Financial Accounting
IFRS Technical Update
Aims
This course is essential for anyone who is involved in
financial reporting or the interpretation of financial
statements under IFRS. Focusing on recently changed or
changing Standards and their Interpretation, the course
takes an in-depth look at those standards, the impact they
may have, the judgements required and how to implement
them.
Participants will be able to:
Describe forthcoming changes and the impact they may
have on reported results
Apply the main principles from new and amended
standards
Make informed decisions where choices are permitted
Present the information and the key disclosures
Timing
The course length is generally 2 days but can be tailored to
suit your requirements and for the extent of current and
future developments
Who should attend
Anyone with financial reporting responsibilities who needs
to update their knowledge of recent and forthcoming
developments in IFRS
o Heads of finance
o Senior accountants
o Finance staff
o Internal auditors
o Financial analysts
Format
The course format includes presentations, workshop style
exercises and case studies, discussions and reviews of
published financial statements
Notes
This outline assumes that participants are familiar with the
context of those Standards that are the subject of the
update. For those staff less familiar with IFRS a one-day
extension can be added that provides added context to the
updates.
Page 1 of 4
© copyright 2015 Maltway Limited
Financial Accounting
IFRS overview
As an introduction to the issues and update, this session provides a brief refresher of the key
presentation, recognition and measurement principles covered by IFRS
The role of the IASB and convergence projects with other GAAP
Reporting performance and position – the presentation of financial statements
Reporting assets; review of property plant and equipment, intangible assets and inventory
Reporting liabilities; provisions, deferred taxes and employee benefits
The IASB’s conceptual framework and its development
The role of fair value measurement and reporting in IFRS
Issues and Update overview
Summary of required changes for 2014 and 2015 year ends
Summary of recently issued & revised standards & interpretations
The IASB’s work plan and agenda consultation
Mandatory for 2014 year ends
Each topic will begin with an overview of the current reporting requirements before
proceeding to review the new standards or amendments. This session is a comprehensive
review of all changes introduced for 2013 year ends. The topics in this outline assume
participants are interested in IFRS as endorsed by the European Union but the precise topics
presented here can be tailored to your needs.
Accounting for subsidiaries, associates and joint arrangements
IFRS 10, Consolidated financial statements
IFRS 11, Joint arrangements
IFRS 12, Disclosures of interests in other entities
IAS 27 (revised 2011) Separate financial statements
IAS 28 (revised 2011) Associates and joint ventures
Recent amendments to the forgoing with later mandatory effective dates including
treatment by investment entities and application of IFRS 10 and IAS 28 to the sale or
contribution of assets and IFRS 11 to the acquisition of joint ventures
Case studies – identifying control, impact on results and deals, including SPV’s arising
from new control definitions and impact on ratios of moving from proportional
consolidation to equity method
Page 2 of 4
© copyright 2015 Maltway Limited
Financial Accounting
Round up of other recent changes to IFRS
Amendments to IAS 32 (and IFRS 7) on financial instruments asset and liability offsetting
Amendment to IAS 19 – employee benefits on defined benefit plans
Amendment to IAS 39 – novation of derivatives and hedge accounting
Annual improvements 2010-2012 and 2011 - 2013
Recoverable amount disclosures (IAS 36)
IFRIC 21 Levies
Later mandatory application
Financial Instruments
o
IFRS 9, Financial instruments; comprehensive review
o
Business models and classification
o
Recognition and de-recognition
o
Initial and subsequent measurement
o
Impairment
o
Hedge accounting
o
Examples from business already applying IFRS 9
o
Status of adoption by EU
o
Consequential changes to IFRS 7
o
Case studies – comparing the impact on balance sheet and results of the
categorisation and measurement of financial assets and financial liabilities
under IAS 39 and IFRS 9
IFRS 15 Revenue From Contracts with Customers
The five-step process
o
Application and impact on specific industries
o
Status of adoption by EU
o
Case studies in revenue recognition
Brief round up of other changes including:
o
IFRS 14 Regulatory Deferral Accounts
o
2012-14 improvements projects
o
IAS 1 and IAS 7 disclosure initiative
Page 3 of 4
© copyright 2015 Maltway Limited
Financial Accounting
New and forthcoming Standards and other publications expected in 2015:
In this session we look at the work we expect to see published by the IASB during 2014.
Each topic will include a brief overview of current reporting requirements.
Round up of key issues and progress on other projects in progress:
Conceptual framework
Disclosure initiative and classification of liabilities and amendments to IAS 7
Discussion paper on financial instruments (IFRS 9) macro hedge accounting
Exposure draft (re exposure) Leases
Exposure draft (re exposure) on insurance contracts
Annual improvements 2014-2016
Case studies – impact of accounting treatments proposed under the leasing exposure
draft
IASB current and future work programme and priorities
Other projects
A high level review of other projects that have been started but not completed and possible
projects for the future
Close
Page 4 of 4
© copyright 2015 Maltway Limited