Would you like to take a quiz on IFRS Financial Statements? The presentation on Overview of IFRS includes five short questions. Email us on info@smglobal.co.uk if you want us to send you the answer to any of the questions.

2. The material for this course has been prepared for the benefit of the
delegates. It does not necessarily stand on its own and no
responsibility for loss occasioned by any person acting or not acting as
a result of this material can be accepted by the presenter(s).
These materials are intended for the Overview of IFRS Financial
Statements session only, do not constitute advice and should not be
used for the purpose of advising clients.
The words and opinions expressed during this presentation and on the
slides are strictly views of the presenter and not those of their present
or past employers.
© Square Mile Global Consulting Limited, London
2

3. 3
▪ Founder and Director at Square Mile Global Consulting
(www.smglobal.co.uk)
▪ Expertise in IFRS, Ind AS and IPSAS
▪ Facilitated IFRS workshops for preparers and users of financial
statements from over 50 countries in Europe, Africa, Middle East and
Asia
▪ Previously worked with Lloyds Bank and Ernst & Young in London
▪ Chartered Accountant (India) and CFA Charterholder
https://www.linkedin.com/in/saketmodi/
squaremile_global
https://www.youtube.com/channel/UCM6N_NBHSJ3EMLyUNJCm2Jw

4. DIFFERENT ACCOUNTING FRAMEWORKS
Accounting Frameworks
IFRS US GAAP National
▪ Principles based
▪ Ind AS (in India)
▪ Rules based
▪ US companies
▪ For small/non-listed
entities
▪ Less onerous
requirements
4

5. “IFRS Standards bring transparency by enhancing the international
comparability and quality of financial information, enabling investors
and other market participants to make informed economic decisions”
- Hans Hoogervorst, Chairman, IASB
5
140+ Countries
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

6. WHO NEEDS IFRS KNOWLEDGE?
6
Finance
professionals
(MBA, CA,
CFO)
Accounting and
finance
students
Analysts
Investment
bankers

7. 7

8. 8
Which of the following are components of IFRS Financial
Statements?
▪ Directors’ Report
▪ Statement of Profit and Loss (Income Statement)
▪ Statement of Other Comprehensive Income (OCI)
▪ Statement of Financial Position (Balance Sheet)
▪ Statement of Changes in Equity
▪ Cash Flow Statement
▪ Notes to the Financial Statements
▪ Auditors’ Report

9. 9
Which one of the following is correct with regards to Earnings per
Share (EPS)?
a) EPS reflects the amounts distributed as dividends to the
shareholders
b) EPS is calculated based on the profit and loss and excludes gains
and losses recognised in the OCI
c) EPS is calculated based on the total gains recognised in the profit
and loss, and the OCI
d) EPS must be presented by all companies that follow IFRS

10. 10
An entity purchases land for CU50,000 on 1 July 20X0.
It follows a policy of revaluing land and at the balance sheet date of 31
March 20X1, the fair value is CU75,000.
Due to liquidity requirements, the entity disposes the land at its fair value
on 1 April 20X1.
Which one of the following is correct?
a) Recognise gain of CU25,000 in profit and loss
b) Recognise gain of CU25,000 in OCI and recycle to profit and loss on
disposal
c) Recognise gain of CU25,000 in OCI and do not recycle to profit and loss on
disposal
d) Recognise gain of CU25,000 directly in equity and recycle to profit and loss
on disposal

11. 11
Q4: WHO COULD BE AN ASSET ON A BALANCE SHEET?
1 2
3 4

12. 12
An environmental damage claim of CU5,000 has been filed against
an entity.
The entity has an internal policy to settle claims which are under
CU10,000 without going to court. It has always followed the policy
in the past for such claims and is expected to settle this claim.
Which one of the following is correct?
a) Recognise a provision of CU5,000
b) Disclose a contingent liability of CU5,000
c) Neither recognise a provision or disclose a contingent liability

13. 13
ACCREDITED CERTIFICATE COURSES FOR YOU
Certificate
in IFRS
Certificate
in IPSAS
Certificate in Blockchain
Fundamentals for
Accounting and Finance
Professionals
Certificate in Cybersecurity
Fundamentals for
Accounting and Finance
Professionals
Certificate
in Data Analysis
Fundamentals
Integrating Audit Data
Analytics into the Audit
Process
For more information, contact us on info@smglobal.co.uk

14. 14
For more information, contact us on info@smglobal.co.uk

15. 15
https://smglobal.co.uk/training-solutions/
info@smglobal.co.uk
IFRS
IPSAS
Blockchain
Cybersecurity
Data Analytics
21st Century
Management
Programme