IFRS Refresher: Top 10 Practical IFRS Issues
Presenters : Caryn Maitland CA(SA)
Overview
International Financial Reporting Standards (IFRS) continue to evolve, and accounting professionals are expected to apply these standards with increasing levels of judgement and technical accuracy. In practice, many errors, review findings, and audit adjustments arise from recurring IFRS problem areas where standards are either misunderstood, applied inconsistently, or insufficiently disclosed. A structured refresher on these areas enables practitioners to strengthen their technical competence and ensure that financial statements remain compliant, transparent, and decision-useful.
This webinar highlights the Top 10 practical, high-risk IFRS areas encountered in practice, providing accounting professionals with a structured refresher that revisits core IFRS principles while progressing towards more judgemental and complex applications. The session will explore common challenges identified during financial statement preparation, audits, and independent reviews, while also addressing recent developments and regulatory focus areas affecting IFRS application.
Join Caryn Maitland CA(SA) as she provides a practical IFRS refresher designed to help practitioners revisit key accounting standards, strengthen professional judgement, and improve the overall quality and consistency of IFRS-compliant financial statements.
Learning objectives
Attending this webinar will equip you with the following skills:
• Refresh your understanding of the foundational principles underlying IFRS
• Identify and address the Top 10 IFRS problem areas most commonly encountered in practice
• Strengthen professional judgement when applying complex or judgement-heavy IFRS requirements
• Understand recent updates, amendments, and regulator focus areas impacting IFRS application
• Improve the quality, consistency, and defensibility of IFRS financial statements
Content
The webinar will cover the following topics:
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Overview of IFRS Fundamentals
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o Objective of general-purpose financial statements
o Qualitative characteristics of useful financial information
o Accrual basis of accounting
o Going concern assumption -
Top 10 Practical IFRS Issues (Refresher Focus)
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1. Presentation and Classification under IAS 1
o Statement of financial position presentation
o Current vs non-current classification
o Disclosure judgements and materiality -
2. Accounting Policies, Estimates and Errors (IAS 8)
o Selection of accounting policies
o Changes in accounting estimates vs prior period errors
o Retrospective vs prospective application -
3. Property, Plant and Equipment (IAS 16)
o Recognition and initial measurement
o Componentisation of assets
o Depreciation methods and derecognition -
4. Intangible Assets and Capitalisation Judgements (IAS 38)
o Distinction between research and development phases
o Internally generated intangible assets
o Common capitalisation errors -
5. Impairment of Assets (IAS 36)
o Indicators of impairment
o Identification of cash-generating units (CGUs)
o Value in use vs fair value less costs of disposal -
6. Revenue Recognition (IFRS 15)
o Overview of the five-step revenue recognition model
o Identification of performance obligations
o Timing of revenue recognition -
7. Lease Accounting (IFRS 16)
o Identification of leases within contracts
o Recognition of right-of-use assets and lease liabilities
o Practical expedients and common implementation challenges -
8. Financial Instruments (IFRS 9)
o Classification and measurement of financial assets and liabilities
o Expected credit loss (ECL) model
o Practical application challenges in impairment -
9. Provisions, Contingent Liabilities and Contingent Assets (IAS 37)
o Recognition thresholds and criteria
o Measurement uncertainty and estimation
o Disclosure requirements -
10. Disclosure Quality and Common Review Findings
o Disclosure overload vs material disclosures
o Regulator and audit focus areas
o Practical examples of disclosure deficiencies
