IFRS Update | 2-day Workshop | Bermuda | GID 21007

Instructor Bio

Our faculty members are highly qualified experts with a diverse range of specializations, including International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), Generally Accepted Accounting Principles (USGAAP), UK GAAP, risk management strategies, valuations, mergers & acquisitions, corporate governance, ESG reporting, supply chain management, prudential regulations, and compliance matters such as Basel regulations, Solvency II, Anti-Money Laundering regulations, and more. Additionally, they have expertise in a variety of professional development programs, such as negotiation skills, presentation skills, data management, Python, Block-Chain, Digital Assets, and Becker CPA. This depth and breadth of knowledge ensure an engaging and effective learning experience for professionals and senior executives, helping to enhance knowledge retention.

Our faculty members are seasoned professionals with a wealth of experience in their respective fields. They bring a unique combination of practical knowledge and theoretical understanding to the classroom, making them well-equipped to address the challenges faced by professionals in today’s rapidly changing business environment. Their expertise and hands-on experience ensure that participants receive the most up-to-date and relevant information, which they can immediately apply to their own work. The interactive and engaging learning environment fostered by our expert instructors also helps participants retain information and improves their overall understanding of the subject matter. Whether you’re seeking to expand your knowledge, enhance your skills, or explore new career opportunities, our faculty members are equipped to provide you with the guidance and support you need to achieve your goals.

Instructor for this course

The course instructor will be one of our highly experienced faculty members.

Our Partners

Our Partners in Learning

Course Description

• Session 1: Introduction to IFRS and Latest Developments

  • Overview of International Financial Reporting Standards (IFRS)
  • IFRIC Updates: Latest interpretations and clarifications
  • Amendments to Existing IFRS:
    • Amendments effective from 2023:
      • IAS 16 Property, Plant, and Equipment – Proceeds before Intended Use
      • IAS 37 Provisions, Contingent Liabilities, Contingent Assets – Cost of Fulfilling a Contract
      • IAS 1 Classification of Liabilities as Current
      • IAS 1 Disclosure of Accounting Policies
      • IAS 8 Definition of Accounting Estimates
      • IAS 12 Deferred Tax related to Assets and Liabilities from a Single Transaction
      • Interest Rate Benchmark Reform
    • Amendments effective from 2024:
      • Lease Liability in a Sale and Leaseback – IFRS 16
    • Amendments effective from 2025:
      • Lack of Exchangeability – IAS 21
    • Amendments effective from 2026:
      • Amendments to IFRS 9 and IFRS 7: Financial Instruments and Disclosures
  • Annual Improvements and other IASB agenda items
  • Implications for Financial Reporting

  Session 2: New Accounting Standards – IFRS 18 and IFRS 19

  • IFRS 18 – Presentation and Disclosure in Financial Statements (Effective 2027)
  • IFRS 19 – Subsidiaries without Public Accountability: Disclosures (Effective 2027)
  • Implications for Financial Reporting
  • Implementation Guidance and Best Practices

  Session 3: Mastering Revenue Recognition and Lease Accounting

  • IFRS 15 – Revenue Recognition Standards: In-depth exploration of the comprehensive framework for recognizing revenue from contracts with customers, ensuring accuracy and consistency in financial reporting.
    • PIR of IFRS 15—Revenue from Contracts with Customers:
      • The IASB started to discuss the PIR feedback.
      • Further discussions will follow, including discussions at the joint meeting with FASB in June 2024.
  • IFRS 16 – Leases: Detailed analysis of the new leasing standard, transforming how leases are reported, enhancing transparency, and comparability.
  • Implementation Challenges and Best Practices: Practical solutions to overcome common obstacles, featuring real-world examples and actionable strategies for seamless adoption.
  • Latest Industry Insights and Critical Areas: Cutting-edge developments and essential focus points in revenue recognition and lease accounting, empowering professionals with the knowledge to stay ahead in the industry.

  Session 4: Financial Instruments – Classification, Measurement, Impairment, Derecognition, and Hedge Accounting (IFRS 9)

  • IFRS 9 – Financial Instruments: Comprehensive coverage of classification, measurement, impairment, derecognition, and hedge accounting.
  • Overview of Latest Financial Instruments Standards: An in-depth look at the current standards and their implications for financial reporting.
  • Expected Credit Loss Model – Lessons Learned: Insights into the practical application of the expected credit loss model, highlighting key takeaways and common challenges.
  • Proposed Amendments to IFRS 9 and IFRS 7: Examination of the latest proposed changes to financial instruments standards and their impact on disclosures.
    • Amendments to IFRS 9: Classification and Measurement:
      • The IASB discussed feedback on the assessment of contractual cash flows.
      • The IASB’s tentative decisions should assist entities in determining when to measure ESG-linked financial assets at amortised cost.
    • Power Purchase Agreements: Education session to discuss possible amendments to IFRS 9 to account for physical and virtual power purchase agreements.
  • Proposed Amendments to IAS 32: Understanding the new characteristics of equity financial instruments and the implications for classification and reporting.
  • New Requirements for Hedge Accounting: Detailed exploration of dynamic and macro hedge accounting practices, including discussion papers (DP) on portfolio hedge accounting.
    • Hedge Accounting by a First-time Adopter (Amendments to IFRS 1)
    • Lessee Derecognition of Lease Liabilities (Amendments to IFRS 9)
  • Practical Implementation Guidance: Step-by-step strategies for effectively implementing these standards and amendments in your financial reporting processes.

  Session 5: Business Combinations and Consolidation (IFRS 3, IFRS 10, IFRS 11, and IFRS 12)

  • IFRS 3, IFRS 10, IFRS 11, and IFRS 12: Business Combinations and Consolidation Standards
    • Amendments to IFRS 3 and IAS 36: Business Combinations—Disclosures, Goodwill and Impairment project
  • Overview of Latest Requirements for Business Combinations: Comprehensive review of the current standards governing business combinations, focusing on acquisition methods, goodwill, and non-controlling interests.
  • Changes to Consolidation Requirements: Detailed analysis of recent updates in consolidation standards, including control assessment, joint arrangements, and disclosures.
    • Determination of a ‘De Facto Agent’ (Amendments to IFRS 10)
  • Practical Implementation Guidance: Actionable strategies and best practices for effectively applying these standards in financial reporting, ensuring compliance and accuracy.

  Session 6: Accounting for Crypto/Digital Assets

  • Latest Developments in Accounting for Crypto/Digital Assets
  • Challenges in Accounting for Crypto/Digital Assets
  • Practical Implementation Guidance

  Session 7: ESG and Sustainability Reporting

  • Latest ESG-related Reporting Standards – IFRS S1 and IFRS S2
  • Developments in Sustainability Reporting, including ESG-related disclosures
  • Practical Guidance on Meeting Disclosure Requirements

  Session 8: IFRS 17 – Insurance Contracts

  • Overview of the IFRS 17 Standard for Insurance Contracts
  • Implementation Challenges of the New Standard
  • Practical Implementation Guidance

  Session 9: FRC Findings and Key Concerns

  • Latest Findings and Concerns from the Financial Reporting Council (FRC)/Other Regulatory Bodies
  • Key Issues and How to Address Them
  • Practical Compliance Guidance

  Session 10: Case Study and Wrap-Up

  • Applying Learned Concepts in Real-World Scenarios
  • Recap of Key Takeaways from the Course
  • Q&A Session for Outstanding Questions

The course agenda provided herein is the proprietary intellectual property of Shasat. It is intended solely for the use of participants enrolled in the respective course. Any reproduction, distribution, or unauthorized use of this course agenda, in whole or in part, without the explicit written consent of Shasat, is strictly prohibited and may result in legal action.

All rights reserved. ©2024, Shasat

Why you must attend?

If you’re a financial professional seeking to stay ahead of the curve, there’s no better time to update your knowledge of IFRS accounting standards than now. With over 140 countries adopting the framework and ongoing revisions, staying current with IFRS is crucial for your professional development. Attending the two-day IFRS Update Workshop will provide you with comprehensive and practical training to thrive in today’s ever-evolving accounting landscape.  International Financial Reporting Standards (IFRS) are the most widely applied accounting standards globally, constantly evolving to adapt to changing market conditions. The IFRS Update Workshop is the perfect opportunity to stay informed and up-to-date with all the latest developments and trends in IFRS.

This workshop provides a comprehensive update on recent amendments, with a focus on their impact on the preparation of financial statements. Through practical examples and questions, you’ll gain the tools to apply this knowledge in your professional life.  In addition to these changes, the IFRS Update Workshop will address other critical topics, such as leases, business combinations under common control, sale and leaseback transactions, changes to IFRS 9, and ESG-related disclosures. With a world-class faculty that brings extensive experience in IFRS implementation in both European and emerging markets, this program is designed for professionals of all levels. Small class sizes ensure an immersive learning experience that maximizes interaction and ensures that learning outcomes are met.

By attending the IFRS Update Workshop, you’ll equip yourself with the knowledge and skills necessary to thrive in the current market conditions. Gain practical skills, explore IFRS templates, tools, models, and resources, and expand your career prospects. Don’t miss out on this unique opportunity to learn from world-class instructors.

Register for the IFRS Update Workshop today and take your professional development to the next level.

Teaching methodology

The training program will employ a comprehensive and engaging approach to learning, designed to deliver maximum impact and retention. The methodology includes:

• A user-friendly slide deck that presents the concepts, methodologies, and principles in a clear and concise manner, making the material easily accessible to all attendees.
• Interactive sessions featuring real-life case studies to provide hands-on experience and bring the material to life.
• Explanations of concepts and methodologies through the use of examples and distinct scenarios, allow attendees to understand the material in context.
• Group exercises designed to illustrate accounting principles, encouraging collaboration and fostering a deeper understanding of the material.
• Discussions on GAAP (IFRS Vs US GAAP) differences, industry issues, and diversity in practices, provide attendees with a well-rounded understanding of the subject matter.
• Access to additional course material and handouts, ensuring attendees have a comprehensive reference resource to support their learning.
• An open and inclusive atmosphere that encourages attendees to ask questions and engage in discussion, ensuring a thorough understanding of the material.

The combination of these elements creates a dynamic and engaging learning experience that will support the professional development of all attendees.

Who should attend?

The IFRS Update Program is designed for a wide range of professionals, including:

• Accountants and finance professionals who use and produce financial statements under IFRS, and need to stay up to date with the latest developments in accounting standards and disclosure requirements
• Auditors who need to understand and apply the latest IFRS guidance to their audit work
• Market research analysts who require an understanding of how financial statements are prepared and presented under IFRS, in order to conduct effective financial analysis and valuation
• Professionals from rating agencies who use financial statements as a basis for credit ratings and need to keep up to date with the latest accounting standards and disclosure requirements
• Regulators who require an understanding of the latest accounting standards and disclosure requirements in order to develop and enforce effective financial reporting regulations
• Capital market watch experts who need to keep up to date with the latest developments in accounting standards and disclosure requirements in order to provide insights and recommendations to investors and other market participants.

No matter your profession, if you work in a field related to accounting, finance, or investment, the IFRS Update Program can provide you with the knowledge and skills you need to stay ahead in today’s global reporting environment.

Feedback

Upon completion of the course, all delegates will receive an evaluation questionnaire aimed at gathering valuable feedback. This feedback is crucial to Shasat’s ongoing commitment to improving the quality of its learning solutions. By analyzing the trends in the responses, we are able to continuously enhance and refine our offerings to meet the evolving needs of our clients.

Venue & other info

Venue

Our training programs take place at the most prestigious professional training facilities in the city. Our venues have been meticulously chosen and expertly crafted to deliver an unparalleled and sophisticated learning experience. To further elevate your training journey, we will offer an array of refreshments including gourmet tea/coffee, delectable snacks, and a sumptuous lunch to sustain you throughout the course. Your comfort and satisfaction are of the utmost importance to us.  One week before the program begins, you will receive comprehensive joining instructions that include the exact venue details.

Please note that accommodation arrangements are the responsibility of the attendee.

Workshop Delivery (Online Programs)

The workshop will be delivered via the WebEx platform. Upon registration, all participants will receive comprehensive joining instructions for the live workshop. This fully virtual event will encompass a live-streamed presentation, personalized networking opportunities, interactive Q&A sessions, engaging polls, and post-event consultation to address specific concerns and support your continued growth.

In-Person Workshop

Please be advised that for all in-person training programs, joining instructions will be sent via email to registered participants one week prior to the program’s commencement. These instructions will provide comprehensive information regarding the venue location, date, and time, as well as other important details such as parking arrangements, dress code, and any necessary equipment or materials. Kindly ensure that you carefully review the joining instructions and follow the guidelines provided to ensure a smooth and well-organized experience during the program.

Changes to the conference

Shasat reserves the right, at its sole discretion, to make modifications to the format, speakers, participants, content, venue location, program, or any other aspect of the conference, at any time and for any reason, without incurring any liability. This policy has been implemented due to recent events such as the Covid-19 pandemic and other jurisdictional restrictions. These modifications may include but are not limited to, changes necessitated by a Force Majeure Event

Sponsorship

We are pleased to offer sponsorship opportunities for our training programs, providing companies with a unique platform to showcase their brand and services to a highly engaged and relevant audience. By becoming a sponsor, your organization will have the opportunity to build brand awareness, demonstrate thought leadership, and cultivate valuable relationships with industry professionals. Our programs offer a platform to reach a targeted audience and generate new business leads while showcasing your expertise. The benefits of sponsorship include increased brand exposure, opportunities to connect with key decision-makers, and a platform to promote your products and services. We invite you to take advantage of this prime opportunity and partner with us to enhance your visibility and impact within the industry.

Terms and Conditions

We kindly request that you carefully review all of the terms and conditions outlined on our website. This information is critical in ensuring a clear understanding of our policies and procedures. Please follow the link provided to access this information.

About shasat

Discover more about Shasat by exploring our “About Us” page, where you can gain insights into our company’s mission, values, and history, and learn how we can help you achieve your goals.

Payment

Enroll in our program with ease by choosing from our secure online payment options. You can make a payment through our website using PayPal or Stripe, or opt for a bank transfer, demand draft, or cheque payment. Our payment page will provide all necessary options during checkout. If you encounter any issues, our customer service team is here to assist you. Simply reach out to us with your selected course, and we’ll guide you through the payment process.

We kindly request that you take into consideration any associated bank fees when making your course fee payment. To ensure your participation in the program, payment must be received before the course date. Once we have received both payment and a completed registration form, we will confirm your enrollment in the program. Thank you for your understanding and cooperation.

Group discount

Our company is proud to offer a group discount of 15% for organizations or individuals who book a course for 5 or more participants. To take advantage of this offer and receive a personalized group discount code, please reach out to our customer service desk at info@shasat.com. Our team will be delighted to assist you with the booking process and answer any questions you may have. With this group discount, you can invest in the professional development of your team and drive success for your organization. Don’t hesitate to contact us today to learn more.

CPD hours

Upon successful completion of the training course, each participant will receive a certificate of completion that attests to the number of hours spent in training and serves as a valuable representation of their dedication to professional development. The certificate is not only a symbol of their achievement but also serves as proof of continuous professional development (CPD) and demonstrates their commitment to staying current in their field. We believe that CPD is a crucial aspect of career advancement and personal growth, and are proud to provide our participants with this important document.

Enquiries

For further assistance, we invite you to contact our dedicated customer service team. Our experienced and knowledgeable representatives are available to answer any questions you may have and provide the support you need to make informed decisions. We are committed to ensuring that you have a positive experience and are here to help in any way we can. Please don’t hesitate to reach out to us at your convenience.

In-House Training

Enhance your team’s skills and drive success for your business with our custom In-house training program. Our tailored approach aligns with your specific business needs, offering a cost and time-efficient solution for upskilling your employees. This not only improves their productivity but also positions your company as a competitive force in the market. Transform your investment in employee development into tangible results by choosing our In-house training option. To discuss and learn more about our services, please don’t hesitate to contact our training desk. We’re ready to help you create a bespoke program that’s just right for you.