1116 cifrss outline

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1116 cifrss outline
1116 cifrss outline
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  • Incorporated in Hong Kong22/F., Siu On Building, 243-245 Des Voeux Road West, Hong Kong

    Global +1 718 865 8851 Asia +852 6854 0145 Australia +61 409 910 668Email: info@iabfm.org Web: www.IABFM.org

    CERTIFIED INTERNATIONAL

    FINANCIAL REPORTING STANDARDS

    SPECIALISTTM

    CIFRSSTM

  • Emai l : in fo@iabfm.orgWeb: www. IABFM.org

    Global +1 718 865 8851 As ia +852 6854 0145 Austra l ia +61 409 910 668

    Key Issues To Be Addressed:

    The latest developments in the growing worldwide use of IFRS IFRS for SMEs The latest IFRS Exposure Drafts (ED) and the International Accounting Standards Committee Foundation (IASCF)

    improvement project Detailed practical examples on the implementation and application of accounting and financial reporting concepts Real world challenges to applying IFRS and strategies to overcome them Detailed analysis of IFRS 9, IFRS15, IFRS16

    Who Should Attend? Chief Accountants Group Finance Directors Heads of Finance Financial Controllers Accountants Management Accountants Heads of Accounting and Administration Finance and Information Systems Managers Financial Analysts Auditors

    CIFRSSTM

    Benefits of attending the Program Participants will gain an understanding of the way

    that the IASB came into existence and the impact it is having on world financial reporting

    They will be aware of introduction of recent standards and the changes they have brought about.

    Overview of existing standards. An in depth analysis with examples of each of the

    new standards. They will receive a complete overview of the IFRS

    standards for SMEs including the definition, adoption and major differences with the IFRS standards.

    Course OverviewThe International Accounting Standards Board (IASB) continues to have a program to develop new and replace older standards in light of new demands. The past 18 months have seen the promulgation of three standards that will have a profound impact on IFRS reporters. These standards are IFRS 9, IFRS 15 and IFRS 16. Because of their complexity they are not due to be introduced until 2018. DONT be fooled by the long lead-time. The impact of IFRS 15 can be very important for entities that have certain types of contracts as it may have significant influence on revenue recognition. IFRS 9 was promulgated to replace and simplify IAS 39. Despite a number of implementation postponements and changes it remains probably more complex than IAS 39 at its worst. IFRS 16 attempts to take all types of leases on balance sheet which did not occur under IAS 17.As well as considering a number of older standards and their revisions this program will provide an in depth analysis of these three standards. In addition it will spend some time looking at the alternative to adoption of the full IFRS, that is, adoption of the IFRS for SMEs, a significantly simplified and more user friendly set of IFRS accounting standards that can be used by any entity that is not publicly accountable.

    Introduction The IASBs Framework for the preparation and Presentation of Financial Statements describes the basic concepts by which financial statements are prepared. It provides a guide to the IASB in developing accounting standards and as a guide to resolving accounting issues that are not addressed directly in an international Accounting Standard or International Financial Reporting Standard or Interpretation.

    IASB Structure and Operations The Global movement to adoption of the IFRS The structure of the IASB and how it works

    IFRS 1: First Time Adoption Of IFRS Objective and scope Exemptions and exceptions Presentation and disclosure

  • Emai l : in fo@iabfm.orgWeb: www. IABFM.org

    Global +1 718 865 8851 As ia +852 6854 0145 Austra l ia +61 409 910 668

    Financial Statement Presentation (IAS 1, 7, 34; IFRS 2, 5)

    Components of financial statements Balance sheet classification issues Non-current assets held for sale and

    discontinued operations Income statement presentation Statement of changes in equity Cash flow statements

    Measuring Financial Performance (IAS 8, 24, 33; IFRS 2)

    Accounting policies, accounting estimates and errors

    Earnings per share Related party transactions Share based payments

    Business Combinations (IFRS 3) Purchase method Identifying the acquirer Allocating the cost to net assets Recognition and measurement of goodwill Transitional provisions

    Consolidations Including Foreign Currency Issues (IFRS10)

    Determination of control and consolidation of subsidiaries

    Accounting for associates Accounting for joint ventures Functional currencies Consolidating foreign subsidiaries Foreign currency transactions

    Segmental Reporting (IAS 14, IFRS 8) Identifying reportable segments Business and geographical segments Meeting the 10% test Presentation of segmented data

    Revenue from Contracts with Customers (IFRS15) The core principle of IFRS 15 Who is most impacted by the standard? The Five-Step Framework model Examples of different industries How to prepare for the introduction.

    Tangible Assets (IAS 2, 16, 23, 36) Inventory methods Lowering of cost and Net Realisable Value

    (NRV) Manufacturing inventories Accounting for property, plant and equipment

    including revaluations Depreciation Borrowing costs

    Intangible Assets (IAS 38) Recognition criteria Measurement issues Internally developed intangible assets Research and development costs Intangible assets acquired in a business

    combination Amortisation versus impairment

    Liabilities, Provisions And Contingencies (IAS 10, 12, 37)

    Recognition criteria for provisions and contingencies

    Constructive and legal obligations Discounting deferred payments Onerous contracts Post balance sheet events Deferred tax provisions and assets

    Employee Benefits (IAS 19) Classification of types of benefits Short term, post-employment, other long

    term, termination benefits Types of retirement plans Factors affecting pension plan assets and

    liabilities Determining the defined benefit obligation Actuarial gains and losses including

    amendments Current and past service costs

    IFRSs for SMEsThe program includes an in-depth analysis of the IFRS for SMEs which are a simplified version of the full IFRS standards. The SME standards recognise that SMEs may not need thecomplexity involved in the full IFRS standards.

    Accounting for Financial Instruments (IFRS 9) Why IFRS 9. Reduced complexity Introduces the Business Model concept Classification and Measurement Financial assets and liabilities Impairment Hedge accounting

    Leases (IFRS 16) Why change eliminate off balance sheeting? What are the changes? Elimination of operating leases. One size fits all. What test is used? Exemptions? Impact for lessors and lessees Examples of lease accounting

    CIFRSSTM