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“The examples through the slides and the exercises to work on really helped with understanding. Thank you - well presented and not dry at all!”

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SAICA CPD Events in UK

SAICA

IFRS UPDATE - IFRS 15 & 16 COMPREHENSIVE

This is an open event - feel free to invite colleagues / friends. 

Upcoming Dates CPD Location Time Cost  
22 Nov 2018  7 hrs London  9:30 - 17:00  £395   BOOK NOW

Cost excludes VAT

 
COURSE OUTLINE

This 1 day course provides delegates with a thorough understanding of the latest key developments in the International Financial Reporting Standards (IFRS) with a focus on IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases.  The course also includes a high level overview of IFRS 9.

The course covers IFRS 15 and IFRS 16 in depth, including the new standard's vast requirements, supplemented by illustrative examples and application guidance to provide a practical understanding.

1. IFRS 16 Leases

IFRS 16 is to replace IAS 17 Leases for financial years starting on/after 1 January 2019. Especially Lessees will be significantly affected by the changes, whilst Lessors will be less impacted.  This course provides delegates with a thorough understanding of the new model, which will enable Lessees to assess the impact on their entity's lease arrangements.

IFRS 16 is covered in detail.  Topics include:

  • New Lease accounting model in detail
  • Lessees are significantly affected by having to bring all leases onto Balance Sheet - as a "Right of Use asset" and Lease liability
  • New accounting concepts introduced
  • Significant changes to key lease terms used in lease calculations
    • treatment of variable/contingent payments linked to sale or use of the asset, or to an index or a rate
    • lease term
    • renewal options
    • termination penalties
    • lease commencement
    • New key concepts introduced: such as the assessment of a 'significant economic incentive' for Lessee to exercise renewal option, purchase option, etc.
  • Case studies, examples and calculations
  • Effect of new lease accounting on Financial Statements

2. IFRS 15 Revenue from Contracts with Customers - replacing current IAS 18 Revenue, IAS 11 Construction Contracts and all revenue related interpretations in their entirety

IFRS 15 is covered in detail.  Topics include: 

  • Significant changes introduced by IFRS 15.
  • New 5 step revenue recognition model required for all industries.
  • All key aspects of the new model are covered, including highlighting changes to current revenue recognition methods
  • Among others:
    • determining the amount of revenue to recognise
    • timing when revenue should be recognised
    • treatment of variable/conditional payments
    • what constitutes a 'contract' with the customer
    • where more than one service or good (performance obligation) is to be rendered by entity - specific accounting treatment required by IFRS 15.

3. IFRS 9 Financial Instruments replacing IAS 39

High level overview

The course covers an overview of the key changes introduced by IFRS 9 which will replace IAS 39 for financial years starting on/after 1 January 2019.

  • Initial and subsequent measurement: IAS 39 versus IFRS 9
  • Focusing on the basic financial instruments most entities have: Receivables, Payables, loans and other liabilities, investments in shares, debentures, bonds, etc.
  • Change in Financial asset categories from four (under IAS 39) to two new categories (under IFRS 9)
  • Explaining the two tests required by IFRS 9 to determine the category of financial asset
  • Initial and subsequent measurement of financial assets and liabilities

 

RESOURCES PROVIDED
  • A user-friendly, comprehensive material pack which can easily be referred back to after the course to refresh your memory or to assist with a technical issue
  • IFRS disclosure - complete set of model Financial Statements & disclosure notes
  • Illustrative examples and exercises to ensure topics are fully grasped
  • Additional handouts and resources with application guidance
VENUES & PRACTICAL INFORMATION
  • CPD: 7 hours
  • Time: 9.30am - 5pm with two tea breaks and lunch

Venues

  • London:
  • The ICAEW, Chartered Accountants' Hall, 1 Moorgate Place, EC2R 6EA;
  • DeVere Holbarn Bars, 138-142 Holborn, EC1N 2NQ; or
  • The Petersham Hotel, Nightingale Lane, Richmond, TW10 6UZ.
  • Venue to be confirmed nearer course date.  Please feel free to contact us with enquiries for a specific date.
WHO WILL BENEFIT

The course will benefit any finance professional to keep up to date with the current significant changes to IFRS.

  • Accountants in industry or practice - e.g. ACA, CA(SA), CA(Australia or New Zealand), CAI, ACCA, CIMA, FCA, etc
  • Financial managers and directors
  • Financial controllers, CFOs
  • Treasury accountants
  • Auditors
  • Other accountants in practice
  • Analysts, investors and other users of financial statements

 

Other locations        
Contact us for courses elsewhere in the UK, e.g. Edinburgh & Manchester   

 

IN-HOUSE OPTION

Our courses can presented as a bespoke in-house course, tailored to suit your entity's specific needs. Each in-house course is preceded by a consultation with the presenter to discuss the client's needs and identify any focus areas. Contact us for more information.