|IFRS Update, Revenue and Leases|
This is an open event - feel free to invite colleagues / friends.
|26 August 2021
||3 hrs||Online||2pm - 5pm||£195||BOOK NOW|
Cost excludes VAT
This course provides delegates with a thorough understanding of the key requirements of IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases, together with an update of the latest key developments in the International Financial Reporting Standards (IFRS).
Drawing from practical experience, the content is presented in a manner that brings ‘theory to life’ through illustrative examples and practical application guidance.
1. IFRS 16 Leases
IFRS 16 replaced IAS 17 Leases for financial years starting 1 January 2019. Especially Lessees have been 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 account for their leases in line with the new requirements.
Importantly, the session includes the recent update to IFRS 16 relating to COVID-19, which provides lessees with certain exemptions relating where lessors have granted lessees rent-relief or reduced rent payments as a result of the pandemic.
IFRS 16 topics include:
- New Lease accounting model in detail
- Covid-update to IFRS 16
- 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 explained
- 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
- Impacts of new lease accounting on Financial Statements, metrics and covenants
2. IFRS 15 Revenue from Contracts with Customers - replaced IAS 18 Revenue, IAS 11 Construction Contracts and all revenue related interpretations in their entirety for financial years starting on/after 1 January 2018.
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. General IFRS update - with a focus on the areas of impact for upcoming financial year ends on or after 31 December 2021.
- 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: 3 hours
- Time: 2pm - 5pm
Venues (n/a at the moment due to Covid-19. All sessions are currently provided online)
- 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
- Other accountants in practice
- Analysts, investors and other users of financial statements