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Essential IFRS Update

The course will focus on the “big 3” standards:

  1. IFRS 9: Financial instruments – effective YE 31 December 2018
  2. IFRS 15: Revenue from contracts – effective YE 31 December 2018
  3. IFRS 16: Leases – effective YE December 2019

The reporting requirements of each standard will be discussed, together with any recent amendments affecting their content or application. The Financial Reporting Council (FRC) has published several Thematic Reviews, aimed at flagging areas of concern relating to poor interpretation of these Standards and weak disclosures in the early years of adoption. Each session will consider these findings and the FRC’s requirements for improvement.

The course will close with an update on other key developments in IFRS.

Select specific date to see price, venue and full details.

Course Content

Day 1: Half day (3 hours)

IFRS 9: Financial instruments

  • Definitions
  • Recognition of financial instruments
  • Classification and measurement of financial assets and financial liabilities, including derivatives.
  • How to calculate
    • Amortised cost
    • Fair value
    • Impairment of financial assets
    • Hedging vs. hedge accounting
    • Hedge accounting
      • Criteria
      • Cash flow hedge accounting
      • Fair value hedge accounting
      • Net investment hedge accounting
      • Recent amendments to IFRS 9, including Interest rate benchmark reforms
      • FRC’s Thematic Review findings and recommendations

 

IFRS 16: Leases

  • Identifying a lease
  • Accounting for lease vs. non-lease components
  • Modifications to leases
  • Lessee accounting - Recognition and accounting principles
  • KPI considerations
  • Reassessing the lease liability
  • Elections and exemptions
  • Sale and leaseback transactions
  • Recent amendments to IFRS 16, including COVID-19 rent related concessions
  • FRC’s Thematic Review findings and recommendations

 

Day 2: Half day (3 hours)

Recap of day 1 - Q&A session

IFRS 15: Revenue from Contracts

  • The 5-step model to recognising revenue
  • Identifying the contract and understanding the impact of modifications
  • Identifying performance obligations
  • Determining the transaction price
  • Allocating the transaction price to the performance obligations
  • When to recognise revenue
  • Enhanced disclosure requirements
  • Recent amendments to IFRS 15
  • FRC’s Thematic Review findings and recommendations

 

Overview of other key developments, effective 2020

  • Definition of material (IAS 1 and IAS 8)
  • Amendment to business combinations (IFRS 3)

 

Horizon watching, 2022 and beyond

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