PricewaterhouseCoopers Principle to Practice IFRS Training

What is it?

P2P IFRS is an electronic learning solution designed by experts to improve your understanding of International Financial Reporting Standards (IFRS).
The training is highly interactive and covers all aspects of IFRS and their practical application in a business context.
It can be used to explore the part of IFRS you need, whenever and wherever you need it, via the web.
It is cost-effective, providing 23 hours of interactive learning at the touch of a button.

Why was it developed?

P2P IFRS was developed and updated to help organisations that have changed, or are planning to change, to International Financial Reporting Standards.

Over 90% of the world’s leading economies either require IFRS or are converging with it, so few companies today can afford to ignore the need for their staff to understand IFRS.

For many organisations, however, training staff to be literate is the global financial reporting language is a significant challenge.

P2P IFRS was devised by PwC IFRS experts to provide a ‘just in time’ solution for this knowledge gap on IFRS.

It is intended to help people understand what IFRS is about, and reduce the risk of errors in financial reporting and unwanted surprises in the market.

P2P IFRS has proved a successful way of supporting the training of staff throughout an organisation, from senior management and audit committee members who need to understand the impact of IFRS on strategic issues and business operations, to executives involved in preparing financial information.

It is also useful for investors and other stakeholders who need a sound understanding to make informed business decisions based on IFRS information.

Who is it for?

P2P IFRS was designed for reporting teams, company executives and accounting professionals. It can be used as a standalone introduction, as a foundation to classroom training, or as a refresher or reference tool.The target audience includes:

Analysts and anyone making business decisions based on IFRS financial statements;
Executives involved in preparing IFRS financial information;
Board members and managers preparing for IFRS transition and embedding; and
Accounting professionals using IFRS for their company’s statutory, regulatory and management reporting.

What are the benefits?

Adds value - improves technical understanding of IFRS quickly and cost effectively, enabling users to put their knowledge into practice to support IFRS reporting
Interactive - easy-to-use training covers all key aspects of IFRS with structured learning points set in a real business context
Demonstrates competence - may count towards CPE; users can test their knowledge in the assessment section after each group of modules and print out a certificate to demonstrate their competence
Just in time - P2P IFRS is available on on-line. Users can explore the part of IFRS they need, whenever and wherever they need it
Effective learning - improves overall learning effectiveness and reduces training costs when combined with classroom training.

Content Guide

The IFRS e-learning course includes 23 hours of interactive learning, broken down into 40 separate modules, each taking 20 to 60 minutes to complete.

This makes it easy for users to identify which part of the learning material they need and enables them to study the modules in whatever order suits them.

P2P IFRS includes the recent updates to the IASB standards.

The P2P IFRS modules are:

INTRODUCTION

OVERVIEW OF IASB AND IFRS
FINANCIAL STATEMENTS
IASB FRAMEWORK, PRINCIPLES AND POLICY
BALANCE SHEET
STATEMENT OF COMPREHENSIVE INCOME
CASH FLOW STATEMENT
FIRST-TIME ADOPTION OF IFRS

CONSOLIDATION

SUBSIDIARIES
ASSOCIATES
JOINT VENTURES
FOREIGN CURRENCIES
BUSINESS COMBINATIONS

ASSETS

INTANGIBLE ASSETS
PROPERTY, PLANT AND EQUIPMENT
INVESTMENT PROPERTY
INVENTORY
EXPLORATION AND EVALUATION ASSETS
IMPAIRMENT

LIABILITIES

PROVISIONS AND CONTINGENCIES
TAX
EMPLOYEE BENEFITS
GOVERNMENT GRANTS

PROFIT AND LOSS AND EQUITY

REVENUE
EARNINGS PER SHARE
RELATED PARTY DISCLOSURES
CONSTRUCTION CONTRACTS
SHARE BASED PAYMENTS

FINANCIAL INSTRUMENTS

INTRODUCTION TO FINANCIAL INSTRUMENTS
RECOGNITION AND DERECOGNITION OF FINANCIAL INSTRUMENTS
NON-DERIVATIVE FINANCIAL ASSETS
DEBT EQUITY
DERIVATIVES AND HEDGING
LEASING
INSURANCE
DISCLOSURE OF FINANCIAL INSTRUMENTS

PRESENTATION

HYPERINFLATION
SUBSEQUENT EVENTS
OPERATING SEGMENTS
NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

ILX is the development partner of PricewaterhouseCoopers for the P2P IFRS - from principle to practice electronic learning solution. Designed by the subject matter experts at PricewaterhouseCoopers and used internally and externally since 2001, P2P IFRS is now available as an on-line service.

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