IFRS - Fundamental concepts

The roll-out of global accounting standards has been publicly supported by many international organisations, including the G20, World Bank, IMF, Basel Committee, IOSCO, and IFAC.

IFRS have currently been adopted by more than 135 countries which make them the “preferred financial language” overall.

Nevertheless, being widely adopted does not make it simple. PwC professionals will introduce participants to this language in a very pedagogic way and illustrate concepts with real life and concrete examples taken from their daily experience.

PwC’s Academy proposes a programme that has been developed for those who are not familiar with IFRS and would like to gain basic knowledge in this area.

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

• explain general concepts of the standards presented during the course and their impact on the preparation of financial information under IFRS
• book current transactions under IFRS
• apply requirements linked to the presentation of IFRS statutory and consolidated financial statements
• put into practice the basics of the standards
• assess the impact of a conversion of accounts under IFRS

• From the issuance of a standard to obtaining European Union endorsement

Financial statements under IFRS – key presentation rules

• Balance sheet under IFRS
  • Tangible and intangible fixed assets
  • Impairment of non-financial assets
  • Provision and taxes
  • Introduction to financial instruments
• Income statement
  • Introduction to revenue recognition
• Consolidation
  • Notion of control
  • Associates
  • Joint arrangements
  • Business combination and goodwill
  • Non-current assets held for sale

This training is coordinated by Philippe Förster, Lead Partner of IFRS Learning Solutions of PwC Luxembourg.

It will be led by experts of PwC Luxembourg who are actively engaged in the daily implementation of the IFRS norms.

Philippe Förster is the IFRS leader for PwC Luxembourg and a partner in the Assurance practice. With over 20 years of experience serving financial and multinational institutions by providing audit and advisory services, he is a member of various PwC International IFRS working groups, including GACS (Global Accounting and Consulting Services), Financial Instruments Topical Team (FITT), and Corporate Treasury Technical Committee (CTTC). Philippe played a crucial role in developing our global guide: Hedge Accounting in Practice.

Philippe graduated from HEC-University of Liège-Belgium. He is a qualified 'réviseur d’entreprises' in Luxembourg.