EY International FinancialReporting Standards(IFRS) update andIntroduction to ValueAdded Tax (VAT) seminar

Manama, 21–22 November 2017

Introduction 04

IFRS update — Agenda 05

Introduction to VAT — Agenda 06

Who should attend 07

Speakers 08

Key information 09

Contents

EY IFRS update and Introduction to VAT seminar4 All Rights Reserved — EY

Introduction

IFRS updateThe International Financial Reporting Standards (IFRS) are the most adopted accounting standards aroundthe world.

Global financial markets demand international consistency in accounting practices. The implementation of IFRSis key to increasing the transparency and comparability of financial information and further enhancing theefficiency of international capital markets.

Day 1 of this essential seminar will guide the participants through the latest IFRS amendments and will focus onthe implications of the recent changes on their organizations. It will also help participants put IFRS accountingprinciples into practice and understand and interpret IFRS financial statements.

Introduction to VATWith all GCC Member States having signed the Value Added Tax (VAT) Framework Agreement, VAT is comingto the GCC countries very soon. The VAT mechanisms will be largely based on the European Union concept,with GCC Member States forming a single territory for VAT purposes.

Day 2 of the seminar is designed to ensure that participants will be equipped with basic awareness of VAT rulesin order to perform internal analysis of VAT impact on their businesses. The objective of this day is to providethe audience with a better understanding of the concept of VAT, together with its basic principles. They will beguided through the fundamentals of VAT (scope of taxation, input and output VAT, tax point, internationaltransactions and basic compliance requirements) in order to have a general overview of the VAT and to supporttheir organizations in understanding the workload related to actions crucial to be taken for a successful VATimplementation and subsequent VAT compliance.

During the session facilitators will point out potential VAT impact on specific business areas for more detailedanalysis within organizations (e.g., finance, IT, business & sales, procurement, compliance, HR).

EY IFRS update and Introduction to VAT seminar 5

IFRS updateAgenda

1. IASB, IFRIC and EU update

2. Amended Standards for application in 2017

• IAS 12 “Taxes” Deferred tax and unrealized losses

• IAS 7 “Statement of cash flow” — Reconciliation of financing

• IFRS 12 “Disclosure of interests in other entities” — clarifications

3. New and amended Standards for application in 2018

• IFRS 9 “Financial Instruments” — Highlights and focus on impairment

• IFRS 15 “Revenue from contracts with customers” — Highlights

• IFRS 1 “First time adoption of IFRS” — Dates removed

• IAS 28 “Investments in associates” — Fair value

• IFRIC 22 Foreign currency and advance consideration

• IAS 40 “Investment property” — Transfers

4. New and amended standards for application in 2019

• IFRS 16 “Leases” — Highlights and transition

• IFRIC 23 — Uncertainty in tax

5. Items on the current IASB agenda — planned amendments to Standards

• IFRS 8 “Operating segments” — amendments from PIR

• IAS 8 “Accounting policies etc.,” — proposals for change

• IAS 1 — liability classification

• IFRS 3 “Business combinations” — definition of ‘business’

• IAS 16 “Property, plant and equipment” — testing period receipts

• Annual improvements 2015–17

• Other items

EY IFRS update and Introduction to VAT seminar6 All Rights Reserved — EY

Introduction to VATAgenda

1. Background and scope of VAT

Provides an overview of the general principles of VAT, as well as details on the expected VAT rates andimplementation dates.

2. What is output and input tax?

Outlines definitions and general principles for both output and input VAT, as well as providing specificcommentary on areas of concern, e.g., nondeductible input tax and valuation for output.

3. General overview of international supplies

Provides an overview of how to determine the applicability of VAT to both the sale and purchase of goodsand services from other GCC regions, as well as from outside the GCC.

4. VAT compliance

Outlines the practicalities of recording VAT within an accounting system, generating and maintaining VATdocuments, and submission of VAT returns.

5. Place of supply

Provides details, specifically in relation to concepts such as the place of supply of goods and services, placeof imports, exports and intra-GCC trade.

6. Partial exemption

Provides a detailed explanation of partial exemption and when it will be applicable, and includes guidance ondirect attribution of costs and an example of a partial exemption calculation.

7. VAT in selected sectors

Discusses VAT position of selected sectors (e.g., financial, real estate, retail, oil & gas, public).

8. Excise duties

Provides an introduction to excise duties, outlining when duties will be applicable and how these chargesinteract with VAT.

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Who should attend

This program is designed for the following professionals:

• CFOs and VPs

• Financial Controllers

• Financial Managers

• Accountants

• Auditors

• Financial Analysts

• Portfolio Managers

• Securities Analysts

• Credit/Investment Analysts

• Banking Analysts

EY IFRS update and Introduction to VAT seminar8 All Rights Reserved — EY

Speakers

Ian is a qualified Chartered Accountant from theInstitute of Chartered Accountants of England andWales, and is one of the world’s leading presenters onInternational Financial Reporting Standards.

He has co-authored three application handbooks onIFRSs.

Ian has over thirty years experience deliveringfinancial reporting programs to audiences around theworld. He has been involved for over ten years inhelping both large and medium sized organization,from across the European Union, Middle East, FarEast and North and South America to train their staffin preparing for the implementation of IFRS.

Ian has delivered many successful IFRS seminars inEY events across GCC.

In addition to his technical expertise, he is reputed tobe one of the best lecturers to transform complexsubjects into enticing discussions.

Stefan is a licensed tax advisor from EY Poland. Heholds two Master’s Degrees from leading Polishuniversities, Warsaw School of Economics —Finance and Banking and Kozminski University —Business Law.

Stefan’s previous focus was on indirect tax advisoryto local and international Clients aiming at improvingtheir business operations and securing their taxposition. In the GCC he is a part of EY VAT Team thatsupports EY Clients in implementation andpreparation to reporting of Value Added Tax andExcise Duty.

Stefan is experienced in VAT planning and tax impactof transactions and business structuring includingreview of agreements from a tax perspective,supporting businesses in discussions with localregulators to advocate for regulatory changes thatoffer a win-win solution for the government andindustries. He has a good understanding of theregulatory tools and methods to combat taxevasion practices.

Stefan is a co-author of a technical commentary onthe EU VAT Directive. He is also an author ofnumerous press publications on Polish and EuropeanVAT aspects. Stefan was frequently invited as anexpert by the Polish media to comment on currentVAT topics. He is a frequent speaker in local andinternational conferences and seminars in the areaof VAT.

Ian Charles Stefan Majerowski

IFRS update Introduction to VAT

EY IFRS update and Introduction to VAT seminar 9

Fees

Key information

Full two-day event: BHD 250/–per participantOne day only (IFRS or VAT): BHD 195/–per participant

Bundle Package: BHD 340/- per participant• Participation at two EY IFRS update seminars in Bahrain in 2017/2018 (priced at BHD195 each)

• The EY International GAAP 2017 (usually priced at BHD71)

The fees are inclusive of the following:• Attendance of the seminar

• Training materials

• Lunch and refreshments

• Certificate of attendance (6.5 CPD hours perday)

Date, time and venue

Date: 21 and 22 November 2017

Time: 09:00 a.m. – 05:00 p.m.

Venue: Al Taj Ballroom, Sheraton Hotel, Manama, Bahrain

Contact usFor more information:• Please email: business.courses@bh.ey.com

• Call: +973 17567359 or +973 17585323

Registrationplease complete the registration formand return via email latest by7 November 2017.

Get 20% off on:• Early bird registration (before 1 November 2017)

• Previous year seminar participation

• Groups of three or more

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ED NoneThis material has been prepared for general informational purposes only and is notintended to be relied upon as accounting, tax or other professional advice. Pleaserefer to your advisors for specific advice.

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