Wed, 02 Oct | Institute of Solomon Islands Accountants

From Trial Balance to Financial Statements

This one-day hands-on workshop will provide participants with an understanding of the process of how to go from a trial balance (management accounts) to a set of external financial statements prepared in accordance with IFRS Accounting Standards.
Registration is Closed
From Trial Balance to Financial Statements

Time & Location

02 Oct 2019, 8:00 am
Institute of Solomon Islands Accountants, NPF Plaza, Hibiscus Avenue, Honiara, Solomon Islands

About the Event

 Workshop Overview 

  • This one-day hands-on workshop will provide participants with an understanding of the process of how to go from a trial balance (management accounts) to a set of external financial statements prepared in accordance with IFRS Accounting Standards. 
  • The workshop will walk participants through the format of a set of external financial statements and the required note disclosures. It will also guide participants through a step-by-step process on how a set of financial statements are complied and the various note disclosures required. 
  • This course is designed to help you understand the process of compiling a set of financial statements and develop an awareness of some of the disclosures required, including those relating to the primary statements and those stand-alone disclosures.
  • Participants will be provided with a trial balance of a public company and will be asked to work through the process to prepare a set of financial statements and notes to the accounts in accordance with IAS/IFRS Accounting Standards. 

Key Topics 

  • Overview of a complete set of financial statements identified in IAS 1, including:
  1. Statement of Profit or Loss and Other Comprehensive Income 
  2. Statement of Changes in Equity
  3. Statement of Financial Position
  4. Statement of Cash Flows
  5. Notes to the Accounts
  • Key note disclosures required in IAS 1 including the statement of significant accounting policies
  • Key IAS/IFRS Accounting Standards dealing with disclosures, including a brief overview of:
  1. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
  2. IFRS 7 Financial Instruments: Disclosure
  3. IFRS 8 Operating Segments
  4. IAS 24 Related Party Disclosures
  5. IAS 37 Provisions, Contingent Liabilities and Contingent Assets
  • Step-by-step process on how to go from a trial balance to a set of IFRS-compliant financial statements, including detailed notes to the accounts

Learning Outcomes 

  • Understand the process on how to prepare a complete set of financial statements from a trial balance.
  • Prepare a complete set of financial statements in accordance with IAS/IFRS Accounting Standards from a trial balance
  • Identify the major accounting policies and key notes disclosures required under IAS/IFRS Accounting Standards

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