IFRS for Banks and Other Financial Institutions

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Katrina Baldwin
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1 IFRS fr Banks and Other Financial Institutins (Including the recent develpments f IFRS 9 and IFRS 13) N.B. Special fcus will be given t BDL Circular #265 issued n September 23, 2010 This tw-day prgramme ffers invaluable guidance in meeting current and future internatinal accunting rules and disclsure requirements. The cmplex requirements f IAS 39 Financial Instruments: Recgnitin and Measurement, and its replacement IFRS 9 are discussed and explained in detail. Cverage includes the newly issued IFRS 13: Fair Value Measurement as well as lending, prperty, plant and equipment, accunting implicatins n regulatry requirements, disclsures, and revenue recgnitin. Numerus examples and illustratins are prvided, including applicatin f the effective interest methd under varius scenaris, securitisatins, retained servicing, lan cmmitments, lan impairment and restructurings, and derivatives and hedging. Mrever it explains the impact t Banks and Financial Institutins frm the transitin t the new IFRS 9 standard, and als analyses ther recent key IFRS develpments affecting Banks such as fair value measurement, financial statement presentatin, nn-financial liabilities and revenue recgnitin. ICTN s training prgrams fcus nt nly n the essential skills but n the verall attitude f thse wh must apply these skills t guarantee rganizatinal success. Yu can teach yur peple, BUT, yu cannt make them want t apply the acquired skills n a daily basis. This is why ICTN pays great attentin t the psychlgy f yur emplyees; because we knw that this is the trigger that mtivates emplyees t WANT t apply the skills they have learned. Ref: Page 1

ROI Return n Training Investments Made 1.

and are required t cmply with the increasingly cmplex set f internatinal accunting and financial standards. 2.

Emplyee lyalty is mre guaranteed t the rganizatin that invests in their staff s prfessinal develpment.

2 ROI Return n Training Investments Made 1. Immediate and tangible results within ne mnth f training cmpletin date; ROI resulting frm understanding reprting standards that is essential fr thse wh prepare and/r interpret financial statements and are required t cmply with the increasingly cmplex set f internatinal accunting and financial standards. 2. Actual, quantitative demnstratin that training prgrams secured fr staff are f added value t the cmpany because they measurably imprve staff perfrmance and attitude. 3. Emplyee lyalty is mre guaranteed t the rganizatin that invests in their staff s prfessinal develpment. The result is better perfrmance, higher retentin and emplyee self-esteem, because f the rganizatin s cmmitment t develpment and the emplyee s ability t perfrm at a cnsistently higher standard. IFRS fr Banks and Other Financial Institutins What is it Abut? The curse will cmprise a mixture f lectures, questin and answer sessins, practical exercises and illustratins. Participants receive cmprehensive curse ntes in English, which include a theretical cmpnent summarising the key elements f IFRS as well as practical case studies and slutins. It includes interactive training based n exercise slving and discussin f real-life scenaris. The fllwing are elements f this tw-day curse: Descriptin and explanatin f IFRS technical requirements in clear and simple language Mdel financial statements f financial institutins t demnstrate IFRS presentatin and disclsure requirements Illustrative demnstratins fr calculating effective interest rates Real-wrld financial statements Applicatin f IAS 39 and the newly issued IFRS 13 (Fair Value Measurement) and IFRS 9 (Financial Instruments) Determinatin f lan lsses Wrkshp Objective T apply advanced accunting principles and techniques in a practical cntext. T evaluate and apply varius IFRS as they apply t banks and ther financial institutins. T analyse, interpret and reprt n financial statements f banks and related infrmatin t different user grups. T ensure that preparers and users f financial statements are up-t-date with current amendments and requirements f IFRS as they relate t banks and ther financial institutins. Ref: Page 2

3 What Skills Will Yu Gain? Benefits frm this curse: Appreciate the current and likely future IFRS reprting requirements fr financial institutins Understand the impact f the transitin t IFRS 9 Cmprehend the IFRS financial statement disclsure requirements fr banks and their relatinship t Pillar 3 f Basel II Reslve critical issues, including accunting fr lan lsses, prperty, plant and equipment and fee incme Calculate the effective interest rates fr varius financial instruments cmmn t the banking industry Utilise mdel and real-wrld financial statements illustrating the applicatin f IFRS frmats and disclsures fr financial institutins Increase planning pprtunities thrugh awareness f likely future IFRS changes affecting financial institutins, including prspects fr cnvergence with majr natinal accunting standards IFRS fr Banks Curse Cntent Day 1 IFRS 9 Financial Instruments The replacement f IAS 39 Phase 1: Classificatin & Measurement Phase 2: Impairment Methdlgy Phase 3: Hedge Accunting Majr Impact n Banks and Financial Institutins Financial Instruments (IAS 39 and IFRS 9) Classificatin and reclassificatin f financial instruments Fair value ptin Fair value measurement (IFRS 13) Recgnitin and measurement under IAS 39 and IFRS 9 Derecgnitin (including retained servicing, securitisatins, and REPOs) Lans Receivable (IAS 39 and IFRS 9) Recgnitin and measurement Lan cmmitments Fee incme and effective interest methd (IAS 18 and 39) Impairment and restructurings Brief cmparisn f lan lsses under IFRS vs. Basel II Interactin between IAS 21 and IAS 39 Beirut, LEBANON Amman, JORDAN Dubai, UAE sales@ictn.cm (Lebann) marketing.jrdan@ict n.cm (Jrdan) Ref: Page 3

4 Applicatin f the Effective Interest Methd (IAS 39) Cmputing the effective interest rate Applying the effective interest methd under varius scenaris live illustratins Applying the effective interest methd after recgnitin f impairment lsses Day 2 Tangible Assets Prperty, plant and equipment (IAS 16) Investment prperty (IAS 40) IFRS 5 and repssessed assets Derivatives and Hedging (IAS 39) Accunting fr derivatives and embedded derivatives Accunting fr the three types f hedges (cash flw, fair value, and net investment) Hedge accunting dcumentatin requirements Terminatin f hedge accunting Amendment t IAS 39 Eligible Hedged Items Financial Statements Financial statement presentatin (IAS 1, 7, 8) Review f IFRS 7, Financial Instruments: Disclsures, including a brief cmparisn t the disclsure requirements f Pillar 3 f Basel II Capital disclsures required by IAS 1 Revised IAS 1, effective in Cmprehensive Incme Amendments t related-party disclsures Future Develpments Relevant future develpments and IASB Wh Will the Wrkshp Benefit? Managers, fficers and emplyees wrking in Accunting, Finance, Treasury, Operatins and any back ffice, wh wuld like t understand, interpret and apply IFRS as they apply t banks and ther financial institutins. Ref: Page 4

5 Prerequisite: Knwledge f basic accunting prcedures, accunting principles and duble entry bkkeeping. N prir knwledge f IFRS is required. Duratin: 2 days Wrkshp Fees (Public wrkshp fees are inclusive f wrkshp materials and training manuals, cffee breaks, lunch, and internatinal certificate frm ICTN New Yrk.) See current calendar fr fees at r request a qutatin frm sales@ictn.cm Ref: Page 5

Chapter 1. Introduction and Overview of Audit & Assurance

Chapter 1. Introduction and Overview of Audit & Assurance Assurance & Auditing Textbk Ntes Chapter 1 Intrductin and Overview f Audit & Assurance Audit prcess in Fcus 1.1 Auditing & Assurance Defined - An assurance is an engagement where an auditr r cnsultant