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 them the “preferred financial language” overall.

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

PwC 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 the issuance of a standard to obtaining European Union endorsement

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 led by experts of PwC Luxembourg who are actively engaged in the daily implementation of the IFRS norms.

Philippe Förster is a partner leading PwC’s IFRS service with extensive expertise in IFRS and treasury. Since starting his career in 2004 auditing banks, he has specialised globally in IFRS and treasury, becoming a recognised expert. Philippe is a chartered accountant in Luxembourg and leads the Payment Service Providers cluster. He is active in PwC’s Global Corporate Reporting Services and Global Corporate Treasury Solution groups. Philippe has contributed to key projects including the IFRS “memento” edition with PwC Paris, hedge accounting implementation, and supporting corporate IFRS transitions. Since 2007, he has also been an instructor delivering technical and soft skills training for clients and staff.