Details
2015 saw the culmination of a set of core projects undertaken by the IASB with the publication of IFRS 16 – Leasing. Together, with its new standard on revenue, IFRS 15 and completion of its work on financial instruments, IFRS 9, these Standards become mandatory over the next two-three years and will have far reaching consequences on reported results. Companies will need to carefully consider the impact of these new Standards and whether to utilize any of the optional transitional and other reliefs available to them. Furthermore, the IASB has continued to release improvements to other standards.
Looking beyond the immediate changes there are many future developments, some of which are in advanced stages, others which are still at discussion stage. The outcomes of these proposals could have significant impacts upon the presentation, recognition or measurement of transactions and impact upon commercial decisions that you are taking now; you need to understand how these may impact you so that you can future proof those decisions.
Specific areas covered include:
- Recap of key standards and principles to set the context for recent and prospective developments
- New and revised standards and interpretations which were mandatory for 2015 year ends or which become mandatory for 2016 year ends
- New and a mended standards and interpretations which become mandatory for 2017 and beyond
- Status of recent exposure drafts and in depth review of the more critic al ones
- Project up dates on development areas including work of the IFRS Interpretations Committee
- What choices to make and where the difficulties and pitfalls lie in their application
Your expert instructor Alan Mayo has 30 years’ most successful professional experience, and is one of the founders of the client training business of Pw C London. He has led numerous in-house and public course IFRS technical updates around the world with participation of companies and organisations such as Caterpillar, Deutsche Bank, Ericsson, Abu Dhabi Commercial Bank, Cap Gemini, Shell, Arab Bank, Petronas and many others.
Outline
Day 1
Module 1: IASB and its work programme
Module 2: Fundamentals, recap and update
Module 3: Non-current, non-financial assets and liabilities
Case studies: reviewing how past amendments to the forgoing Standards have impacted upon reported results
Module 4: Entity concepts
Case studies: reviewing how past amendments to the forgoing Standards have impacted upon reported results
Day 2
Module 5: IFRS 15 Revenue recognition
Case studies: the application of the standard
Module 6: IFRS 16 Leases
Case studies: application of lessee accounting for smaller, short-term leases and larger and longer-term leases
Day 3
Module 7: Financial Instruments
Case studies
- classifying financial instruments
- accounting for impairment of financial instruments, including accounts receivable, under IFRS 9
Module 8: Round up of other recent and forthcoming developments
Module 9: Review and conclusions
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