IFRS Masterclass

IFRS and their applications can be complex and challenging. IFRS standards continue to develop rapidly: new accounting standards are released, old ones are adapted and new interpretations are made.

Therefore, keeping up to date with the frequent changes and latest development is crucial for your organisations. However, monitoring IFRS developments and analysing the impact on your financial statements can be challenging.

The course aims to provide an overview of the role of the IASB and the revised conceptual framework. Requirements of significant new and amended Standards and Interpretations effective for 2019 and later are explained clearly.

Practical application issues of existing standards and upcoming changes are offered during the workshop.The course addresses some of the comprehensive accounting IFRS application issues faced by financial statement preparers, auditors, and other stakeholders.

Key Takeaways:

The masterclass equips attendees with a comprehensive understanding of the latest IFRS updates and practical applications, including:

• Recognition and measurement of lease liabilities under IFRS 16
• Practical expedients - separating lease and non-lease components; exemptions
• Practical review of IFRS 15: 5-step revenue recognition model
• Impact of the amendments to the Conceptual Framework for Financial Reporting
• New definition of material and new threshold
• Different types of use of fair value measurement
• Definition of business - optional concentration test
• Uncertainty over income tax treatments
• Remeasurement of fair value of the interest previously held in a joint operation
• Treatment of outstanding borrowing when qualifying asset is ready for intended use or sale
• Discussion Paper on “Financial Instruments with Characteristics of Equity

Who Should Attend:

• Practical and hands-on workshop
• Comprehensive materials covering all aspects of IFRS 9
• Understanding of the “expected loss” impairment model
• Review of hedge accounting with real-life case-studies
• Understand the significant disclosure requirements

Methodologies:

• Highly practical approach
• Cases, examples, open discussions
• Description and explanation of changes in IFRSs, including implementation  requirements and transitional rules
• Use of illustrative financial statements and worked examples
• Participants will need to bring laptops to work through the examples and case studies