Description of the One Day 2009 IFRS Update Workshop
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IAS 27: Separate financial statements and IFRS 5
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IAS 28: Impairment and associates
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IAS 28: Disclosure where exempt
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IAS 29: Changes in terminology
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IAS 31: Disclosure where exempt
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IAS 32: Puttable financial instruments
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IAS 34: Technical change re EPS
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IAS 36: Additional disclosures
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IAS 38: Change to when recognise
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IAS 39: Reclassification when hedge
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IAS 39: Eligible hedged items
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IAS 39: Reclassification of financial assets
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IAS 40: Investment property under construction
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IAS 40: Change in terminology
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IAS 41: Discounting after tax! (got it wrong)
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IAS 41: Change in terminology
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IFRS 2: Vesting conditions and cancellations
5. Proposed improvements to:
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Framework
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IAS 1: Presentation of F. S. (scary)
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IAS 7: Statement of cash flows
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IAS 18: Revenue recognition (really scary)
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IAS 19: Employee benefits
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IAS 32: Financial instruments like equity
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IAS 33: Simplifying earnings per share
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IAS 36: Impairment of assets
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IAS 38: Intangible assets
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IAS 39: To reduce complexity (big issues)
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IFRS 2: Vesting conditions and cancellations
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IFRS 2: Group cash settled share based transaction
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IFRS 2: Scope
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IFRS 7: Investments in debt instruments
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IFRS 7: Disclosures
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IFRS 5: Discontinued operations
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IFRS 8: Operating segments
6. Current issues
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Onerous contracts where there are no losses
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Capitalising royalty agreement
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Raising liability when order goods
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Revaluing loans for early redemption
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Cancelling BEE deals because of economy
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Valuations in a dysfunctional market
Note
This is a preliminary agenda. It will be finalised when our
research into the topic is complete.
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 and who have attended the two day IFRS
workshop in the past.
Objectives
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To debate the present crises that IFRS is experiencing
To explain the new statements and interpretations
To report on current issues in practice
To anticipate where IFRS is heading
Takeaways
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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
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Introduction
Two tier GAAP in SA very soon
Principles v rules
Market v fair value
New standards
IAS 1: Presentation of F. S. (Commences 1 Jul 2009)
IAS 23: Borrowing costs (Commences 1 Jan 2009)
IAS 27: Consolidations (Commences 1 Jan 2009)
IFRS3: Business combinations (Commences 1 Jul 2009)
New interpretations
IFRIC 13: Customer loyalty programmes
IFRIC 14: Limit on defined benefit assets
IFRIC 15: Construction of real estate
IFRIC 16: Hedges of net investment in foreign operation
IFRIC 17: Distributions of non-cash assets to owners
Changes to existing standards
IAS 1: Classification of derivative
IAS 8: Downgrading guidance in standards (why?)
IAS 10: Changing terminology
IAS 16: Routine sale of PPE
IAS 18: Change in terminology
IAS 19: Change in terminology
IAS 20: Low interest rate loans
IAS 20: Change in terminology
IAS 23: Change in terminology
Venues and Fees
Please see the separate section of the website.
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