Course Objectives By the end of the course, participants should be able to: - Understand the significance of International Accounting Standards (IAS) and their role in enhancing financial reporting transparency. - Identify key IAS and International Financial Reporting Standards (IFRS) relevant to various industries. - Apply IAS in preparing and presenting financial statements. - Analyze the implications of IAS on organizational decision-making and compliance. - Evaluate the impact of IAS on financial performance and strategic planning. - Develop strategies for effective implementation of IAS within their organizations. - Analyze case studies of organizations successfully aligning with IAS to apply best practices. Course Outline DAY ONE: Introduction to International Accounting Standards Session One: Overview of IAS and IFRS Definition and historical context of IAS. The role of the International Accounting Standards Board (IASB). Overview of IFRS compared to local GAAP. Session Two: Key IAS Standards Introduction to significant IAS (e.g., IAS 1, IAS 2, IAS 7). Discussion of recent changes and updates in IAS. DAY TWO: Financial Statement Preparation under IAS Session One: Presentation of Financial Statements (IAS 1) Components of financial statements: balance sheet, income statement, cash flow statement, and statement of changes in equity. Disclosure requirements and best practices. Session Two: Measurement and Recognition (IAS 2 and IAS 16) Inventory measurement and valuation. Property, plant, and equipment recognition and depreciation methods. DAY THREE: Analysis and Interpretation of Financial Statements Session One: Financial Statement Analysis Techniques Ratio analysis: liquidity, profitability, and solvency ratios. Trend analysis and benchmarking against industry standards. Session Two: Understanding the Impact of IAS on Financial Reporting Case study: Analyzing financial statements prepared under IAS. Discussion on common challenges and interpretations.