FM010: IFRS Update Seminar 2016

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Prudence Griffin
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1 FM010: IFRS Update Seminar 2016 FM010 Rev.001 CMCT COURSE OUTLINE Page 1 of 4

2 Training Description: Our International Financial Reporting Standards (IFRS) 2016 updates will help build the knowledge you need in IFRS for success in today's global business world. Like you, we believe those who understand and apply IFRS will enjoy expanded career opportunities as its use is spreading around the world. Developed with input from subject matter experts from across the region, this course is designed to provide accounting and finance professionals with the training, knowledge and practical guidance needed to use IFRS and stay up to date with its newest standards and changes. Training Objective: By the end of the training, participants will be able to: Describe the setting process in International Financial Reporting Standards (IFRS) and list the currently available standards Explain the most recent updates on existing IFRS and evaluate the effect of newly issued standards on their organization Determine the correct presentation and minimum disclosure for components of statement of financial position, statement of comprehensive income, statement of owners' equity and statement of cash flows in accordance with IFRS Appraise and properly account for transactions affecting current assets and liabilities, noncurrent assets and liabilities, revenues and expenses in accordance with IFRS Apply professional judgment in applying IFRS for matters relating to non-recurrent business transactions Training Designed for: This course is intended for all Professionals in the fields of finance and accounting, and professionals seeking to enhance international accounting knowledge from companies implementing IFRS as the standard of reporting. Target Competencies Financial statements Financial reporting IFRS Accounting for current non-assets and liabilities Training Program: DAY ONE: Pre-Test Introduction to International Financial Reporting Standards (IFRS) Setting and developing IFRSs IFRS standard setting process FM010 Rev.001 CMCT COURSE OUTLINE Page 2 of 4

3 Defining the term 'IFRS' List of currently available IFRSs Current year and prior year's updates on IFRSs Newest standards published by IASB DAY TWO: Statement of Financial Position and Equity Components (International Accounting Standard - IAS 1) Financial position presentation format as per IAS1, presentation of financial statements Elements of statement of financial position Components and classification of current and non-current assets and liabilities Offsetting assets and liabilities Components and classification of stockholders equity Supplemental disclosures Statement of comprehensive income (IAS 1) Income statement minimum presentation requirements as per IAS1, presentation of financial statements Presentation of revenues and expenses by nature or by function Other comprehensive income: Nature of its components Operating segments reporting (IFRS 8): o When to report financial information by operating segments? o Criteria for a segment to be considered a reportable segment o Information required to be reported DAY THREE: Statement of Cash Flows (IAS 7) Distinguishing operating, investing and financing activities Flexibility matrix for reporting certain components Treatment of non-cash activities Direct versus indirect methods IFRS rules for current assets and liabilities Cash and cash equivalents (IAS 39) Accounts receivable (IAS 39): o Estimating allowance for doubtful and bad debts o Pledging, assigning and factoring of receivables o Accounts payable and accruals (IAS 39) Inventory (IAS 2): Ownership: when to include inventory in your books Measurement at initial recognition: what to include in cost? Inventory cost-flow assumptions Subsequent measurement: lower of cost or net realizable value FM010 Rev.001 CMCT COURSE OUTLINE Page 3 of 4

4 DAY FOUR: IFRS Rules for Non-Current Assets and Liabilities Property, plant and equipment (IAS 16): o Initial recognition and subsequent measurement o Cost model versus revaluation model o Assets held-for-sale (IFRS 5) o Treatment of decommissioning costs (IAS 37) o Impairment of property, plant and equipment (IAS 36) Intangible assets (IAS 38) Situations where some intangible assets are not reported on financial positions Cost model versus revaluation model Investment property (IAS 40) o Distinguishing investment property from other assets o Cost model versus fair value model Provisions, contingent liabilities and contingent assets (IAS 37) Bonds and long term obligations DAY FIVE: Investment Securities (IAS 39 and IFRS 9) Classification of instruments: Fair Value Through Profit or Loss (FVTPL), trading, Held-To- Maturity (HTM) and Available-For-Sale (AFS) Briefing on classification of instruments under the new IFRS 9 Initial recognition and subsequent measurement Transfer between categories De-recognition of financial instruments Revenue Recognition (IAS 18) Revenue recognition criteria Measurement of revenue Briefing on the new IFRS 15, revenue from contracts with customers Course Conclusion POST-TEST and EVALUATION Training Requirement: Hand s on practical sessions, equipment and software will be applied during the course if required and as per the client s request. FM010 Rev.001 CMCT COURSE OUTLINE Page 4 of 4

5 Training Methodology: This interactive training course includes the following training methodologies as a percentage of the total tuition hours:- 30% Lectures, Concepts, Role Play 30% Workshops & Work Presentations, Techniques 20% Based on Case Studies & Practical Exercises 20% Videos, Software & General Discussions Pre and Post Test Training Certificate(s): Internationally recognized certificate(s) will be issued to each participant who completed the course. Training Fees: As per the course location - This rate includes participant s manual, hand-outs, buffet lunch, coffee/tea on arrival, morning & afternoon of each day. Training Timings: Daily Timings: 07:45-08:00 Morning Coffee / Tea 08:00-10:00 First Session 10:00-10:20 Recess (Coffee/Tea/Snacks) 10:20-12:20 Second Session 12:20-13:30 Recess (Prayer Break & Lunch) 13:30-15:00 Last Session For training registrations or in-house enquiries, please contact: Aisha Relativo: aisha@cmc-me.com Tel.: or Mob.: Training & Career Development Department FM010 Rev.001 CMCT COURSE OUTLINE Page 5 of 4

FM119: Saudi GAAP Transition to International Financial Reporting Standards (IFRS): Compliance with SOCPA

FM119: Saudi GAAP Transition to International Financial Reporting Standards (IFRS): Compliance with SOCPA FM119 Rev.001 CMCT COURSE OUTLINE Page 1 of 5 Training Description: Do you want to prepare your