IFRS Update and Application Briefing (2 days)

Introduction

We are managing our face to face IFRS course schedule carefully right now. If the training course you want is not available, we may be offering a virtual alternative! View our Virtual Classroom schedule to see what is being delivered live in our online classrooms.

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This two-day IFRS Update and Application Briefing is designed for experienced preparers and users of IFRS financial statements. It has three main aims:

• Clarify the impact of coronavirus on accounting, presentation and disclosure in IFRS financial statements for 2020
• Share recent practical experience of implementing IFRS 16 Leases
• Review amendments to IFRSs applicable for 2020 and later

The comprehensive course materials also deal with outstanding Exposure Drafts

Please note that, given the specialised nature and complexity of IFRS 17 Insurance Contracts, this program does not cover IFRS 17. For those with a particular interest in insurance, we recommend our three-day program, Course 1331 Insurance Contract Accounting Workshop.

This program provides answers to questions such as:

• How are IFRS financial statements affected by coronavirus?
• What lessons can be learnt from practical experience of applying IFRS 16 Leases?  
• What is the current status of the IASB’s work plan? 

Learning Objectives

• Learn how coronavirus affects IFRSs relevant to your organisation 
• Draft disclosures to reflect your organisation’s specific circumstances 
• Learn from recent real-world examples of best practice in presentation and disclosure
• Plan ahead for future changes

Who Should Attend

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

Topics

• Impact of coronavirus on IFRS accounting in 2020
  • Going concern assessment and material uncertainties
  • Disclosure of significant judgements and critical accounting estimates
  • Presentation (IAS 1)
  • Impairment of non-financial assets - (IAS 36)
  • Leases – amendment re lease concessions (IFRS 16)
  • Financial instruments – expected credit losses, contract modifications, classification (IFRS 9)
  • Government grants and assistance (IAS 20)
  • Income taxes (IAS 12)
  • Revenue from contracts with customers (IFRS 15)       
• Recent practical experience of implementing Standards
  • IFRS 16 Leases
• Overview of other amendments to Standards and current Exposure Drafts, including
  • Definition of Material (IAS 1 and 8) 
  • Definition of a Business (IFRS 3)
  • General Presentation and Disclosures (ED/2019/7)
• Update on IASB Work Plan – maintenance and standard-setting projects

Teaching Method

• Group live 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

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. No advance preparation is required for this course.