Course Introduction

IFRS Update 2020

The International Financial Reporting Standards (IFRS) are being continually adopted by more markets. At the same time new/revised accounting standards, Discussion papers (DP), exposure draft (ED), research projects, amendments, technical clarifications and new disclosure requirements are being issued on a regular basis by the IASB causing real challenge for the organisations and individuals, who use and produce financial statements under IFRS, to stay fully up to date with all the changes or have a better perspective of the issues faced by entities, concerns raised by the regulators and best practices all around the world.  To deal with all these changes/amendments entities need to update their accounting policies, processes, and systems on a timely basis.  Therefore, we have developed this IFRS update programme that will help you to take note of all the development which would have an impact on your upcoming annual report.

We have developed this 2-day comprehensive IFRS update programme to give you a complete:

  • Update on all the newly issued accounting standards;
  • Review comments/concerns raised by the FRC;
  • Discussion papers and Exposure drafts issued by the IASB;
  • IFRIC update and its impact on your current practices;
  • Annual improvements projects and changes affecting your upcoming annual report
  • Key matters under discussion at the IASB;
  • Research projects undertaken by the IASB and status update;
  • Issues raised by the industry bodies and its impact on the upcoming annual reports;
  • IASB’s project timeline and what to expect in the next 12 months;
  • Recent accounting scandals and how it would have an impact on your annual reports
  • A fully up to date IFRS update material for your reference.
  • Plenty of examples and group case studies for you to understand the concept;
  • Handouts and other useful material

Our lecture sessions are supplemented by problem-solving and case discussion to strengthen and reinforce your understanding of the topics.  We have the most talented and experienced team of international IFRS instructors who have hands-on experience in implementing the IFRS for large organizations in different jurisdictions.

This in-depth IFRS update programme has especially been designed to help accountants build the knowledge needed in IFRS for success in today’s global reporting environment.  We have only limited seats for each programme, therefore, enroll as early as possible.

Instructor Bio

Our trainers have specialist knowledge and first-hand experience of implementing the International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), Generally Accepted Accounting Principles (USGAAP), Risk management strategies, Management practices, Compliance matters such as Basel regulations, Solvency II, Anti Money Laundering regulations and number of other evolving regulatory matters. This ensures an engaging and stimulating learning experience for professionals and senior executives, helping to ensure knowledge is retained.

They understand the accounting and regulatory requirements, risk environment, industry issues and challenges, risk management strategies, financial reporting & disclosure requirements, and compliance environment. They impart their knowledge using real-life industry examples, simple and user-friendly presentation of important concepts/approaches and case studies

Instructor for this Programme

Shasat Faculty

Course Description

IFRS update 2020 Agenda (Shall be updated regularly)

  • Timeline proposed by the IASB
  • Recent Accounting/Reporting Scandals and issues with the current application of Accounting Standards
  • Issues Identified by the FRC
  • Improvement areas

IFRS 16 “Leases”

  • The issue (Existing Vs. New Practice)
  • Impact On Financial Times
  • Classification of leases/Risks and rewards of ownership
  • Lessee and lessor books:
    • Accounting for finance leases
    • Accounting for operating leases
    • Sale and leaseback transactions
      • Operating leaseback
      • Finance leaseback
      • Case study
      • Latest developments on leases/Exposure Draft (ED) on leases
        • Type A and type B leases
        • How the lessee accounting is expected to change
        • What would the impact be in the financial statements of the various industries (i.e. airlines, manufacturing companies)?

IFRS 15 “Revenue recognition”

  • Recognition criteria (IAS 18 Vs. IFRS 15)
    • Sale of goods
    • Sale of services
    • Interests, royalties and dividends
    • What is going to change?
    • Impact on existing revenue recognition policies
    • Measurement
      • Fair value
      • Time value of money
      • Specific Situations
          • Sale and repurchase agreements
          • Presentation of turnover as principal or agent
          • Contracts with more than one components
          • Sales with the right of return
          • Payment of goods in advance
          • Case study

Other Key Developments and impact on annual reporting

  • IAS 1- Disclosure Initiative
  • IAS 27 – equity method in separate financial statements
  • IFRS 10 & IAS 28 – sale or contribution of assets between an investor and its associate or JV

Proposed Amendments

  • IFRS 2 – various
  • IFRS 13 – fair value measurement unit of account
  • IAS 12 – recognition of deferred tax assets for unrealized losses
  • IAS 7 – disclosure initiative
  • IFRS 15, Revenue from Contracts with Customers – Clarification
  • IAS 1 – classification of liabilities

IAS 19 & IFRIC 14

    • Re-measurement of plan amendments
    • Availability of surplus from defined benefit pension plan

IAS 40, Investment Properties

    • transfer of investment property

Latest Update and agendas in the pipeline

Annual Improvement

  • New Requirements to be applied for 2018 annual reporting
  • Latest Update and issues in the pipeline

Exposure Draft Issued and to be issued

  • Conceptual Framework
  • IFRS 8
  • IFRS 10 and IAS 28
  • Dynamic Risk Management – portfolio hedging;
  • Disclosure Initiative
  • Principles of Disclosure
  • Changes in Accounting policies & estimates

Financial Instruments and Consolidation

IFRS 10 and IFRS 11

  • Definition of Control;
  • Understanding substantive control;
  • Power to control the significant activities;
  • Impact on various types of structures;
  • Joint control
  • Joint Operations Vs Joint Ventures
  • Accounting for interests in joint operations
  • Accounting for interests in joint ventures
  • Implementation of IFRS 11
  • Emerging issues and challenges ahead

Fair Value Measurement (IFRS 13)

  • Definition of fair value
  • Market participants
  • Orderly transaction
  • Principal or most advantageous markets
  • Transaction costs and transport costs
  • Characteristics of the asset or liability being valued
  • Valuation techniques
  • Valuation inputs
  • Observable and unobservable inputs
  • Active and inactive markets
  • Fair Value Hierarchy
  • Valuation hierarchy in its entirety
  • Practical challenges and emerging issues
  • Real life examples

 IFRS 9 and Challenges Ahead

      • Classification and Measurement of Financial Assets
      • Financial Liabilities
      • Derecognition of Financial Assets and Liabilities
      • Amendment – Mandatory Effective Date of IFRS 9 and Transition Disclosures

 Impairment of Financial Assets – IFRS 9

      • Financial assets measured at amortized cost
      • Transition from the incurred loss model to Expected Credit Loss Model
      • Application of impairment model
      • Emerging issues and challenges
      • Implementation and impact assessment

IFRIC Update

  • IFRIC 22, Foreign Currency Transactions and Advance Consideration;
  • IFRIC 23, Uncertainty over Income Tax Treatments;
  • New Decisions

Active research projects

  • Business Combinations under Common Control
  • Discount Rates
  • Equity Method of Accounting
  • Financial Instruments with Characteristics of Equity
  • Income taxes
  • Share-based Payments
  • Primary financial Statement
  • Provisions, contingent liabilities, and contingent assets

Q&A

  • Excerpts from various annual reports
  • Best practice Examples
  • Group Case Studies
  • “2018 Reporting Challenges

Why you must attend?

With more and more countries adopting the IFRS as their accounting standards (almost over 140 countries) and also due to regular revisions and replacement of existing standards & principles, you must continue to develop your conceptual and practical understanding of IFRSs.  If you intend to use IFRS for the first time then you must have the required knowledge and skills to implement the IFRSs, be able to understand how this transition affects company’s reporting, and what it means going forward. If you have already implemented IFRS even then you need to make sure that you continue to invest your time in learning and keep yourself updated with further changes to the IFRSs.

We have designed this course to give you all the required knowledge, skills and experience to deal with these challenges.  We have one of the best and most experienced faculties’ in the world, with over 15 years of IFRS implementation experience in the European region and working with a number of clients in the emerging markets.

We have designed this course to give you all the required knowledge, skills and experience to deal with these challenges. We have one of the best and experienced faculties in the world with over 10 years of experience in implementing IFRSs.  This is an instructor led course for professionals (beginners to expert level) who want to gain an update on the latest changes to the IFRS and its impact on the entities. This IFRS course has been designed to be highly interactive and practical to provide exhaustive learning of conceptual and practical issues for those who are looking to understand the latest accounting challenges and best practices adopted in the market.

Shasat has developed this high-quality learning programme to help users update their knowledge and understanding of the IFRSs. Class sizes are limited (Maximum 10 participants per class) to preserve maximum interactivity and to enhance the fulfilment of learning outcomes. Some of the key features of our training courses are:

    • Expert IFRS instructors with field experience;
    • Distinct scenarios, examples and case studies to explain concepts and methodologies;
    • A firm grounding for developing skills and competencies essential for financial reporting
    • Access to IFRS templates, tools, models and resources
  • Opportunities to discover new career path in IFRS/US GAAP

Teaching methodology

      • User-friendly slide deck which summarises the concept, methodology and principles in a simplest possible manner;
      • Interactive sessions with real-life case studies;
      • Concepts and methodologies are explained using examples and distinct scenarios;
      • Group exercises to illustrate accounting principles;
      • Discussion on GAAP differences, industry issues and diversity in practices
      • Additional course material and handouts to all the attendees
      • Participants are encouraged to ask questions.

Who should attend?

This course is suitable for professionals (beginners to specialists) from all industry groups.  Examples of some of the roles that will benefit from this course are:

  • Chief Financial Officers/ Finance Directors;
  • Finance executives
  • Corporate finance function;
  • Accountants / Financial Controllers
  • Financial Reporting Executives
  • Treasurer
  • Budget Officers / Forecasting Specialists;
  • Auditors (internal/External)
  • Risk managers
  • Merchant bankers
  • Tax Directors /managers
  • Regulators;
  • Academicians
  • Accountancy students
  • Analysts
  • Fund Managers and Investors
  • Strategic and Financial Planners
  • Private Equity and M&A Specialists
  • Investment Bankers
  • Corporate Bankers
  • Investment Managers
  • Senior operations managers

Feedback

All delegates will receive an evaluation questionnaire upon completion of the course. The feedback from these questionnaires allows Shasat to conduct trend analysis and continuously approve the quality of its learning solutions

Venue & other info

You will receive the webinar joining instructions at least 1 week before the commencement of the training program.

Sponsorship Opportunities

If you are seeking to profile your products, expertise and experience in the field of finance then the Shasat will endeavour to assist your business objectives with opportunities such as:

Brand exposure

  • Targeted brand awareness and the association of your company with this area of expertise.

Thought leadership

  • Present your expertise to a targeted group of industry leaders.

Product demonstrations

  • Exhibit your products to new prospective clients already attending this conference.

Networking

We will provide you with a platform to meet face to face with a room full of potential clients and exhibit the benefit of your services. For more information on how Shasat can help you meet your marketing objectives, Contact our customer service team at info@shasat.com

Data protection

The personal information which you provide to us will be held by us in our database. You agree that Shasat may share this information with other companies in the Shasat Group. Occasionally your details may be made available to selected third parties who wish to communicate with you offers related to your business activities. If you do not wish to receive these offers please contact the database manager at: info@shasat.com

For more information about how Shasat (UK) Limited use the information you provide please see our privacy policy at: http://www.shasat.co.uk.com.   If you do not wish your details to be available to companies in the Shasat Group or selected third parties, please contact the customer service at info@shasat.com.

Payment

In order to enrol for this programme, you can either make the payment online through our website or you can opt to make the payment via bank transfer/Demand draft/Cheque payment. Our payment web page will give you all the necessary options at the time of check out. Should you face any difficulty, please do not hesitate to contact us with your selected course and our customer services team will be happy to guide you through the payment process. You must also bear all the bank charges in relation to the payment of course fees and payment must be made at least 3 weeks before the course date. Registration will be confirmed upon receipt of payment and completion of registration form only.

Group discount

You must enrol at least three participants in this program to obtain this special price.  We will offer additional 15% discount provided you enrol 5 or more participants. Please contact our customer services desk at info@shasat.com to discuss further on how to obtain a group discount code.

CPD hours

Each participant will be issued a training certificate which will certify that you have successfully completed the training course and the number of hours you spent to complete this training course.

Enquiries

Please contact our Customer Service for further assistance at info@shasat.com

 

In-House Training

Besides our wide range of public courses, we are proud to offer our In-house training services to our Global clients. This form of training is tailored to meet your business needs and also an effective way of training your teams which saves time and money and will improve the productivity of your employees, making your business more competitive. If you would like to run this course as an In-house programme in your organisation with necessary customisation to suit your needs then please contact us today to discuss this further.