IFRS and ESG Reporting Workshop (2 days)

Introduction

The course will commence with an update concerning new standards applicable from 2021 through 2023. This will be followed by a consideration of key projects in the work plan of the International Accounting Standards Board especially progress towards a revised standard on financial statement presentation.

The COVID 19 pandemic has put the spotlight on several key accounting topics especially those that require the exercise of judgement in the measurement of amounts to be reported in the financial statements. Regulators are paying particular attention to these and are requiring ever more robust and company specific disclosures about them. In the light of this we will consider:

• Going concern assessments
• Impairment
• Climate related disclosure
• Revenue recognition
• Leasing

The demand for ESG information is gaining traction as never before. We will therefore continue the course with a briefing on the essentials of ESG, the drivers of demand for ESG data and a possible schematic for ESG reporting. The course will then move on to an provide update on the latest developments relating to an ESG regulatory reporting framework. In particular we will consider the output of the newly created International Sustainability Standards Board and the Task Force on Climate-related Financial Disclosure.

Learning Objectives

From the IFRS Update sessions:

• Gain an awareness of upcoming changes to IFRSs and how to implement them
• Learn from recent real-world examples of best practice in IFRS reporting
• Improve the quality of disclosures in IFRS financial statements in preparation for increased regulator scrutiny
• Plan ahead for future changes

From the ESG sessions:

• Minimize the learning curve for getting up to speed on the essentials of ESG and ESG reporting
• Gain an awareness of the current frameworks for ESG and sustainability reporting
• Gain a current awareness of the fast-moving development of an internationally applicable framework for ESG and sustainability reporting
• Plan ahead for the future implementation of the changes in corporate reporting

Who Should Attend

Who is the course aimed at? Can be expressed in terms of job titles and / or, probably more helpfully, by responsibilities.

For the IFRS Update Sessions:

• Accountants in finance and reporting teams that prepare IFRS financial statements
• External and internal auditors
• Financial and credit analysts who review financial statements

For the ESG sessions:

• Accountants who are involved in the development and implementation of ESG and sustainability reporting
• Financial analysts who review the content of sustainability reports

Topics

• New IFRS standards
  • Applicable from 2021
  • Applicable from 2022
  • Applicable from 2023
• Current IFRS standard setters’ workplan
  • Research projects
  • Maintenance projects
  • Standard setting projects
• Regulators’ concerns
  • Topics in the COVID 19 spotlight:
    • Subsequent events and going concern
    • Asset impairment and climate change
    • Deferred tax assets
  • Judgements, estimates and sensitivities – especially in relation to revenue recognition and leasing
• Some games
  • Spot the company balance sheet
  • Spot the industry ESG profile
• What is happening with ESG and sustainability reporting?
  • What is in an E an S and a G? Some war stories
  • Why is it all so quickly becoming such a big deal?
  • Sustainability reporting v financial reporting
  • ESG materiality – a very different way of thinking - some cases
  • The problems of “alphabet soup” and “green washing”
  • All coming together with the involvement of the Trustees of the IFRS Foundation and the FSB Task Force for Climate-related Financial Disclosure

Teaching Method

From the IFRS Update sessions:

• Group live instruction and illustrative examples
• Description and explanation of changes in IFRSs, including implementation requirements and transitional rules
• Use of illustrative IFRS financial statements and worked examples

From the ESG sessions:

• Group live instruction and illustrative examples
• Description and explanation of ESG and the latest developments relating to ESG and sustainability reporting
• Practical workshop exercises using realistic scenarios, case studies, examples of best practice and the models you can use back in the workplace
• Interactive participation is encouraged

All participants will receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Instructors

Venue

CPE/CPD Accreditation

IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

 

Field of study: Accounting

Prerequisites

A reasonable prior knowledge of the technical requirements of IFRSs. A low-level general awareness of the basics of ESG and sustainability reporting. No advance preparation is required for this course.