Course detail

E-mail a friend with details of this course.
Download a printable pdf of this page.

Contents

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

Introduction

Go To Top

Using the most recently updated AcSB’s timetable for convergence, this program includes an overview of IFRS with an emphasis on the current differences between Canadian GAAP and IFRS. Our expert instructors also provide a comprehensive review of IFRS 1 First-time Adoption of International Financial Reporting Standards, helping delegates to understand the more complex issues facing first-time adopters. For example, entities adopting IFRS for the first time must apply the IFRSs that are applicable on their balance sheet date in order to both prepare their current financial statements and to retrospectively restate their comparative period financial statements. Restatement requires an IFRS balance sheet as of the beginning of the comparative period, which may involve recognizing new assets and liabilities, de-recognizing some assets and liabilities that were recognized under previous GAAP, and reclassifying and remeasuring various assets and liabilities. There are exceptions to the general principle of retrospective restatement, some of which are available as options, whereas others are mandatory. This valuable program includes discussion of real-world experiences in transitioning to IFRS and answers to implementation questions.

The course also includes an interactive case study, using recent financial statements prepared under Canadian Generally Accepted Accounting Principles, to identify IFRS 1 choices to be made upon conversion, as well as IFRS/Canadian GAAP differences. This process includes discussion of the costs involved in making various choices and in the conversion process, including the systems requirements, management teams, financial effects (covenants, other key performance indicators of interest to users), and the magnitude of required disclosures both on first-time adoption and going forward once full IFRS has been implemented. The workshop also illustrates the technical implications of the rules for first-time adoption of IFRS and enables participants to visualize what the road to conversion will involve in their own enterprises.

The program answers questions such as:

• What are the major technical differences between Canadian GAAP and IFRS?

• In what areas are policy options available and how do they affect short-term and long-term reported results?

• What are the timing, transition, recognition, measurement, presentation, and disclosure requirements of IFRS 1?

• How is the impact of first-time adoption of IFRS communicated to stakeholders?

• How can the costs and benefits of various courses of action be determined?

• In what ways will systems require modification in order to implement IFRS and what are the components of an effective implementation plan?

• What are the most common pitfalls that occur during transition to IFRS and how can they be avoided?

Prerequisites

Go To Top

Basic understanding of Canadian GAAP and preliminary knowledge of IFRS.
No advance preparation is required for this course.

Course Level

Go To Top

Overview

Topics

Go To Top

• Canadian GAAP vs. IFRS
• Conceptual framework
• Financial statement presentation and disclosure
• Property, plant and equipment
• Borrowing costs
• Investment property
• Intangible assets
• Impairment
• Provisions & contingencies
• Asset retirement obligations
• Revenue recognition
• Related party disclosures
• Interim reporting
• Income tax
• Other critical technical differences
• Convergence Issues
• Prospects and timetable for convergence of Canadian GAAP to IFRS
• Update on the AcSB’s Strategic Plan for the Direction of Accounting Standards
• Status of various Exposure Drafts
• Transition to IFRS
• General principles of IFRS 1
• Recognition and measurement
• Opening IFRS balance sheet
• Retrospective approach and exceptions
• Strategies for the use of optional exemptions from other IFRSs
• Business combinations
• Fair value or revaluation as deemed cost
• Employee benefits
• Cumulative translation differences
• Compound financial instruments
• Investments in subsidiaries, jointly controlled entities and associates at deemed cost
• Assets and liabilities of subsidiaries, associates and joint ventures
• Designation of previously recognized financial instruments
• Share-based payment transactions
• Insurance contracts
• Decommissioning liabilities included in the cost of property, plant and equipment (IFRIC 1)
• Leases – rights of use (IFRIC 4)
• Fair value measurement of financial assets or financial liabilities at initial recognition
• Service concession arrangements
• Borrowing costs
• Mandatory exceptions
• De-recognition of financial assets and financial liabilities
• Hedge accounting
• Use of estimates
• Non-controlling interests
• Presentation and Disclosure Requirements
• Specific Issues
• Accounting policy selection
• Fair value measurements at the date of transition to IFRS (market values, fair values, discounted cash flow, etc.)
• Impairment testing at the transition date (goodwill testing)
• Consolidations, associates & joint ventures
• Preparing the initial comparative IFRS financial statements
• Requirements for the use of hedge accounting
• Reporting liabilities (deferred tax, provisions, leases, pensions, etc.)
• Press releases and interim reporting
• 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)
• Managing the IFRS Transition Process
• Key considerations
• IFRS environment
• Timing
• Regulatory decisions
• Examples
• Learning from the past
• Studies and surveys
• The EU experience
• The conversion process
• Phase 1 Assessment
• Phase 2 Planning
• Phase 3 Implementation and testing
• Phase 4 Closure
• Practical considerations and examples

Course Benefits

Go To Top

• Appreciate the major technical differences between Canadian GAAP and IFRS requirements
• Evaluate the impact of these differences through the use of real-world and model financial statements
• Implement the IFRS recognition and measurement rules for assets, liabilities, revenues and expenses, gains and losses
• Gain insight into the strategic implications of converting to IFRS
• Apply the complex requirements of IFRS 1
• Understand the available policy options and their short-term and long-term consequences
• Communicate the impact of first-time adoption to stakeholders
• Discern the costs and benefits of various courses of action
• Implement practical strategies for managing the transition to IFRS and avoid common pitfalls
• Determine the system modifications and other changes that will be required in order to implement IFRS
• Gain the understanding required to develop an effective implementation plan for your company

Teaching Method

Go To Top

• Live group instruction by expert instructors
• Description and explanation of IFRS technical requirements in clear and simple language
• Presentation and comparison of current and likely future critical technical differences between accounting principles under IFRS and Canadian GAAP
• Extensive use of case studies and real-world examples to illustrate practical application of the standards
• 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)

Go To Top

24 hours

Venue

Go To Top

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.