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First time adoption of IFRS

 The financial year 2009 will be the first year that Banking institutions in Armenia will be required to prepare their financial statements under IFRS. The transition from Armenian GAAP to IFRS will not simply be a case of changing the way that assets, liabilities and equity are measured and recognised at the end of the year. IFRS 1 (First time adoption of International Financial Reporting Standards) has many regulations regarding the first financial statements prepared under IFRS, all of which must be strictly applied if the entity wishes to claim that its financial statements are prepared in accordance with IFRS. 

The technical changes involved in adopting a new set of standards will be a challenge to company’s management and the tasks involved in preparing the first financial statements under IFRS to comply with the transition rules in IFRS 1 should not be underestimated. It is a task that requires proper planning, training and human resource management. This short course is designed to help with that process.

What you will learn

  • Preparing the opening IFRS statement of financial position (this will be at 1 January 2008 in most cases)
  • The rules on estimates at the transition date
  • The transition process (selecting accounting policies, changing recognition, measurement and classification of assets and liabilities)
  • Preparing statements of disclosure that reconcile equity and profit figures at the transition date between Armenian GAAP and IFRS

Learning method

The training session will be based on a complete set of financial statement prepared under Armenian GAAP. The statements will be fictitious and designed to include most of the transition issues that are likely to arise in practice. The objective will be to examine each item line-by-line to ascertain what changes are needed to prepare the opening IFRS statement and what information needs to be disclosed in the reconciliation statements.

Prerequisites
Knowledge of IFRS applicable to 2009, equivalent to that learnt on IAB’s most recent IFRS courses.

Dates
October 19 and 26 at 18:30

Fee
15 000 AMD (without VAT) 

Discounts
10% discount provided to the first 10 registrants

 
Click here to download course overview in Armenian.


Registration Procedure:

To register for this course, you need to:  

1.      Complete Course Application Form (Download here).


2.      Transfer the total of the course fee to the IAB Centre bank account at HSBC, acc. № 001-155266-001 before October 15, 2009 (please mention your name, and the course you are enrolling for (e.g. Aram Aramyan, First Time Adoption of IFRS)).


3.      Submit your signed Application Form together with payment receipt and a copy of your passport to IAB Administration before October 15, 2009.

 

 
 
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