In-depth IFRS for Banks and other Financial Institutions (5 days)

Course code: 1790

Introduction

This workshop provides a detailed review of the significant technical requirements related to International Financial Reporting Standards (IFRS), including accounting and reporting for financial instruments, as well as all other standards relevant to the financial services sector. It includes coverage of the requirements of the standards and interpretations, hands-on case studies, examples, exercises, small-group projects, and benefits from the  interactive participation of the attendees. Our specialist instructors explain the  principles clearly and simply and provide real-world examples, thereby immersing the  attendees in the intricacies of IFRS and the implications for banks and other financial institutions.

IFRS 9, the new standard on financial instruments, is mandatory for annual periods beginning on or after 1 January 2018. Utilizing a highly interactive format, this course provides a comprehensive overview of the effects that the current and impending standards have on the financial statements of financial institutions.

The theory of the standards is demonstrated with numerous illustrative examples, complemented by application of the standards in an interactive group environment utilizing case studies, model and real-world financial statements and practical exercises.

Registration fee for this unique event includes:

  • 5 days of formal tuition by some of our most senior instructors
  • Full set of course materials (including case studies, illustrations and examples)
  • Lunch and refreshments on every teaching day

Topics

  • Introduction to IFRSs
    • IFRS and the IASB structure
    • Overview and organization of the standards
    • IFRS Conceptual Framework
    • IFRS financial statements (overview)
    • Concept of ‘other comprehensive income’
    • Time value of money
    • IFRS 13 Fair Value Measurement
  • Non-Financial Assets
    • IAS 16 Property, Plant and Equipment
    • IAS 23 Borrowing Costs
    • IAS 38 Intangible Assets
    • IAS 40 Investment Property
    • IAS 36 Impairment of Assets
  • Non-Financial Liabilities
    • IAS 37 Provisions, Contingent Liabilities, and Contingent Assets
    • IAS 17 (and IFRS 16 effective 2019) Leases
  • Financial Statements
    • IAS 1 Presentation of Financial Statements
    • IAS 7 Statement of Cash Flows
    • IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
    • IAS 10 Events after the Reporting Period
    • IAS 33 Earnings per Share
    • IAS 34 Interim Financial Reporting
    • IFRS 8 Operating Segments
  • IAS 18 (and IFRS 15, effective 2018) Revenue
  • Financial Instruments
    • Overview of Financial Instruments (IAS 39 and IFRS 9)
      • Re-cap of classification and reclassification of financial instruments in IAS 39
      • IFRS 9 Solely Payments of Principal (SPPI) and Business Models Criteria
      • The ‘fair value option’
      • Initial and subsequent measurement
      • Derivatives and embedded derivatives (IAS 39 versus IFRS 9)
      • Calculation of effective interest rates and application of the effective interest method under various scenarios
      • Repossessed assets
      • Loan fees and origination costs
      • Financial guarantees and loan commitments
      • Derecognition of financial instruments
      • Comparison of the ‘incurred loss model’ in IAS 39 to the expected loss model in IFRS 9’
      • Application of IFRS 9 expected credit loss model
      • IAS 39 hedge accounting and related issues
      • IFRS 9 hedge accounting model
      • Transition requirements
      • Update on the Discussion Paper regarding macro hedging
    • IAS 32 Financial Instruments: Presentation
      • Distinguishing between financial liabilities and equity transactions
      • Offsetting financial assets and financial liabilities
    • IFRS 7 Financial Instruments: Disclosures
  • IAS 21 The Effects of Changes in Foreign Exchange Rates

Teaching method

  • Live group instruction
  • Class discussions lead by IFRS experts with extensive experience with financial institutions
  • Description and explanation of IFRS technical requirements in clear and simple language, with an emphasis on accounting for financial instruments and other standards most relevant to financial institutions
  • PowerPoint presentations, supplemented with examples, calculations, and interactive discussions
  • Short exercises or cases for each significant standard to provide hands-on application practice
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Prerequisites

Some familiarity with financial reporting for banks or other financial institutions under IFRS or similar national GAAPs. No advance preparation is required for this course.

Course benefits

  • Prepare and understand IFRS financial statements, including statement of financial position, statement of profit or loss and other comprehensive income, statement of cash flows, statement of changes in equity and the notes to the financial statements
  • Comply with the extensive IFRS disclosure requirements, including accounting policies and changes in accounting policies, earnings per share, related parties, operating segments, and the qualitative and quantitative disclosures for financial instruments
  • Apply the IFRS requirements for recognition and measurement of assets, liabilities, revenues, expenses, gains and losses
  • Calculate impairment of loans and other financial assets in accordance with IAS 39 and  IFRS 9, as well as impairment of non-financial assets using the ‘cash-generating units’ approach in accordance with IAS 36
  • Differentiate between finance and operating leases and obtain an overview of IFRS 16 lease accounting model
  • Classify and measure financial assets according to the four categories defined in IAS 39 and the three general categories defined in IFRS 9
  • Calculate the effective interest rates for various financial instruments common to the banking industry and apply the effective interest method for recognition of interest income and expense
  • Differentiate embedded derivatives between those that must be accounted separately and those that do not require separation from their host instruments under IAS 39 and IFRS 9
  • Apply the IFRS requirements for hedge accounting, repossessed assets, loan commitments, loan fees, and financial guarantees
  • Plan for changes in accounting and disclosure requirements brought about by IFRS 9, effective in 2018

Testimonials

See what past participants said about this course:

As usual, the course was helpful in providing the much needed guidance for the implementation of IFRS9. The instructor is highly experienced and gives real life practical examples to put his explanation into perspective. The exercises were relevant and to-the-point and provide a good summary of the learning points.

Omar Mboob, Head of Finance, Trust Bank Limited, Gambia

Who should attend?

  • Financial accountants and management accountants in the financial services sector seeking in-depth knowledge of all accounting standards and interpretations most relevant to the industry
  • Accounting staff and management of banks and other financial institutions that are adopting IFRS for the first time or have already adopted IFRS and want to solidify their understanding of the accounting and reporting requirements
  • Internal and external auditors of entities in the financial services sector reporting under IFRS
  • Staff and management of Central Banks, Deposit Insurance Entities, and other agencies with regulatory responsibility in the financial services sector
  • Financial analysts seeking to improve their understanding of the accounting and disclosures by banks and other financial institutions

CPE / CPD Accreditation

NASBA

IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. 


Field of study: Accounting

ICAEW Partner in Learning

IASeminars is proud to have been named as an ICAEW Partner in Learning, working together to offer the ICAEW IFRS Certificate to our clients worldwide. ICAEW (The Institute of Chartered Accountants in England and Wales) is a world leading professional membership organisation that promotes, develops and supports over 145,000 chartered accountants worldwide. CPE certificates obtained from attending IASeminars courses are an ideal way for ICAEW members and others to demonstrate their continuing professional development, provided that the topic is relevant to their learning and development needs.

New York State Board of Public Accountancy

IASeminars is registered with the New York State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: 002546. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

Texas State Board of Public Accountancy

IASeminars is registered with the Texas State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: 009689. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

Venue

  • Our London seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.

Instructor(s)

  • Saket Modi

    Saket Modi is a London-based financial trainer and consultant with over 15 years of professional experience. He specialises in delivering courses on advanced accounting, financial reporting and financial analysis topics, particularly with regards to International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), financial instruments and corporate finance. Saket has spent considerable time working, advising and training on complex IFRS matters - especially in relation to recognition and measurement of financial instruments. He has gained valuable experience working with both FTSE listed companies and also with Big 4 accounting firms. He has designed and facilitated workshops for banks and other financial institutions and also for corporates in the UK, Europe, Africa, Middle East and Asia, and was invited by the International Auditing and Assurance Standards Board® (IAASB®) to present a paper on IFRS 9 Financial Instruments at their board meeting in New York. Saket is a member of the Institute of Chartered Accountants of India, has completed the IFRS certificate course offered by the Institute of Chartered Accountants in England and Wales (ICAEW) and also holds the Diploma in IPSAS from the Chartered Institute of Public Finance and Accountancy (CIPFA). As well as being a qualified accountant, Saket is also a CFA® charterholder.

In House

To bring this course in-house please contact us and we will be pleased to assist

Course details

Course schedule

Select a start date for more details

23 Oct 2017 London

Course level:
Overview
CPE / CPD:
40 Hours
Start date:
23 Oct 2017
Start time:
09:00
Finish date:
27 Oct 2017
Finish time:
18:00
Location:
London
Price:
GBP 3,950
Subject to UK VAT (Read more)
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