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Essential International Financial Reporting Standards

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Location Erbil

Fee $250

Course Date

Sunday, 20 September 2026

Overview

This course provides participants with a practical introduction to essential International Accounting and Financial Reporting Standards (IAS and IFRS). It focuses on key accounting standards commonly encountered by accounting and finance professionals and explains their core principles, application, and relevance to financial reporting. The programme covers selected standards related to financial statement presentation, assets, revenue recognition, foreign exchange, government grants, provisions, accounting policies, and events after the reporting period. Through structured sessions and practical examples, participants will develop a clearer understanding of how these standards are applied in common accounting and financial reporting situations.

The course is designed to provide a focused foundation in essential IAS and IFRS requirements within a practical and manageable learning format.

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Course Outcomes

By the end of the course, participants will be able to:

  • Understand the purpose, structure and key principles of IAS and IFRS.

  • Explain the fundamental requirements of selected accounting and financial reporting standards.

  • Apply key IAS and IFRS principles to common accounting and financial reporting situations.

  • Understand the recognition and measurement requirements for inventories, property, plant and equipment, intangible assets and investment property.

  • Apply the key principles of IFRS 15 to revenue recognition and contracts with customers.

  • Understand the accounting treatment of government grants and foreign currency transactions.

  • Identify the appropriate accounting treatment for provisions, contingent liabilities and events after the reporting period.

  • Understand the role of accounting policies, accounting estimates and errors in financial reporting.

  • Recognize how selected IAS and IFRS requirements affect the presentation and disclosure of financial statements.

  • Develop a practical foundation for further learning and application of international financial reporting standards.

Course Content

Day 1 – IFRS Framework & Financial Statements

  • IFRS Overview

  • Introduction to the IFRS framework

  • Key principles of financial reporting

  • IAS 1 – Presentation of Financial Statements

  • IFRS 18 – Presentation and Disclosure in Financial Statements

  • Key presentation and disclosure requirements

Day 2 – Accounting for Assets

  • IAS 2 – Inventories

  • IAS 16 – Property, Plant and Equipment

  • IAS 38 – Intangible Assets

  • Recognition and measurement principles

  • Depreciation and amortisation

  • Practical accounting considerations

Day 3 – Other Assets & Specific Transactions

  • IAS 40 – Investment Property

  • IAS 20 – Government Grants

  • IAS 21 – Foreign Exchange Rates

  • Recognition and measurement

  • Foreign currency transactions

  • Translation and foreign exchange differences

Day 4 – Revenue Recognition

  • IFRS 15 – Revenue from Contracts with Customers

  • Core principles of revenue recognition

  • The five-step revenue recognition model

  • Identifying contracts and performance obligations

  • Determining and allocating transaction prices

  • Recognition of revenue

  • Practical examples and common considerations

Day 5 – Accounting Judgements, Provisions & Year-End Events

  • IAS 8 – Basis of Preparation of Financial Statements

  • Accounting policies, estimates and errors

  • IAS 37 – Provisions and Contingencies

  • Recognition and measurement of provisions

  • Contingent liabilities and contingent assets

  • IAS 10 – Events after the Reporting Period

  • Adjusting and non-adjusting events

  • Disclosure requirements

  • Course review and key takeaways

Course Schedule and Timeline

  • Duration: 5 Days

  • Daily Training Time: 18:00 – 20:00

  • Total Training Hours: 10 Hours

  • Language: English

  • Format: classroom based (online option available upon request)

  • Location: Erbil - mselect office

  • Fee Per Person: $250

  • Certificate Format: mselect

Certification Requirements

Participants will receive mselect Certificate of Completion upon successful completion of the training, provided they meet the following requirements:

  • Attend at least80% of the training sessions.

  • Actively participate in discussions, practical exercises, and group activities.

  • Successfully complete all required practical activities and assessments (where applicable).

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Payment

Must be made 7 working days before the start of the course. Payment can be made in cash, by bank transfer or through exchange offices.

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How do I register?

You can register by emailing training@mselect.com with the following details:

  • Full Name:

  • Position/Title (If applicable):

  • Email Address:

  • Phone number:

  • Name of the course:

​register now