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 program 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 2008:
• 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)
• Issued in 2009:
• Improvements to IFRSs 2009 – Amendments to 12 IFRSs (April 2009, effective January 2010)
• 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)
• IFRS for Small and Medium-sized Entities (SMEs) (July 2009, effective upon issuance)
• Amendment to IAS 32 – Classification of Rights Issues (October 2009, effective February 2010)
• Amendments to IAS 24 – Related Party Disclosures (November 2009, effective January 2011)
• IFRS 9 Financial Instruments: Classification and Measurement (November 2009, effective January 2013)
• Issued in 2010
• Improvements to IFRSs 2010 (May 2010, effective January 2011)
• Overview of Recent New IFRIC Issuances and Amendments, including:
• 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)
• IFRIC 19: Extinguishing Financial Liabilities with Equity Instruments (November 2009, effective July 2010)
• Amendment to IFRIC 14 – Prepayments of a Minimum Funding Requirement (November 2009, effective January 2011)
• Overview of Most Recent IASB Deliberations on Currently Outstanding Exposure Drafts:
• 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)
• Consolidated Financial Statements (December 2008)
• De-recognition of Financial Instruments (March 2009)
• Fair Value Measurement (May 2009)
• Management Commentary (June 2009)
• Rate-regulated Activities (July 2009)
• Financial Instruments: Amortised Cost and Impairment (November 2009)
• Measurement of Liabilities in IAS 37 (January 2010)
• Conceptual Framework – The Reporting Entity (March 2010)
• Defined Benefit Plans – Proposed Amendments to IAS 19 (April 2010)
• Fair Value Option for Financial Liabilities (May 2010)
• Presentation of Items of Other Comprehensive Income – Limited amendments to IAS 1 (May 2010)
• Revenue from Contracts with Customers (June 2010)
• Measurement Uncertainty Analysis – Disclosure for Fair Value Measurements (June 2010)
• Insurance Contracts (July 2010)
• Leases (August 2010)
• Removal of Fixed Dates for First-time Adopters – Proposes Amendments to IFRS 1 (August 2010)
• Discussion Papers
• Financial Instruments with Characteristics of Equity (February 2008)
• Presentation of Financial Statements (October 2008)
• Extractive Industries (April 2010)
• Other outstanding Discussion Papers
• Update on IFRIC deliberations
• Update on Other Projects and IASB Work Program

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 Calgary 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 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 finalized in the run-up to the course in order to be as current as possible.

The course covers the following new Standards, Interpretations and amendments to existing Standards (includes those effective 2010 or later):

• 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)
• Amendments to IFRS 1 – Additional Exemptions for First-time Adopters (July 2009, effective January 2010)
• Amended IFRS 2 Share-based Payment – Group Cash-settled Transactions (June 2009, effective January 2010)
• Improvements to 12 IFRSs (April 2009, effective January 2010)
• Amendments to IAS 24 – Related Party Transactions (November 2009, effective January 2011
• New Standard – IFRS 9 Financial Instruments: Classification and Measurement (November 2009, effective 2013)
• Improvements to 7 IFRSs (May 2010, effective January 2011)
• 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)
• IFRIC 19: Extinguishing Financial Liabilities with Equity Instruments (November 2009, effective July 2010) )
• IFRS for Small and Medium-sized Entities (SMEs) (July 2009, effective when jurisdictions choose to adopt)
• Amendment to IFRIC 14 – Prepayments of a Minimum Funding Requirement (November 2009, effective January 2011)

The program 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.

			CFA Institute has approved this program for 14 credit hours. Please use promotion code "CFACPE" when booking, to ensure that CE credit for your participation will be automatically recorded in your CE Diary.
			The American Institute of Certified Public Accountants has teamed up with IASeminars to offer CPAs and other financial professionals a comprehensive range of IFRS training solutions.