Companies enter into arrangements with their global counterparts, and an understanding of IFRS has become increasingly important. This course takes a practical look at the recent changes in the International Financial Reporting Standards (IFRS). As well as covering other more minor changes.The workshop will cover the following major new standards:·IFRS 9 - Financial instruments·IFRS 15 - Revenue from Contracts with customers ·IFRS 16 - Leases
IFRS 9 which provide guidelines for financial reporting of financial assets and liabilities, provide users of financial statements with relevant and usable information for assessing the amounts, timing, and uncertainty of the entity`s future cash flows
IFRS 15 which define the standards that an organization must follow in order to provide valuable information to financial statement users about the nature, amount, timing, and uncertainty of revenue and cash flows emanating from a customer contract
IFRS 16 which provide information that accurately portrays lease transactions and allows readers of financial statements to evaluate the amount, timing, and uncertainty of lease-related cash flows
The definition of a Financial Instrument ·
The appropriate classification of a Financial
Instrument, including those instruments that are subject to 'split
classification' — e.g. convertible loans ·
The Discussion and account for the initial and subsequent measurement (including impairment in the case of financial assets)
of financial assets and financial liabilities in accordance with applicable ·
IFRS Standards and the finance costs associated with them ·
The conditions that are required for a financial asset or liability to be derecognized ·
The conditions that are required for hedge accounting to be used ·
The Preparation of financial information for hedge
accounting purposes, including the impact of treating hedging arrangements as fair value hedges or cash flow hedges ·
The Financial Instrument disclosures required in the
notes to the financial statements ·
Fair value ·
The principle under which fair value is measured
according to IFRS Standards·
The identification an appropriate fair value
measurement for an asset or liability in a given set of circumstances
The new five-step approach to apply the standard
How the new revenue recognition model impacts and developing a roadmap for implementation
The solutions to common questions, such as: How do I classify a change in contract terms as modification or new contract?
How to account for them? How do I determine performance obligations?
How will I unbundle performance obligations in a multiple service arrangement?
How will I evaluate the impact of contingencies on my revenue arrangements?
How will the guidance impact the revenue recognition pattern? How do we establish and document estimates, including predictive experience?
How will the changes in disclosures create incremental data needs and increased investor scrutiny?
Common challenges experienced by companies
What are companies doing now to implement the new requirements
Updates after the release of the standards
Account for right-of-use assets and lease liabilities in the records of the lessee·
The exemption from the recognition criteria for leases in the records of the lessee·
Account Account for right-of-use assets and lease liabilities in the records of the lessee·
The exemption from the recognition criteria for leases in the records of the lessee·
Accountfor sale and leaseback transactions in the financial statements of lessees
The distinction between operating and finance leases from lessors’ perspective·
Account for operating leases and finance leases in the financial statements of lessors
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