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.
Time & Location
02 Oct 2019, 8:00 am
Institute of Solomon Islands Accountants, NPF Plaza, Hibiscus Avenue, Honiara, Solomon Islands
About the Event
- 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.
- Overview of a complete set of financial statements identified in IAS 1, including:
- Statement of Profit or Loss and Other Comprehensive Income
- Statement of Changes in Equity
- Statement of Financial Position
- Statement of Cash Flows
- 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:
- IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
- IFRS 7 Financial Instruments: Disclosure
- IFRS 8 Operating Segments
- IAS 24 Related Party Disclosures
- 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
- 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