🔰 Introduction

In a world where economic changes are accelerating and demands for transparency and regulatory compliance are increasing, financial reporting has become a central tool for sound decision-making and for strengthening trust between companies, investors, and stakeholders. As business activities expand globally, the International Financial Reporting Standards (IFRS) have emerged as a unified framework that enables institutions to provide accurate and comparable financial information across borders.

In line with Saudi Arabia’s pursuit to align its financial systems with international best practices under Vision 2030, there is a growing need to equip financial professionals with the knowledge and skills to effectively understand and apply these standards.

The International Financial Reporting Standards (IFRS) Program is designed to provide participants with a deep understanding of key international standards, how to prepare financial statements, and how to distinguish between local and international models. This contributes to enhancing professional competence, ensuring compliance with global standards, and positioning trainees at the forefront of the ever-evolving financial and accounting market.

🔍 Objectives

• To introduce participants to the concept and importance of IFRS.
• To distinguish between IAS and IFRS standards.
• To explain the steps of transitioning from local standards (such as SOCPA) to IFRS.
• To understand the conceptual framework for preparing financial statements.
• To explore the foundations of financial statement presentation under IAS 1.
• To interpret the contents and preparation criteria of the cash flow statement.
• To identify revenue recognition methods under IFRS 15.
• To explain accounting treatments for business combinations and consolidated reporting.
• To understand the accounting for assets, investments, and contracts under IFRS.
• To analyze fair value measurement methods and financial disclosures under the latest standards.

🧭 Topics

Introduction to IFRS

• General concept and objectives of accounting standards
• Historical development of IAS and IFRS
• Differences between IAS and IFRS
• Transitioning from local standards (e.g., SOCPA) to IFRS
• IFRS 1: First-time adoption
• The conceptual framework for preparing and presenting financial statements

Preparation and Presentation of Financial Statements

• IAS 1: Presentation of financial statements
• IAS 7: Cash flow statement
• IAS 34: Interim financial reporting
• IAS 10: Events after the reporting period
• Disclosure characteristics and comparison between local and international standards

Revenue Recognition, Business Combinations, and Consolidation

• IFRS 15: Revenue from contracts with customers
• IFRS 3: Business combinations
• IFRS 10: Consolidated financial statements
• IAS 27: Separate financial statements
• IAS 21: The effects of changes in foreign exchange rates

Assets, Investments, and Financial Instruments

• IAS 2: Inventories
• IAS 16: Property, plant, and equipment
• IAS 38: Intangible assets
• IAS 40: Investment property
• IFRS 16: Leases
• IFRS 9: Financial instruments (classification – measurement – credit losses)
• IAS 28 & IFRS 11: Investments and joint arrangements

Disclosure, Fair Value Measurement, and Recent Updates

• IFRS 13: Fair value measurement
• IFRS 7: Financial instruments disclosures
• IFRS 12: Disclosure of interests in other entities
• IAS 24: Related party disclosures
• Overview of remaining IFRS standards
• Practical applications and case studies

🎯 Target Audience

• Accountants in both public and private sectors
• Internal and external auditors
• Chief financial officers and their assistants
• Financial analysts and financial statement preparers
• Professionals in financial reporting and compliance departments
• Practitioners in publicly listed companies
• Accounting students and graduates seeking to deepen their knowledge of IFRS
• Individuals interested in transitioning from local standards (such as SOCPA) to IFRS