Description of the Two Day 2009 IFRS Workshop
Target
This workshop is aimed at those who prepare financial statements, those who audit financial statements and those
who use financial statements for advisory, investment and regulatory purposes.
Objectives
1.
2.
3.
To give an overview of International Financial Reporting Standards.
To explain how to apply IFRS when solving accounting and disclosure issues.
To clarify the complexities of each section.
Takeaways
1.
2.
3.
4.
5.
A summary of the recognition and measurement standards of IFRS
A summary of the presentation and disclosure standards of IFRS
A suggested set of accounting policy notes and definitions
Over 80 IFRS issues with suggestions for solving them
Over 200 exercises on IFRS
Agenda
The workshop is divided into eight stages. In each stage the focus is on practical issues and the recent changes made
to the standards.
1. Introduction
Accounting in SA
One size fits all
Principles v rules
Fair value v cost
Market v fair value
Writing opinions
2. Basis for preparation
Framework
IAS 1: Presentation of F.S.
IAS 8: Policies, etc.
IAS 10: Events after R.D.
3. Statement of financial position
IAS 2: Inventories
IAS 16: Property, plant, equip
SIC 15: Lease incentives
SIC 27: Lease substance
Circ. 12/6: Straight lining
IAS 23: Borrowing costs
IFRIC 1: Restoration changes
IFRIC 5: Restoration funds
IAS 38: Intangibles
SIC 32: Website costs
IAS 41: Agriculture
IFRIC 2: Cooperatives
IFRS 6: Resource exploration
IAS 17: Leases
IFRIC 4: Lease determination
IAS 37: Provisions
IFRIC 6: WEEE liabilities
IAS 40: Investment property
IFRS 5: Discontinued assets
4. Statement of comprehensive income
IAS 11: Construction contracts
IFRIC 15: Real estate
SIC 21: Revaluations
SIC 25: Status change
AC 502: Tax rate
Circ. 1/6: Deferred tax rate
Circ. 9/6: Discounting
SIC 31: Barter transactions
IAS 19: Employee benefits
IFRIC 14: Limit on EB asset
SIC 10: Government assistance
IAS 36: Impairment
IAS 12: Income taxes
AC501: STC
IAS 18: Revenue
IFRIC 13: Loyalty programmes
IAS 20: Government grants
5. Other statements and disclosures
IAS 7: Cash flow
IAS 24: Related parties
Circ. 8/7: Headline earnings
IAS 34: Interim reporting
IFRS 8: Operating segments
IFRIC 17: Member distributions
IAS 33: Earnings per share
IFRIC 10: Interim impairments
6. Group financial statements
IAS 27: Consolidations
SIC 12: SPEs
IAS 29: Hyperinflation
IFRIC 7: Inflation restating
SIC 13: Venturer contributions
IFRS 3: Business combinations
IAS 28: Associates
IAS 31: Joint ventures
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7. Complex accounting issues
IAS 21: Foreign exchange
IAS 32: F.I. presentation
IFRS 7: F.I. disclosures
IFRIC 9: Reassessing EDs
IFRS 2: Share based payments
IFRIC 8: Scope of IFRS 2
AC 503: BEE deals
IAS 39: F.I. R&M
IFRIC 16: Net inv. hedge
IFRIC 11: Group treasury shares
8. The specialised industries and transactions
IAS 26: Retirement plans
IFRS 1: First time adoption
SIC 29: Service concessions
IFRIC 12: Service concessions
IFRS 4: Insurance contracts
Strategy
Deal with one section at a time:
1. Give an overview of the section and identify the issues and problems.
2. Explain the concepts, principles and rules governing each section.
3. Discuss practical examples to illustrate the issues.
4. Take questions from the floor.
Venues and Fees
Please see the separate section of the website.
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