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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This two-day IFRS Technical Update course has been specifically developed to bring experienced preparers and users of IFRS financial statements up-to-date with recent developments. Course content includes coverage of newly effective and newly issued IFRSs and Interpretations, 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 program provides answers to questions such as:

• What are the recent and likely future changes to IFRSs?

• 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 IFRSs. No advance preparation is required for this course.

Course Level

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Update

Topics

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• The course covers those pronouncements, which have to be applied in the 2012 financial statements (or in the statements for later periods) for the first time.
• Overview of recent new issuances and amendments to IASB Standards:
• Issued in 2009
• IFRS 9 Financial Instruments: Classification and Measurement (November 2009, effective January 2015)
• Issued in 2010
• Amendments to IFRS 7: Financial Instruments: Disclosures – Transfers of Financial Assets (October 2010, effective July 2011)
• Amendments to IFRS 1: Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (December 2010, effective July 2011)
• Amendments to IAS 12: Deferred Tax: Recovery of Underlying Assets (December 2010, effective January 2012)
• Issued in 2011
• Amendments to IAS 1 Presentation of Items of Other Comprehensive Income (June 2011, effective July 2012)
• IAS 19 Employee Benefits (June 2011, effective January 2013)
• IFRS 10 Consolidated Financial Statements (May 2011, effective January 2013)
• IFRS 11 Joint Arrangements (May 2011, effective January 2013)
• IFRS 12 Disclosure of Interests in Other Entities (May 2011, effective, January 2013)
• IFRS 13 Fair Value Measurement (May 2011, effective January 2013)
• IAS 27 Separate Financial Statements 2011 (May 2011, effective January 2013)
• IAS 28 Investments in Associates and Joint Ventures 2011 (May 2011, effective January 2013)
• Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities (December 2011, effective January 2014)
• Amendments to IFRS 7 Disclosures – Offsetting Financial Assets and Financial Liabilities (December 2011, effective January 2013)
• Amendments to IFRS 9 and IFRS 7 – Mandatory Effective Date and Transition Disclosures (December 2011, with different effective dates )
• Issued in 2012
• Amendments to IFRS 1: Government Loans (March 2012, effective January 2013)
• Annual Improvements – 2009 -2011 Cycle (May 2012, effective January 2013)
• Amendments to IFRS 10, IFRS 11 and IFRS 12: Transition Guidance (June 2012, effective January 2013)
• Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) (October 2012, effective January 2014)
• Overview of recent IFRS Interpretations Committee pronouncements:
• IFRIC 20: Stripping Costs in the Production Phase of a Surface Mine (October 2011, effective January 2013)
• Overview of IASB deliberations on outstanding Exposure Drafts:
• Financial Instruments: Expected Credit Losses (March 2013)
• Revenue from Contracts with Customers (revised ED November 2011)
• Insurance Contracts (July 2010)
• Leases (August 2010)
• Hedge Accounting (December 2010)
• Annual Improvements – 2010-2012 Cycle (May 2012)
• Annual Improvements – 2011-2013 Cycle (November 2012)
• Financial Instruments: Classification and Measurement: Limited Amendments to IFRS 9 (November 2012)
• Update on IASB Work Plan
• Update on other projects and IFRS Interpretations Committee’s deliberations

Course Benefits

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

Teaching Method

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• Live group instruction, cases, examples, group work, open discussions
• Description and explanation of changes in IFRSs, 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

Bring This Course In House

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

Continuing Professional Education (CPE)

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16 hours

Venue

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All of our Toronto 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..