d’entreprises” in Luxembourg.