Due to the recent decision that Canadian Publicly Accountable Enterprises (including all publicly listed companies) will need to adopt IFRS by 2011, IASeminars is now offering a wide range of IFRS courses in a number of major Canadian cities.
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For example, IASeminars has launched a special course designed to help Canadian corporations with the transition to IFRS, which includes a review of major IFRS / Canadian GAAP differences:
Course 1550: IFRS Transition for Canadian Corporations (3-day course)
IASeminars is pleased to be offering these courses in collaboration with
RSM Richter.
With offices in Montreal, Toronto and Calgary, RSM Richter is one of Canada's top accounting and business advisory services firms. RSM Richter can assist Canadian companies with planning and completing their successful transition to International Financial Reporting Standards.
Sponsor: PTC Accounting & Finance is a specialized niche staffing service for all levels of accounting and finance professionals. We provide top talent for short- and long-term contract positions, time bound project work and specialized accounting assignments and we have the skilled resources you need to drive your IFRS projects when you need them. Our assignments include IFRS initiatives, Controllers, Assistant Controllers, SOX Specialists, Cost Accountants, CFOs, Auditors, Taxation, Treasury, Project Accountants, Junior to Senior Accountants and much more. For more information on PTC, please visit the PTC Website.
The two articles below provide additional details on the Canadian convergence with IFRS, including background information and guidelines for adopting IFRS.
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1000: IFRS Comprehensive Workshop (8-day course)
This eight-day comprehensive workshop focuses on all significant IFRS requirements, with detailed explanations and examples presented by two expert instructors. The programme includes the latest pronouncements, and participants will be brought up-to-date on all topics.
Through the use of case studies, exercises, and SIC & IFRIC Interpretations, the workshop covers: A brief history of IFRS | The GAAP hierarchy (explanation & application) | Balance sheet format and contents | Income statement presentation and specific disclosures (earnings per share, segment reporting, discontinued operations, related parties, accounting policies, discontinued operations) | Cash flow statements | Statement of shareholders’ equity (including presentation alternatives) | Interim reporting | Recognition and measurement of assets (property, plant & equipment, intangible assets, inventories, investment property) including the accounting treatment of impairment and assets held for sale | Interest capitalisation | Accounting estimates and errors | Revenue recognition | Changes in accounting policy | Provisions/non-financial liabilities (including those for employee benefits) and other liabilities | Contingencies (identification & disclosure) | Share-based payment | Leases | Current and deferred taxes | Investments in associates and joint ventures | Business combinations and consolidated financial statements, including special purpose entities | Construction contracts | Financial instruments, including the treatment of derivatives & hedge accounting | Foreign currency transactions and financial statement translation | Events after the balance sheet date | Hyperinflation | Government grants | Brief overview of industry-specific standards (agriculture, insurance, oil & gas, employee benefit plan providers) | First-time adoption of IFRS | Discussion of future developments (Exposure Drafts, Draft Interpretations, Discussion Papers, IASB & IFRIC projects and agenda, convergence plans with major national GAAPs).
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1010: IFRS Immersion (4-day course)
This four-day course provides a detailed step-by-step guide through the technical issues faced in producing IFRS financial statements. It is designed as an extended version of Course 1030: IFRS ...
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1010: IFRS Immersion (4-day course)
This four-day course provides a detailed step-by-step guide through the technical issues faced in producing IFRS financial statements. It is designed as an extended version of Course 1030: IFRS Overview (2-day course). Delegates may also wish to consider the more expanded Course 1000: IFRS Comprehensive Workshop (8-day course).
The programme covers, through the use of case studies and exercises: Income statement presentation and specific disclosures (revenue recognition, earnings per share, segment reporting, discontinued operations, related parties, accounting policies) | Cash flow statements | Recognition and measurement of assets (property, plant & equipment, intangible assets, inventories, investment property) including the accounting treatment of impairment and assets held for sale | Interest capitalisation | Accounting estimates and errors | Provisions/non-financial liabilities (including those for employee benefits) and other liabilities | Leases | Current and deferred taxes | Investments in associates and joint ventures | Business combinations and consolidated financial statements, including special purpose entities | Financial instruments, including the treatment of derivatives & hedge accounting | Foreign currency transactions and financial statement translation | Events after the balance sheet date | First-time adoption of IFRS | Brief comparisons with other major GAAP (e.g. US & UK GAAP) and discussion of future developments (Exposure Drafts, Draft Interpretations, Discussion Papers, IASB projects and agenda).
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1080: IFRS Technical Update
This one-day course brings delegates up-to-date with IFRSs and IFRICs that were issued, amended or became effective within 12 months and presents information on other recent and impending pronou...
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1080: IFRS Technical Update
This one-day course brings delegates up-to-date with IFRSs and IFRICs that were issued, amended or became 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 2008 or later): IFRIC 12 Service Concession Arrangements (December 2006, effective January 2008) | IFRS 8 Operating Segments (December 2006, effective January 2009) | Amendment to IAS 23 Borrowing Costs (March 2007, effective January 2009) | IFRIC 13 Customer Loyalty Programmes (June 2007, effective July 2008) | IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (July 2007, effective January 2008) | Revised IAS 1 Presentation of Financial Statements – comprehensive income (September 2007, effective January 2009) | Revised IFRS 3 Business Combinations (January 2008, effective July 2009) | Revised IAS 27 Consolidated and Separate Financial Statements (January 2008, effective July 2009) | Consequential amendments to 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 for 2007 - 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).
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.
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1210: IFRS and US GAAP Accounting for Derivatives and Hedging (2-day course)
This two-day course provides a comprehensive view of the most important accounting and reporting requirements for derivatives and hedging activities under US GAAP (FAS 133) and IFRS (IAS 39 and IFRS 7). Course topics, presented through model journal entries, financial statement disclosures, case studies, and real-world examples, include: Reporting and control environment | Key players in the industry | Financial instruments used in hedging | Dangers of misusing derivatives | Importance of internal controls | Designing an effective hedge (identifying the hedged risk, selecting the hedging instrument, assessment of hedge effectiveness, documentation and disclosure) | Testing hedge effectiveness (critical terms analysis, statistical methods, cumulative dollar offset method, short-cut method) | Hedge accounting (purpose of hedge accounting, qualifying for hedge accounting, benefits and costs, alternatives to hedge accounting) | Hedge classification (fair value hedges of an existing asset or liability, firm commitments) (cash flow hedges of an existing asset or liability, forecasted transactions) | Applying hedge accounting (fair value hedge of an investment, fair value hedge of inventory, fair value hedge of a firm commitment, cash flow hedge of a forecasted transaction, accounting for hedge ineffectiveness, accounting for a discontinued hedge) | Interest rate swaps (economics of interest rate swaps, floating to fixed rate swaps, fixed to floating rate swaps, qualifying for the short-cut method, basis swaps) | Hedging interest rate risk (role of duration in hedging, interest rate futures and options, cash flow hedges of anticipated transactions, assessing hedge effectiveness, interest rate hedging strategies) | Foreign exchange hedges (fair value hedges of assets and liabilities, cash flow hedges of assets and liabilities, accounting for hedge ineffectiveness, foreign exchange hedging strategies, net investment hedges of foreign operations) | Embedded derivatives (definition, identifying and valuing hybrid instruments, 'clearly-and-closely related' criteria, determining if bifurcation is necessary, dominant economic component tests) | Required journal entries | Disclosures and notes to the financial statements | Comparisons between US GAAP and IFRS | Latest developments (the Fair Value Option, Amendment to IAS 39 on eligible hedged items, US GAAP Statement 133 Implementation Issues, Fair Value Measurement - IASB Discussion Paper and US GAAP Statement 157, FAS 161 Disclosures about Derivative Instruments and Hedging Activities, Overview of the IASB Discussion Paper (March 2008) on reducing complexity in reporting financial instruments, FASB Exposure Draft (June 2008): Accounting for Hedging Activities - an Amendment of FASB Statement 133, and other emerging issues).
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1220: IFRS Accounting for Foreign Currency Transactions
This one-day course provides an in-depth review of the accounting and disclosure requirements for foreign currency transactions under IAS 21 The Effects of Changes in Foreign Exchange Rates. Our expert instructors explain and illustrate the technical and practical issues arising when accounting for purchase and sale transactions expressed in foreign currencies and using a multi-currency system. Course coverage includes: A review of IAS 21 | Determining the functional currency of an entity | Change in functional currency | Reporting foreign exchange transactions in the functional currency | Analysis of monetary and non-monetary items | Determining the exchange rate | Initial and subsequent measurement of foreign currency transactions | Recognition of exchange differences | Interrelationship between IAS 21 and IAS 39 | Overview of foreign currency markets and trends | Hedging foreign currency risk | IFRIC 16 Hedges of a Net Investment in a Foreign Operation.
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1225: IFRS and US GAAP Fair Value Accounting (2-day course)
This two-day course explores the measurement of fair value and the impact of the 'Fair Value Option' under both IFRS and US GAAP. The programme covers, through the use of examples and case studies: Fair value measurement | New definition of fair value | Fair value hierarchy | Market participant assumptions | Various risks affecting fair value measurements | Measurement of assets and liabilities | Valuation techniques (market-based and non-market based) | Disclosures | Transitional rules | Impact of fair value measurement rules in key areas including: Business combinations and intangibles; Nonmonetary transactions; Long-lived assets held for sale; Pensions and other postretirement benefits; Financial instruments; Asset retirement obligations; Revenue; Impairment testing; Provisions and other liabilities | Fair Value Option for financial instruments | Current status of the IASB Discussion Paper on fair value measurement | Current status of the IASB Exposure Draft on provisions.
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1260: IFRS Accounting for Taxes, Provisions, Contingencies & Financial Liabilities (2-day course)
This two-day course provides a comprehensive review of IFRS requirements for recognition, measurement and disclosure of liabilities. Course topics, presented through the use of exercises, illustrative financial statements, and case studies, include: Provisions | Contingencies | Criteria for liability recognition | Identifying ‘obligating events’ | Determining probability and amount of payment | Present value | Dealing with risks and uncertainties | Commitments | Third-party reimbursements | Changes in contingent liabilities or provisions | Provisions for restructuring, including rules for restructuring associated with a business combination | Asset retirement obligations | Warranties and other sales-related obligations | Refunds and allowances | Events after the balance sheet date | Financial liabilities | Distinguishing debt from equity | Classification of compound instruments | Offsetting assets and liabilities | Off-balance sheet debt | Recognition and derecognition criteria | Disclosure of fair value and key assumptions | Revised IAS 32 Financial Instruments Puttable at Fair Value and Obligations Arising on Liquidation | Income taxes | Principles of the required balance sheet liability method | Determination of temporary differences and tax base | Recognition of current and deferred tax assets & liabilities | Exceptions to the recognition rules | Measurement issues | Specific tax-issue transactions (government grants, leases, pensions, share-based payment, asset revaluation, investment property, financial instruments) | Business combinations | Tax treatment in consolidated financial statements | Tax effects of intra-group transactions | Foreign currency tax issues | Tax presentation & disclosure requirements.
In addition, we will bring you up to date with the relevant requirements of IFRS 7 Financial Instruments: Disclosures, the Exposure Draft of IAS 37 resulting from the Business Combinations project, and the current status of the convergence project affecting IAS 12.
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1280: IFRS Accounting for Pensions, Other Employment Costs & Share-Based Payments (2-day course)
This two-day course includes comprehensive coverage of pension accounting, other employee benefits and share-based payments under IAS 19 and IFRS 2. IAS 19 topics, presented through the use of examples, cases, and illustrative financial statements, include: Treatment of short term employee benefits (wages, salaries, compensated absences, fringe benefits, benefits in kind, bonuses) | Termination benefits | Deferred compensation | Pension plans | Classification of pension plans | Accounting for defined benefit and defined contribution pension plans | State plans | Business combination recognition requirements | Determining current pension expense and related assets and liabilities | Utilising the ‘corridor’ approach to amortise actuarial gains & losses | Treatment of settlements and curtailments | Other post-employment benefits | Disclosure requirements | Illustrative presentations | Methods available for first-time adopters | Brief comparison to US GAAP. In addition we will bring you up-to-date with recent amendments to IAS 19 due to the Convergence Project and proposed changes to IAS 19 resulting from Phase II of the Business Combinations Project. Programme coverage includes the recent amendment to IAS 19 Actual Gains and Losses, Multi-employer Plans and Disclosures.
IFRS 2 is the standard on accounting for equity compensation such as share options and other share-based payment transactions. Related topics, presented via case studies, examples, and financial statements, include: Scope of IFRS 2 Share-based Payment | Accounting for share-based payments (including treatment of vesting conditions, modifications, cancellations and settlements) | Equity-settled share-based payment transactions | Cash-settled share-based payment transactions | Transactions with settlement alternatives | Measuring the fair value of equity instruments | Valuation techniques | Inputs to an option pricing model | Selection of an option pricing model (Black-Scholes, Monte Carlo, other models) | Disclosure requirements | Illustrative presentations | Transition and methods available to first-time adopters | Latest developments including: IFRIC 11 IFRS 2 – Group and Treasury Share Transactions | IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction | Amendment to IFRS 2 concerning amendments for vesting conditions and cancellations (January 2008, effective January 2009) | Exposure Draft: Proposed amendments to IFRS 2 and IFRIC 11– Group Cash-settled Share-based Payment Transactions | Current status of the IASB Discussion Paper on fair value measurement | Overview of the IASB Discussion Paper - Preliminary Views on Amendments to IAS 19 (March 2008) | Brief comparison to US GAAP.
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1285: Actuarial Concepts in Pensions and Employee Benefits
This one-day course includes comprehensive coverage of the elements needed to understand basic actuarial concepts and to link the actuarial report with the accounting principles applied in both IFRS (IAS 19) and US GAAP (FAS 87, 88, 132, 158, etc.) and their respective pension and benefit-related disclosures.
Course topics, presented through the use of examples, model statements, and case study, include: Actuarial terminology | General actuarial concepts | Actuarial concepts in pensions | Recognising and understanding the differences between defined benefit and defined contribution plans | Actuarial assumptions and other assumptions | Technical aspects of actuarial valuations | Assets | Liabilities | Cost components | Understanding actuarial gains/losses | Understanding the actuarial report and linking the actuarial report with the accounting disclosures.
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1295: IFRS Accounting for Property, Plant and Equipment
This one-day course provides an in-depth review of IFRS accounting and disclosure requirements relating to property, plant and equipment. Our expert instructors explain and illustrate the technical and practical issues that may arise when accounting for such assets, including: Definitions and scope of IAS 16 | Recognition of property, plant and equipment | Recognition criteria | Identifying assets and parts of assets | Spare parts, stand-by equipment, and servicing equipment | Guidance on initial measurement | Elements of cost | Measurement of cost | Exchange transactions | Interest capitalisation (IAS 23) | Asset retirement obligations | Assets purchased with a cash flow hedge of a forecast transaction (IAS 39) | Assets acquired under a government grant (IAS 20) | Treatment of cost subsequent to acquisition | Replacing parts of an asset | Changes in decommissioning and restoration costs (IFRIC 1) | Measurement after initial recognition – cost model and revaluation model | Depreciation of property, plant and equipment | Identifying an asset or part of an asset to be depreciated | Allowed depreciation methods | Depreciable amount and residual value | Useful lives | Accounting for changes in estimate | Accounting for changes in depreciation methods | Start of depreciation | Idle assets and facilities | Fully depreciated assets | Amortisation of leasehold improvements | Investment property (IAS 40) | Assets held for sale (IFRS 5) | Impairment of property, plant and equipment (IAS 36) | Identifying an asset that may be impaired | Measuring recoverable amount | Recognising and measuring an impairment loss | Cash-generating units | Reversing an impairment loss | Asset disposals | Current Status of the IASB Discussion Paper on Fair Value Measurement | Balance sheet presentation | Disclosures.
The programme also contains guidance on issues not specifically addressed in IFRS, including: Accounting policy and minimum capitalisation | Cost of items to treat environmental contamination | Lump-sum purchase of a group of assets | Capitalising construction overheads | Applying group and composite depreciation | Techniques for short-lived, low-cost assets (tools, dies, utensils, etc.) | Accounting for returnable containers | Treatment of composite depreciation disposals | Treatment of involuntary asset losses.
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1400: Meeting IFRS Disclosure and Presentation Requirements (2-day Workshop)
This two-day course focuses on developing the skills to effectively comply with both current and upcoming IFRS disclosure requirements. Participants will learn about IFRS presentation and disclosure requirements in detail, including those most recently issued, as well as new rules that are anticipated in the near future. Illustrations and exercises are used throughout the programme to enhance and reinforce learning. Course topics include:
Presentation of the balance sheet/statement of financial position, income statement/statement of recognised income and expense, cash flow statement/statement of cash flows and statement of changes in equity (including revised IAS 1 Presentation of Financial Statements - statement of comprehensive income) | Disclosure of accounting policies and policies of financial risk management (IFRS 7 Financial Instruments: Disclosures) | Correction of errors and changes in estimates | Disclosure of critical accounting estimates and judgements | Interim financial reporting | Disclosures in respect of assets and liabilities: Property, plant & equipment, Intangibles, Impairment of assets, Financial assets and liabilities (including hedging, derivatives and requirements in accordance with IFRS 7) | Share capital (including Capital Disclosures required by IAS 1) | Employee benefits | Provisions, | Share-based payment| Income taxes | Specific topics such as First-time adoption of IFRS, Business combinations and consolidation, Segment reporting (IAS 14 and IFRS 8), Earnings per share, Discontinued operations and non-current assets held for sale, Events after the balance sheet date, Related party transactions, and Foreign currency | Expected future developments relating to presentation and disclosure.
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1550: IFRS Transition for Canadian Corporations (3-day course)
This three-day course is an expanded version of Course 1500: IFRS First-time Adoption Workshop (2-day course) and is designed specifically for application to Canadian entities. The programme combines theoretical learning with practical information on application, thereby assisting participants in developing a strong understanding of the conceptual and technical issues involved in IFRS transition. Using real-world examples, case studies, model financial statements and checklists, this workshop enables delegates to understand the more complex issues facing first-time adopters. Topics include an overview of IFRS, highlighting the differences in structure and theory between IFRS and Canadian GAAP | Comparison of IFRS and Canadian GAAP in accounting for specific items, including: property, plant and equipment; intangible assets; impairment; provisions and contingencies; interim reporting; and income taxes | General principles of IFRS 1 First-time Adoption of International Financial Reporting Standards concerning recognition, measurement and the retrospective approach | Mandatory exceptions to the general principles including: Use of estimates; Derecognition of financial assets and financial liabilities; Hedge accounting; and Non-controlling interests | Strategies for the use of voluntary exemptions including: Business combinations; The use of 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, jointly controlled entities and associates; Designation of previously recognised 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; and Borrowing costs | Presentation and disclosure requirements. Other specific issues include: Accounting policy selection, including review of available alternatives | Fair value measurements at the date of transition to IFRS | Impairment testing, with an emphasis on evaluation of goodwill | Requirements for the use of hedge accounting | Consolidation | Reporting liabilities (deferred tax, provisions, leases, pensions) | 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).
Course participants will also learn about managing the IFRS transition process | Planning the project | Involving the whole business | Staff training | Implementing the changes | Collecting the data | Operating parallel reporting systems. This valuable programme includes discussion of real-world experiences in transitioning to IFRS and answers to implementation questions.
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1625: IFRS for the Oil & Gas Industry (3-day course)
This three-day course focuses on the specific accounting and reporting requirements that affect the international oil and gas industry. Topics covered by means of tutorials, practical examples and illustrations from published financial statements include: The distinctive features of the oil and gas industry | Summary of accounting issues in the industry | IASB extractive industries project | Exploration and evaluation (IFRS 6 =i:[Exploration for and Evaluation of Mineral Resources], full cost accounting, successful efforts accounting) | Property, plant and equipment | Impairment of assets | Decommissioning costs and site restoration | Joint ventures | Production sharing agreements, including internal accounting and external financial reporting issues | Reserves and other disclosures | Hedge accounting | Selecting and amending accounting policies | Comparison between IFRS and US and UK GAAP | Worked examples and opportunities for discussion.
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1650: IFRS for Manufacturing Industries (2-day course)
This two-day course examines international financial reporting issues in detail and their effect on manufacturing companies. The programme includes case studies and financial statements that illustrate the real-world application of financial reporting requirements. Topics include: Presentation issues | Consolidation requirements | Treatment of variable interest and special purpose entities | Changes in accounting principle | Discontinued operations | Segment reporting | Long-lived assets | Asset retirement obligations | Held for sale assets | Capital and operating leases | Accounting for research and development | Other intangible assets | Indefinite-life intangible assets | Impairment indicators | Accounting for impairment | Inventory | Cost components (including interest capitalisation) | Valuation methods | Recoverable material | Logistics charges | Consumable production items | Tooling amortisation | Customer supplied inventory | Duties and license fees | Supplier rebates | Supplier price adjustments | Non-standard production activities | Indicators of impairment | Measuring and recognising impairment | Financial assets & liabilities | Categories of financial assets and accounting methodology by type | Derivatives | Hedge accounting | Treatment of equity method investments | Debt vs. equity identification and reporting | Provisions and contingencies | Allowance for bad debts | Warranties | Indemnification | Litigation and claims | Restructuring charges | Other provisions and contingencies | Revenue recognition issues | Allowances and discounts | Price protection | Right of return | Repurchase options | Marketing incentives | Shipping charges | Other current revenue issues | Employee compensation | Short-term compensation | Pension measurement, recognition and reporting | Other post-retirement benefits | Share-based payment | Acquisitions | Review of accounting for acquisitions | Overview of the new business combinations standard and impending changes | Recent and upcoming issues | Recently issued standards, interpretations and their impact on manufacturing companies | Proposed IFRS changes that will affect the manufacturing sector | IFRS-US GAAP convergence update | IASB projects and plans of interest to manufacturers.
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1660: IFRS for the Telecommunication Sector (2-day course)
This two-day course examines international financial reporting issues in detail and their effect on telecommunication entities (telecoms). The programme includes case studies and financial statements that illustrate the real-world application of financial reporting requirements. Topics include: Internally generated software | Telecommunication licences | Construction cost of network (financing cost, site selection costs, network planning, dismantling and restoration costs) | Long-lived assets (component approach, start of depreciation, depreciation method and period) | Indefeasible rights of use and capacity arrangements | Impairment indicators in the telecom industry | Defining cash generating units | Calculating recoverable amounts | Valuation of handsets | Inventory versus marketing costs | Bundled (or multi-element) arrangements | Handset sales/Sales of modems | Prepaid revenue | Loyalty schemes/Free minutes | Principal-agent arrangements (agreements with content providers and other third parties) | Interconnect arrangements | Activation costs/Customer acquisition costs/Subscription fees | Recently issued standards, interpretations and their impact on telecommunication firms | Proposed IFRS changes that will affect the sector | IFRS-US GAAP convergence update | IASB projects and plans of interest to telecommunication entities.
Note: This course is endorsed by CIMA, within the Focus on series, as suitable for CIMA members, their staff and colleagues.
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1690: IFRS for Not-for-Profit Entities (2-day course)
This two-day course examines international financial reporting issues in detail and their effect on not-for-profit (non-profit) entities. The programme includes case studies and financial statements that illustrate the real-world application of financial reporting requirements. Topics include: Financial statement presentation and disclosure issues | Consolidation requirements | Financial statement requirements | Reporting by function and by nature | Temporarily restricted, permanently restricted and unrestricted assets | Discontinued operations | Commitments and contingencies | Grant disclosures | Cash and cash equivalents (components, policy, classification) | Receivables (membership, allowance for bad debts, contributions, other) | Inventory (cost components, valuation methods, accounting for impairment) | Long-lived assets (costs to capitalise, depreciation and useful lives, special treatment assets, held for sale assets, accounting for impairment, website development, capital and operating leases) | Financial assets and liabilities (categories of financial assets and accounting methodology by type, financial liability accounting, disclosures) | Revenue | Public support, (direct and indirect) | Contributions (pledges, donated materials and services, special events and membership dues) | Conditional promises to give | Other revenue (inventory sales, service fees, restriction releases, etc.) | Unrelated business taxable income | Grants (recognition and measurement, non-monetary grants, restricted grants, grants related to assets – alternative presentation methods, repayment of government grants, low-interest rate loans and other government assistance) | Expenses | Program services | Fundraising (including gross vs. net presentation) | Membership development | Operations | Direct and indirect costs | Joint costs allocation | Indirect costs allocation (methods and rates) | Excess benefits transactions | Functional expense classification | Defining and documenting programmatic expenses | Employee compensation (short-term compensation , pension measurement, recognition and reporting, other post-retirement benefits, disclosures) | Recently issued standards, interpretations and their impact on not-for-profit entities | Proposed IFRS changes that will affect the non-profit sector | IFRS-US GAAP convergence update | IASB projects and plans of interest to non-profits entities.
Note: This course is endorsed by CIMA, within the Focus on series, as suitable for CIMA members, their staff and colleagues.
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1700: IFRS for the Energy Industry (2-day course)
This two-day course examines in detail international accounting issues and their effect on energy companies. Topics, presented through the use of case studies, examples, exercises, and illustrative financial statements, include: Impact of first-time adoption of IFRS | Recently issued standards, interpretations and their impact on energy companies | Proposed IFRS changes that will affect energy companies | Production sharing arrangements vs. concession rents | Property, plant and equipment | Contributed capital | Borrowing costs | Intangible assets | Provisions, contingent liabilities and contingent assets | Impairment of assets | Asset retirement obligations | Transportation agreements | Customer acquisition costs | Long-term fuel purchase and sale contracts | Derivative treatment for energy contracts (including 'own use' exemption) | Tolling contracts | Emission rights trading | Transmission contracts and regulated access | Service concession arrangements, rights of use and lease accounting | Revenue recognition issues | Business combinations and consolidation issues | Risk management via trading and hedge accounting | 'Stand alone' and 'embedded' derivatives | IFRS vs. US / Canadian GAAP.
Note: This course is endorsed by CIMA, within the Focus on series, as suitable for CIMA members, their staff and colleagues.
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1710: IFRS for the Real Estate Sector (2-day course)
This two-day course examines international financial reporting issues with a more in-depth review of those that are specific to the real estate industry. Extensive use of case studies is made to explain learning material and to reinforce knowledge. In addition to covering all significant IFRS, the course includes a more detailed review of the following topics most pertinent to real estate entities: IAS 11 =i:[Construction Contracts] | IAS 12 =i:[Income Taxes] | IAS 14 =i:[Segment Reporting], IFRS 8 =i:[Operating Segments] | IAS 16 =i:[Property, Plant and Equipment] (including cost , component approach, initiating depreciation, depreciation method and period, assets under development, cost model vs. revaluation model) | IAS 17 =i:[Leases] (including classification of leases, treatment by the lessor, lease incentives, service costs, contingent rents, sale and lease-back arrangements, derivatives embedded in lease agreements) | IAS 18 =i:[Revenue] | IAS 23 =i:[Borrowing Costs] | IAS 36 =i:[Impairment of Assets] | IAS 40 =i:[Investment Property] (including definition of investment property, initial measurement, directly attributable expenditures, cost model vs. revaluation model, determination of fair value, presentation of changes in fair value) | Overview of IFRS 1 =i:[First-time Adoption of International Financial Reporting Standards] | Consolidation, investments in associates and joint ventures (IAS 27, IAS 28 and IAS 31) | IFRIC Interpretation 15 =i:[Agreements for the Construction of Real Estate] | Detailed review of presentation of accounts under IFRS as recommended by EPRA including review of best practices recommended by EPRA | Review of model financial statements under IFRS | Review of IFRS financial statements of real estate entities.
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1720: IFRS for the Agricultural Industry
This one-day course examines international financial reporting issues in detail and their effect on agricultural entities. Topics, presented through the use of examples, case studies, and illustrative financial statements, include: An overview of IFRS including general principles (Framework, IAS 8 Accounting policies, changes in accounting estimates and errors, IAS 10 Events after the balance sheet date, IAS 18 Revenue recognition) | Agriculture (IAS 41) including scope, agriculture-related definitions, recognition and measurement of biological assets and agricultural produce, fair value versus cost, treatment of point-of-sale costs, hierarchy in fair value measurement, frequency of fair value measurement, independent valuation, inability to measure fair value reliably, gains and losses, land related to agricultural activity, subsequent expenditures, government grants related to biological assets, disclosures and presentation | Disclosure requirements (IAS 1 Presentation of financial statements, IAS 7 Cash flow statements, IAS 14 Segment reporting and IFRS 8 Operating segments, IAS 24 Related party disclosures, IAS 33 Earnings per share, IAS 34 Interim financial reporting, IFRS 5 Non-current assets held for sale and discontinued operations) | Employee Benefits (IAS 19) | Share-based payment (IFRS 2) | Business combinations (IFRS 3) | Consolidation, including associates and joint ventures (IAS 27, IAS 28 and IAS 31) | Income taxes (IAS 12) | Financial instruments (IAS 32/39 and IFRS 7) | Provisions, contingent liabilities and contingent assets (IAS 37) | Intangible assets (IAS 38) | Leases (IAS 17) | Investment property (IAS 40) | Property, plant and equipment (IAS 16) including elements of cost, component approach, initiating depreciation, depreciation method and period, assets under development, cost model versus revaluation model, borrowing costs, government grants, impairment of assets | Inventories (IAS 2) including scope, measurement, recognition | Discussion of an agricultural entity's IFRS financial statements.
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1730: IFRS and US GAAP for the Construction Industry
This one-day course examines international financial reporting issues and their effect on entities in the construction industry. The programme is presented using case studies and financial statements that illustrate the real-world application of financial reporting requirements. Topics include: Types of construction contracts (fixed price contracts, cost-plus contracts) | Combining and segmenting contracts (general guidance, conditions for combination, conditions for segmentation) | Measuring contract revenues and costs (contract revenues, contract costs) | Percentage-of-completion accounting method (recognising revenues and costs, measuring progress, recognising changes in estimates, accounting for claims and change orders, treatment of anticipated losses, financial statement presentation, interim reporting) | Completed contract method for US GAAP purposes | Accounting for closed or terminated contracts | Disclosures | Recently issued standards, interpretations and their impact on construction firms | Proposed changes that will affect the construction sector | IFRS-US GAAP convergence update | IASB-FASB projects and plans of interest to construction companies.
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1740: IFRS Accounting for Banks and Other Financial Institutions (2-day course)
This highly interactive two-day course explores international financial reporting practices for banks and other financial institutions through the use of case studies, exercises, model financial statements and break-out sessions. Topics include: Regulatory considerations | IFRS 7 Financial Instruments: Disclosures (and brief comparison with the disclosure requirements of Pillar 3 of Basel II) | IFRS financial statements - IAS 1, 7, 8 (including Capital Disclosures and Revised IAS 1 - Comprehensive Income) | Accounting for loans, loan commitments, and impairment under IAS 39 | Classification, recognition, measurement, and derecognition of financial instruments under IAS 39 | Effective interest method under various scenarios | Fair value option | Derivatives and hedging | Property, plant and equipment, including repossessed assets | Recognition of fee income | Brief comparison of IFRS to US GAAP | Illustrative financial statements and disclosures (IFRS and US GAAP) | Discussion of future developments (Exposure Drafts, Draft Interpretations, IASB projects and agenda, convergence update and plans).
In addition, using clear explanations, we will bring you up to date with the current issues and expected pronouncements that are particularly relevant to financial institutions.
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1750: Introduction to IFRS for the Public Sector (3 day course)
This three-day course provides a detailed step-by-step guide through the technical issues faced in producing IFRS financial statements by public sector organisations. This programme complements Course 3200: Overview of International Public Sector Accounting Standards IPSAS (3-day course), and during this event, our expert instructorw highlight the key differences between IFRS and IPSAS. The programme covers, through the use of case studies and exercises: Income statement presentation and specific disclosures (revenue recognition, segment reporting, discontinued operations, related parties, accounting policies) | Cash flow statements | Recognition and measurement of assets (property, plant & equipment, intangible assets, inventories, investment property) including the accounting treatment for revaluations, impairment and assets held for sale | Interest capitalisation (borrowing costs) | Accounting estimates and errors | Provisions/non-financial liabilities (including those for employee benefits) and other liabilities | Leases | Current and deferred taxes | Investments in associates and joint ventures | Consolidated financial statements | Special purpose entities (PFI, PPP) and service concession arrangements | Construction contracts | Financial instruments, including the treatment of derivatives & hedge accounting | Foreign currency transactions and financial statement translation | Events after the balance sheet date | First-time adoption of IFRS | Brief comparisons with other major GAAP (e.g. US & UK GAAP) and discussion of future developments (Exposure Drafts, Draft Interpretations, Discussion Papers, IASB projects and agenda).
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1770: IFRS and US GAAP for the Health Care Sector (2-day course)
This two-day course examines international financial reporting issues in detail and their effect on the health care industry. The programme includes case studies and financial statements that illustrate the real-world application of financial reporting requirements. Topics include: Financial reporting considerations of health care organisations (classification, measurement focus, financial statements, revenue from health care services, third-party payor considerations, health care contracting) | Cash and cash equivalents (accounting and financial reporting, agency funds, disclosures) | Investments (classification, recognition and measurement, transfers of investment assets to a not-for-profit organisation or charitable trust, financial statement presentation) | Receivables (rate setting, estimated final settlements, waiver contingencies under governmental programmes, premiums and stop-loss insurance receivables, future-period promises/pledges, interfund receivables, financial statement presentation) | Property, plant and equipment (recognition and measurement including capitalisation and depreciation issues, derecognition, impairment, financial statement presentation) | Supplies and other assets (recognition and measurement, financial statement presentation) | Current and long-term liabilities (accounting for current liabilities, private inurement, long-term debt, financing authorities, assets whose use is limited, advance refundings, arbitrage rebate liabilities, financial statement presentation) | Income taxes (tax considerations for not-for-profit organisations, tax-exempt entities, unrelated business income tax, financial statement presentation) | Commitments and contingencies (medical malpractice claims and accruing malpractice liabilities, accounting for medical malpractice claims insured by captive insurance companies, accounting for claims-made insurance policies and tail coverage, accounting for retrospectively rated premiums, accounting for trust funds, presentation and disclosure) | Net assets/equity (investor-owned health care organisations, not-for-profit health care organisations) | Revenue, expenses, gains and losses (conceptual framework for revenue/expenses/gains/losses, distinguishing charity care from bad debt expense or allowance, revenue, expenses, financial statement presentation) | The reporting entity and related organisations (financial reporting of nongovernmental health care entities, equity transfers and equity transactions, other transfers, related fund-raising organisations, disclosure) | Prepaid health care services (accounting for health care costs, accounting for loss contracts, accounting for stop-loss insurance, accounting for contract acquisition costs) | Recent and upcoming issues (recently issued standards, interpretations and their impact on the health care industry) | Exposure Drafts that will affect health care entities | IFRS-US GAAP convergence update | IASB-FASB projects and plans of interest to health care organisations.
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2080: US GAAP Technical Update
This one-day course brings delegates up-to-date with the changes to US GAAP that have been issued, amended or became effective during the past 12 months and provides information on other recent ...
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2080: US GAAP Technical Update
This one-day course brings delegates up-to-date with the changes to US GAAP that have been issued, amended or became effective during the past 12 months and provides information on other recent and impending pronouncements. Also included is a progress report on current Exposure Drafts and ongoing projects. Topics to be covered are finalised in the run-up to the course in order to be as current as possible. Using examples and case studies for illustration, this programme concisely covers recent and pending changes in US GAAP. Topics include: Accounting for Financial Guarantee Insurance Contracts—an interpretation of FASB Statement No. 60 (FAS 163) | The Hierarchy of Generally Accepted Accounting Principles (FAS 162) | Disclosures about Derivative Instruments and Hedging Activities - an Amendment of FASB Statement 133 (FAS 161) | Noncontrolling Interests in Consolidated Financial Statements (FAS 160) | Business Combinations (FAS 141R) | The Fair Value Option for Financial Assets and Liabilities (FAS 159) | Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans (FAS 158) | Fair Value Measurements (FAS 157) | Accounting for Servicing of Financial Assets (FAS 156) | Accounting for Certain Hybrid Financial Instruments (FAS 155) | Accounting for Uncertainty in Income Taxes (FIN 48) | Verification Document - FASB Accounting Standards Codification | Exposure Drafts | Financial Instruments with Characteristics of Equity | Not for Profit Organizations: Goodwill and Other Intangible Assets Acquired in a Merger or Acquisition | Not for Profit Organizations: Mergers and Acquisitions | Earnings per Share | Selected Issues Relating to Assets and Liabilities with Uncertainties | Accounting for Transfers of Financial Assets | Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics of Decision-Useful Financial Reporting Information | Conceptual Framework for Financial Reporting: The Reporting Entity | Reducing Complexity in Reporting Financial Instruments | Accounting for Hedging Activities | Disclosure of Certain Loss Contingencies | Current FASB Agenda – Major Joint Projects with IASB (Revenue Recognition, Liabilities and Equity, Financial Statement Presentation, Improved Conceptual Framework for Financial Reporting, Accounting for Leases, Income Taxes, Research and Development) | Current FASB Agenda - Other Major Projects (Post-retirement Benefits, Fair Value Option Phase 2, Subsequent Events, Transfers of Financial Assets, Share-based Payment, Valuation Standards, Private Company Financial Reporting, Loan Disclosure, Emission Allowances) | EITF Activity (recently issued and pending) | FASB Staff Positions (recently issued and pending) | SEC developments | International convergence – current status and future prospects.
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2280: US GAAP Accounting for Pensions (2-day course)
This two-day course includes comprehensive coverage of accounting for pensions and other employee benefits under US GAAP. The standards covered in this course are FAS 87/88, FAS 106, FAS 112, FAS 132(R) and FAS 158.
The programme is presented using financial statements, case studies, and examples to illustrate application of the standards. Course topics include: Treatment of single-employer defined benefit pension plans | Key concepts (attribution, benefit obligations, actuarial assumptions, components of expense) | Return on plan assets and asset methods | Accounting concepts (gains and losses, plan amendments, substantive plans and commitments, balance sheet recognition) | Measurement date | Employers with two or more plans | Annuity contracts | Other contracts with insurance companies | Defined contribution plans | Multiemployer plans | Multiple-employer plans | Non-US pension plans | Business combinations | Curtailment/settlement accounting | Termination benefits | Postretirement benefits other than pensions | Postemployment benefits | Disclosures for pensions and other postretirement benefits | Effect of FAS 157 Fair Value Measurement.
Delegates are also brought up-to-date with recent amendments to the pension-related standards, i.e. FAS 158: Accounting for Defined Benefit Pension and Other Postretirement Plans - an Amendment of FASB Statements No. 87, 88, 106, and 132(R).
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3000: Comparison of US GAAP with IFRS (2-day course)
This two-day workshop provides an in-depth review and illustration of the critical differences between US GAAP and IFRS. Course topics, presented using real-world financial statements and extensive examples, include the differences between IFRS and US GAAP in: Conceptual framework | Financial statement presentation | Cash flow statements | Accounting policies, changes in accounting estimates and errors | Events after the balance sheet date | Segment disclosures | Interim reporting | Discontinued operations | Equity items | Earnings per share | Inventories | Property, plant and equipment | Borrowing costs | Intangible assets | Investment property | Impairment testing | Non-current assets held for sale | Liabilities | Employee benefits, including pensions | Provisions and contingencies | Leases | Share-based payment | Deferred taxes | Financial assets and liabilities | Derivatives and hedging | Revenue recognition | Business combinations, including a recap of changes resulting from the new standard | Consolidations | Investments in associates | Interests in joint ventures.
Specific convergence issues are also covered in the programme and include: Prospects and timetable for the convergence between IFRS and US GAAP | Short term convergence topics | IASB and FASB joint projects (financial statement presentation, revenue recognition, accounting for leases, income taxes, conceptual framework, etc.) | Convergence-related exposure drafts.
The course also provides information on sources for independent accounting research.
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3110: Comparison of IFRS with Canadian GAAP (2-day course)
Following the recent decision by the Canadian Accounting Standards Board (AcSB) to converge Canadian GAAP with International Financial Reporting Standards (IFRS) by 2011- see
http://www.cica.ca/index.cfm?la_id=1&ci_id=29532&highlight_keywords=ifrs - this two-day course provides an overview of IFRS with an emphasis on the current differences between Canadian GAAP and IFRS. Course topics, presented using real-world financial statements and extensive examples, include the differences between IFRS and Canadian GAAP in: Conceptual framework | Financial statement presentation | Cash flow statements | Accounting policies, changes in accounting estimates and errors | Events after the balance sheet date | Segment disclosures | Interim reporting | Discontinued operations | Equity items | Earnings per share | Inventories | Property, plant and equipment | Borrowing costs | Intangible assets | Investment property | Impairment testing | Non-current assets held for sale | Liabilities | Employee benefits, including pensions | Provisions and contingencies | Leases | Share-based payment | Deferred taxes | Financial instruments | Financial assets and liabilities | Derivatives and hedging | Revenue recognition | Business combinations, including a recap of changes resulting from the new standard | Consolidations | Investments in associates | Interests in joint ventures.
Specific convergence issues are also covered in the programme and include: Prospects and timetable for the convergence of specific Canadian standards to the IFRS counterpart | Update on the AcSB’s Strategic Plan for the Direction of Accounting Standards | Current exposure drafts.
This course also provides information on sources for independent accounting research.
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6010: Séminaire d'immersion IFRS (4 jours)
Ce séminaire de 4 jours aborde de façon détaillée les difficultés techniques rencontrées lors de la préparation des états financiers selon les normes comptables IFRS. L’alternance entre les exemples théoriques et pratiques permet d’illustrer les thèmes traités à savoir : Compte de résultat - présentation et information financière obligatoire, reconnaissance du chiffre d’affaires, résultat par action, information sectorielle, activités en cours de cession ou d’abandon, parties liées, règles et méthodes comptables | Tableau des flux de trésorerie | Comptabilisation et évaluation des actifs (immobilisations corporelles, immobilisations incorporelles, stocks, immeubles de placement), comptabilisation et évaluation des actifs détenus en vue de la vente et activités abandonnées | Capitalisation des intérêts d’emprunt | Changement de méthode comptable, changement d’estimation et correction d’erreur | Comptabilisation et présentation des provisions (y compris provisions pour retraites) et autres obligations | Comptabilisation des contrats de location (financier et opérationnel) | Impôts courants et différés | Comptabilisation des participations dans des entreprises associées | Regroupements d’entreprises et préparation des comptes consolidés (y compris consolidation des entités ad hoc) | Instruments financiers | Comptabilisation des opérations de couverture | Conversion des opérations en monnaies étrangères | Événements postérieurs à la clôture | Première adoption des IFRS | Brève comparaison avec les autres référentiels comptables majeurs (normes françaises, US GAAP) et présentation des évolutions normatives et réglementaires attendues (exposé-sondages, agenda, actualité sur les projets de convergence IASB-FASB).
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