The last three courses focused on the topics “Agriculture (biological assets) – IAS 41”, “Income Taxes and Deferred Taxes – IAS 12”, and “Update on new pronouncements – Various standards”.
Between January and February, the Audit team conducted several executive training sessions on International Financial Reporting Standards – IFRS, led by the area’s partners and aimed at both collaborators and clients of the firm.
In addition to the six training sessions already delivered, three more were added: “Agriculture (biological assets) – IAS 41”, “Income Taxes and Deferred Taxes – IAS 12”, and “Update on new pronouncements – Various standards”.
The course “Agriculture (biological assets) – IAS 41” was the first of this final round of training sessions, where it was explained that this standard applies to the accounting of biological assets, except for bearer plants; agricultural produce at the point of harvest; and government grants. It was delivered by the Audit Lead Partner, Carlos Barahona.
The penultimate session was titled “Income Taxes and Deferred Taxes – IAS 12” and was led by the Tax Consulting Partner, Rodrigo Ziade, who explained that the objective of this standard is to establish the accounting treatment for income taxes and to recognize the effects of current tax (current income tax) and future tax (deferred taxes) arising from transactions and events recognized in the entity’s financial statements, as well as the future recovery (settlement) of the carrying amount of assets (liabilities) recorded in the entity’s balance sheet.
The final course was “Update on new pronouncements – Various standards”, delivered by Audit Partner Roberto Urbina, who explained in this ninth training session the new IFRS standards, including those currently in force and those issued from 2020 onwards. Many of these began to be applied in 2022 and 2023, as only a few of the standards issued during that period had immediate or faster application.
With Roberto Urbina’s presentation, the Audit team of CCL Auditores Consultores concluded the executive training sessions on International Financial Reporting Standards – IFRS for collaborators and clients of the firm.
Below is a list of all the topics covered in the courses:
- “Conceptual Framework and Presentation of Financial Statements – Conceptual Framework and IAS 1”.
- “Inventories – IAS 2”.
- “Property, Plant and Equipment and Intangible Assets – IAS 16 and 38”.
- “Separate Financial Statements – Investments in Associates and Joint Ventures – Consolidation – IAS 27, IAS 28 and IFRS 10”.
- “Revenue from Contracts with Customers – IFRS 15”.
- “Leases – IFRS 16”.
- “Agriculture (Biological Assets) – IAS 41”.
- “Income Taxes and Deferred Taxes – IAS 12”.
- “Update on new pronouncements – various standards”.