Course detail

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Contents

• Introduction
• Prerequisites
  
• Course Level
  
• Topics
  
• Course Benefits
  
• Teaching Method
  
• Continuing Professional Education
  
• Venue
  
  

Introduction

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Our two-day IFRS Technical Update course has been specifically developed to bring experienced preparers and users of IFRS financial statements up-to-date with developments that have occurred or become effective within 12 months. Course content includes coverage of newly effective and newly issued IFRSs and IFRICs, recent amendments to existing standards and interpretations, Exposure Drafts and other recent developments. Implementation issues are discussed, and clear guidance is provided using practical examples.

This programme provides answers to questions such as:

• What are the recent and likely future changes relating to IFRS?

• When must they be applied?

• What are the transitional provisions?

• How do the new requirements differ from current rules?

• What are the financial statement and performance reporting implications?

Prerequisites

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A reasonable prior knowledge of the technical requirements of IFRS. No advance preparation is required for this course.

Course Level

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Update

Topics

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• Overview of Recent New Issuances and Amendments to IASB Standards, including those:
• Issued in 2007 or earlier, and effective in 2009:
• IFRS 8: Operating Segments (December 2006, effective January 2009)
• Amendment to IAS 23 Borrowing Costs (March 2007, effective January 2009)
• Revised IAS 1 Presentation of Financial Statements – comprehensive income (September 2007, effective January 2009)
• Issued in 2008 and effective in 2009 or earlier:
• Revised IFRS 3 Business Combinations (January 2008, effective July 2009)
• Consequential amendments to IAS 27 Consolidated and Separate Financial Statements, IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures (January 2008, effective July 2009)
• Amendment to IFRS 2 Share-based Payment, relating to vesting conditions and cancellations (January 2008, effective January 2009)
• Amendment to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements, relating to puttable instruments and obligations arising on liquidation (February 2008, effective January 2009)
• Annual Improvements Project for 2008 - Amendments to 20 IFRSs (May 2008, effective 2009)
• Amendment to IFRS 1 First-time Adoption of IFRS and IAS 27 Separate and Consolidated Financial Statements, relating to cost of an investment on first-time adoption (May 2008, effective January 2009)
• Amendment to IAS 39 Financial Instruments: Recognition and Measurement – Eligible Hedged Items (July 2008, effective July 2009)
• Amendment to IAS 39 for Reclassification of Financial Assets (October 2008, effective July 2008)
• Issued in 2009:
• Amendment to IFRS 7: Improving Disclosures about Financial Instruments (March 2009, effective January 2009)
• Improvements to IFRSs 2009 – Amendments to 12 IFRSs (April 2009, effective January 2010)
• Amendments to IFRIC 9 and IAS 39: Embedded Derivatives on Reclassification (March 2009, effective June 2009)
• Amendment to IFRS 2 and withdrawal of IFRICs 8 and 11: Group Cash-settled Share-based Payment Transactions (June 2009, effective January 2010 and applied retrospectively)
• Amendment to IFRS 1 – Additional Exemptions for First-time Adopters (July 2009, effective January 2010)
• Amendment to IAS 32 – classification of Rights Issues (October 2009, effective February 2010)
• Amendments to IAS 24 – Related Party Transactions (November 2009, effective January 2011)
• IFRS 9 – Financial Instruments: Classification and Measurement (November 2009, effective January 2013)
• IFRS for Small and Medium-sized Entities (SMEs) (July 2009, effective upon issuance)
• Overview of Recent New IFRICs and Amendments, including:
• IFRIC 15: Agreements for the Construction of Real Estate (July 2008, effective January 2009)
• IFRIC 16: Hedges of a Net Investment in a Foreign Operation (July 2008, effective October 2008)
• IFRIC 17: Distribution of Non-cash Assets to Owners (November 2008, effective July 2009)
• IFRIC 18: Transfers of Assets from Customers (January 2009, effective July 2009)
• Overview of Most Recent IASB Deliberations on Currently Outstanding Exposure Drafts:
• Provisions/Non-current Liabilities and Contingent Assets and IAS 19 Employee Benefits (June 2005)
• ED 9 Joint Arrangements (September 2007)
• Simplifying Earnings per Share (August 2008)
• Proposed Amendments to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (September 2008)
• ED 10 Consolidated Financial Statements (December 2008)
• Relationships with the State (Proposed amendments to IAS 24) (December 2008)
• Income Tax (Proposed replacement of IAS 12) (March 2009)
• Derecognition (Proposed amendments to IAS 39 and IFRS 7) (March 2009)
• Proposed Amendments to IFRIC 14 and IAS 19 (May 2009)
• Fair Value Measurement (May 2009)
• Management Commentary (June 2009)
• Rate-regulated Activities (July 2009)
• Draft D 25 IFRIC Interpretation: Extinguishing Financial Liabilities with Equity Instruments (August 2009)
• Financial Instruments: Amortised Cost and Impairment (November 2009)
• Discussion Papers
• Financial Instruments with Characteristics of Equity (February 2008)
• Reducing Complexity in Reporting Financial Instruments (March 2008)
• Preliminary Views on Amendments to IAS 19 Employee Benefits (March 2008)
• Preliminary Views on the Reporting Entity Concept (May 2008)
• Presentation of Financial Statements (October 2008)
• Preliminary View on Revenue Recognition in Contracts with Customers (December 2008)
• Leases - Preliminary Views (March 2009)
• Credit Risk in Liability Measurement (June 2009)
• Other outstanding Discussion Papers
• Update on IFRIC deliberations
• Update on Other Projects and IASB Work Programme

Course Benefits

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• Build on existing knowledge and be ready for compliance with the changing world of IFRS
• Understand the plethora of recent changes to IFRS requirements
• Learn to apply the latest developments, including those affecting first-time adoption of IFRS
• Network and interact with other experienced IFRS practitioners
• Benefit from real-world illustrations and examples
• Plan ahead for expected future IFRS changes

Teaching Method

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• Live group instruction
• Description and explanation of changes in IFRS, including implementation requirements and transitional rules
• Use of illustrative IFRS financial statements and worked examples
• Interactive participation is encouraged
• All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Continuing Professional Education (CPE)

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16 hours

Venue

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All of our Riyadh seminars take place in 4 star professional conference facilities, usually in city-centre downtown 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.

Course Summary

This IASeminars training course is an ideal way to prepare for the IFRS Certificate offered by The Institute of Chartered Accountants in England and Wales (ICAEW), and complements our Course 1100: Exam Preparation and Review Course - ICAEW IFRS Certificate which is scheduled in many locations worldwide.

This two-day course brings delegates up-to-date with IFRSs and IFRICs that were issued, amended or become effective within 12 months, and presents information on other recent and impending pronouncements. Topics to be covered are finalised in the run-up to the course in order to be as current as possible. The course covers the following new Standards, Interpretations and final Amendments to existing Standards (includes those effective 2009 or later): IFRS 8 Operating Segments (December 2006, effective January 2009) | Amendment to IAS 23 Borrowing Costs (March 2007, effective January 2009) | Revised IAS 1 Presentation of Financial Statements – comprehensive income (September 2007, effective January 2009) | Revised IFRS 3 Business Combinations (January 2008, effective July 2009 | Consequential amendments to IAS 27 Consolidated and Separate Financial Statements, IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures (January 2008, effective July 2009) | Revised IFRS 2 Share-based Payment (January 2008, effective January 2009) | Amendment to IAS 32 Financial Instruments: Presentation, relating to puttable instruments and obligations arising on liquidation (February 2008, effective January 2009) | Annual Improvements Project 2008 - Amendments to 20 IFRSs (May 2008) | Amendment to IFRS 1 First-time Adoption of IFRS and IAS 27 Separate and Consolidated Financial Statements, relating to cost of an investment on first-time adoption (May 2008, effective January 2009) | IFRIC 15: Agreements for the Construction of Real Estate (July 2008, effective January 2009) | IFRIC 16: Hedges of a Net Investment in a Foreign Operation (July 2008, effective October 2008) | Amendment to IAS 39 Financial Instruments: Recognition and Measurement – Eligible Hedged Items (July 2008, effective July 2009) | Amendment to IAS 39 for Reclassification of Financial Assets (October 2008, effective July 2008) | Amendment to IFRS 7: Improving Disclosures about Financial Instruments (March 2009, effective January 2009) | IFRIC 17: Distribution of Non-cash Assets to Owners (November 2008, effective July 2009) | IFRIC 18: Transfers of Assets from Customers (January 2009, effective July 2009) | Amendments to IFRIC 9 and IAS 39: Embedded Derivatives on Reclassification (March 2009, effective June 2009) | Amendment to IFRS 2 and withdrawal of IFRICs 8 and 11: Group Cash-settled Share-based Payment Transactions (June 2009, effective January 2010 and applied retrospectively) | IFRS for Small and Medium-sized Entities (SMEs) (July 2009) | IAS 24 Related Party Disclosures (November 2009, effective January 2011) | IFRS 9 Financial Instruments: Classification and Measurement (November 2009, effective January 2013).

The programme also includes a progress report on current Exposure Drafts, Discussion Papers and ongoing IASB projects. Our expert instructors provide an update on IFRIC deliberations, IASB future projects, and the status of US GAAP and other GAAP convergence projects.