MY MGT WANT ME TO PREPARE OUR FINANCIAL STATEMENT BASED ON IFRS
AND I DONT KNOW ANYTHING ABOUT ENTRY I NEED TO PASS.

PLEASE I NEED HELP, HELP A BROTHER IN NEED

U̶̲̥̅̊ nid training ooo, I can offer U̶̲̥̅̊ audio tutorials on ifrs if U̶̲̥̅̊ won't mind

Are you chartered? You do need to take a course on IFRS. I'd presently recommend taking ACCA's DipIFR (Diploma in IFRS) cos there's so many Tomiwas, Dicksons and Harunas offering IFRS training within a day or two just because people want to get the certificate (Naija and the certificate craze) and show they're certified. If you're an ACA, the IFRS training should contribute towards your CPD points.


IFRS (International Financial Reporting Standards) is the codified GAAP (Generally Accepted Accounting Principles) for the preparation and presentation of financial statements. The standards (comprising of the old IASs and new IFRSs) were adopted by the FRC (Financial reporting Council which 'enveloped' the former NASB) in 2012 for the preparation and presentation of all FS in Nigeria.

You need a good know-how of the standards in order to apply them, so for your company, you'd probably even start from IFRS 1 - First Time Adoption of IFRS.

You can read BusinessDay Newspaper - am not sure of the day but they do have a weekly feature on IFRS (Ernst&Young sponsored) you probably may find useful.

PasNet: U̶̲̥̅̊ nid training ooo, I can offer U̶̲̥̅̊ audio tutorials on ifrs if U̶̲̥̅̊ won't mind

please how do i get the audio tutoria, am in need urgently

Mustay: Are you chartered? You do need to take a course on IFRS. I'd presently recommend taking ACCA's DipIFR (Diploma in IFRS) cos there's so many Tomiwas, Dicksons and Harunas offering IFRS training within a day or two just because people want to get the certificate (Naija and the certificate craze) and show they're certified. If you're an ACA, the IFRS training should contribute towards your CPD points.


IFRS (International Financial Reporting Standards) is the codified GAAP (Generally Accepted Accounting Principles) for the preparation and presentation of financial statements. The standards (comprising of the old IASs and new IFRSs) were adopted by the FRC (Financial reporting Council which 'enveloped' the former NASB) in 2012 for the preparation and presentation of all FS in Nigeria.

You need a good know-how of the standards in order to apply them, so for your company, you'd probably even start from IFRS 1 - First Time Adoption of IFRS.

You can read BusinessDay Newspaper - am not sure of the day but they do have a weekly feature on IFRS (Deloitte sponsored) you probably may find useful.

am a chartered accountant and how do i registered for diploma in IFRS

^^^

ACCA QUALIFICATIONS FOR FINANCE PROFESSIONALS

If you are a finance professional who is not already knowledgeable about the details of International Financial Reporting Standards (IFRS), this qualification has a fast and efficient solution to meet your needs.

You need to develop a working knowledge of the area, and the DipIFR will make this happen.

Over 113 countries require or permit the use of International Financial Reporting Standards (IFRS) for publicly-traded companies. All listed companies in the European Union (EU) have to prepare consolidated company accounts that comply with IFRS.

It also affects associates and subsidiaries of EU-listed companies. Other countries such as Australia, Hong Kong, NIGERIA and South Africa have already adopted IFRS or equivalents as their local Generally Accepted Accounting Principles (GAAP). And many other countries around the world are moving towards applying IFRS, which is having a significant impact on financial reporting.



COURSE OBJECTIVES

The course is designed to develop your knowledge and understanding of International Financial Reporting Standards.

You will also learn how to apply them, as well as the concepts and principles which underpin them.

On completion of the Diploma candidates should be able to:

* understand and explain the structure of the framework of international accounting

* apply relevant financial reporting standards to key elements of financial reports identify and apply disclosure requirements for companies in financial reports and notes prepare group financial statements (excluding group cash-flow statements) including subsidiaries, associates and joint ventures.



http://www.accaglobal.com/en/qualifications/glance/dipifr/overview.html

You may listen to lectures too but am not sure it may make a lot of sense if you don't see any applications. Nevertheless, there are some you'd be anle to easily key into since you're chartered.

I recommended the DipIFR 'cos you'll be grounded in IFRS - you can however choose to opt in for alternative courses if you so wish.

For now, I can PM you a link to get some texts for IFRS and where you can get some weekend lectures in Lagos.


They write the exam during the exam cycles of ACCA - June & December. At least, when you're done, you'll have a certificate you knew you 'jacked' for, one you can defend and subsequently teach others IFRS also!

bola-dex:


please how do i get the audio tutoria, am in need urgently

I'll burn dem on CD's for you, call me 07039725264 let arrange to meet

It is very simple. IFRS is not rocket science! Just use the google search engine or visit the official IFRS website and the procedure is there. How each accounting entry should be treated can also be found there!

I want to assume that you must have been preparing financial statements before even in its elementary form

This is the internet era thus anything can be found on the net!

I do not have Gaap knowledge,mine has been strictly ifrs so I wouldn't be able to do a lot of comparison but the little I have seen,I can conclude: Apart from some name changes,gaaps and ifrs do not have much differences except on some high level treatments and criteria EG Goodwill amortisation under gaap and impairment review under ifrs.
Your credits still remain credits and debit remain a debit.

If you are a small business I don't think ifrs is that relevant to you except you r going big but there are IFRS for Smes though.

Nigeria is using IFRS as adopted. EU uses IFRS as adopted. USA uses GAAP and there are more differences like LIFO being allowed in GAAP, non-reversal of impairment losses, treasury stock method, recognition of some items in statement of cash flows, deferred taxes classified as current & non-current, qualitative characteristics of FS, recognition of elements of FS etc. The Nigerian SASs were largely modelled after IASes.

There's IFRS for SMEs too.


Anyway, the IASB and FASB are still on the convergence project (2014) which would see to the differences being eliminated gradually.

.............this IFRS thing, anyway, if any has got something on this IFRS thing, kindly forward it to me, i need it for my exams. Thanks.

@nitrogen you're in PE2, ko?

How preparations? Been wan mail you buh 4get.

,

If U̶̲̥̅̊ want a sample of the audio lecture, send a mail to pasnetechnologies@gmail.com I'll give U̶̲̥̅̊ F1 audio lectures free, but U̶̲̥̅̊'ll av to pay for the rest oooo :PIf U̶̲̥̅̊ want a sample of the audio lecture, send a mail to pasnetechnologies@gmail.com I'll give U̶̲̥̅̊ F1 audio lectures free, but U̶̲̥̅̊'ll av to pay for the rest oooo

Check dis out

Still more

PasNet: Check dis out

thanks and am really trying to catch up

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THE IMPACT OF ACCOUNTING STANDARD IN PREPARATION OF FINANCIAL STATEMENT
http://www.bravoprojecthelp.com/accountancy/the-impact-of-accounting-standardi-in-preparation-of-financial-statement/

THE IMPACT OF ACCOUNTING STANDARD IN PREPARATION OF FINANCIAL STATEMENT
http://www.bravoprojecthelp.com/accountancy/the-impact-of-accounting-standardi-in-preparation-of-financial-statement/