IFRS Update for Managers and Controllers
LIMITED SEATS AVAILABLE !
► COURSE OVERVIEW
This course provides a comprehensive overview of the significant changes in new IFRSs on financial instruments, revenue and leases. It has been designed to bring preparers and users of financial statements up-to-date with recent developments, including updates to existing standards and new interpretations.
► LEARNING OUTCOMES
To enable participants to obtain an in-depth understanding of the significant updates in the new standards and its impact on financial statements of banks, financial institutions and corporates:
- Analyse the changes to the principles in new standards on financial instruments, revenue and leases.
- Evaluate the impact of transition to new standards on financial statements.
- Obtain an overview of other recent developments in IFRS.
- Analyse and interpret IFRS financial statements.
This course is very interactive with real-life illustrations and case studies.
► WHO SHOULD ATTEND?
The course is useful for preparers and users of financial statements of corporate and financial institutions:
- Staff in finance, treasury, operations, risk management, IT or compliance departments.
- Internal and external auditors.
- Regulatory staff.
- IT staff involved in finance change/transformation.
► COURSE OUTLINE
9:00 – 11:00 Financial Instruments (IFRS 9)
- Classification of financial assets and financial liabilities.
- Impairment of financial assets.
- Application of expected credit loss model including simplifications and practical expedients.
- Hedge accounting
- Overview of hedging and accounting for different types of hedges
- IFRS 9 Widening the net: Hedged items and hedging instruments
- Hedge effectiveness requirements, rebalancing and discontinuation
- Transition requirements and impact
Practical case study: Analysis of the impact of IFRS 9 classification and impairment.
11:00 – 11:15 Break
11:15 – 12:45 Revenue from Contracts with Customers (IFRS 15)
- Scope of the new comprehensive framework for revenue recognition.
- Analysis of five step framework for recognition of revenue.
- Overview of application guidance.
- Presentation, disclosure and transition requirements.
Practical case study: Analysis of the impact of IFRS 15 on financial statements.
12:45 – 13:45 Lunch
13:45 – 15:15 Leases (IFRS 16)
- Issues with existing lease accounting
- Definition of a lease and separating a contract into lease and service components
- Lessee accounting model: measurement of lease assets and liabilities
- Exemptions and reliefs
- Sale and leaseback transactions
- Overview of Lessor accounting
- Presentation, disclosure and transition requirements
Practical case study: Application of the new lessee accounting model.
15:15 – 15:30 Break
15:30 – 17:00 Case studies and other IFRS updates
- Real-life illustrations of the impact of new standards (IFRS 9, 15 and 16).
- Overview of insurance contracts (IFRS 17).
- Updates to existing standards and new interpretations.
- Current projects of the International Accounting Standards Board
Saket Modi is a London based financial trainer and consultant with over 20 years of experience. He has designed and facilitated workshops for finance and non-finance professionals from over 50 countries in North America, Europe, Middle East, Africa and Asia. Saket specializes in advanced accounting and financial analysis (IFRS/IPSAS), financial instruments, corporate finance and CFA® exam preparatory courses. He has spent considerable time working, advising and training in matters relating to international accounting and finance, and delivered workshops for banks and similar financial institutions, oil and gas companies, other private and public sector organizations, professional services firms, accountancy bodies and educational institutions. Saket has written material on IFRS Accounting for Institute of Chartered Accountants in England and Wales (ICAEW) and was invited by the International Auditing and Assurance Standards Board® (IAASB®) to present on IFRS 9 Financial Instruments at their board meeting in New York. Saket has previously worked with Lloyds Bank, Ernst & Young and PricewaterhouseCoopers. In addition to being a Chartered Accountant, Saket holds IFRS certificate from the ICAEW and IPSAS Diploma from the Chartered Institute of Public Finance and Accountancy (CIPFA). He has an MSc in Multinational Accounting and Financial Management from UK and is a CFA® charterholder.Saket has delivered courses in UK, Ireland, France, Switzerland, Croatia, Macedonia, USA, Trinidad, Jamaica, UAE, Saudi Arabia, Qatar, Kuwait, Oman, Ghana, Ethiopia, Tanzania, South Africa, Mauritius, Russia, India, Sri Lanka, Malaysia, Papua New Guinea, Solomon Islands and Fiji.