Course 1741: IFRS Workshop for Banks and other Financial Institutions (3 days)

Transcription

1 Course 1741: IFRS Workshop for Banks and other Financial Institutions (3 days) Course level: Location: CPE / CPD: Intermediate Zurich 24 hours Start date: 9 Dec 2015 Finish date: 11 Dec 2015 Start time: 09:00 Finish time: 18:00 Price: EUR 4,100 Book this course Course introduction Applying IFRSs presents significant challenges for financial institutions. Recent changes to the accounting requirements for financial instruments also affect the related disclosures. The new standard on financial instruments, IFRS 9, is mandatory for annual periods beginning on or after 1 January Utilizing a highly interactive format, this course provides a comprehensive overview of the effects that the latest requirements have on the financial statements of financial institutions. This three-day program offers invaluable guidance on meeting the requirements of current accounting principles and disclosure requirements. Coverage includes lending and repossessed assets, accounting implications of regulatory requirements, disclosures, and IFRS 13 Fair Value Measurement. The complex requirements of IFRS 9 Financial Instruments are discussed and explained. Numerous examples and illustrations are provided, including application of the effective interest method under various scenarios, retained servicing, loan commitments and financial guarantees, loan impairment and restructurings, and derivatives and hedging. Where applicable, IFRSs are contrasted with US GAAP requirements. The theory and application of the standards is demonstrated with illustrative examples, complemented by application of the standards in an interactive group environment utilizing case studies, model financial statements, and practical exercises. This course answers questions such as: What are the current IFRS reporting requirements for financial institutions? When and how can financial instruments be reclassified? Printed from on 20 Oct 2018 Page 1 of 7

2 What are the accounting requirements for loan losses, repossessed assets, and fee income? How are effective interest rates calculated for various financial instruments? What principles apply to the recognition, measurement, impairment, and derecognition of financial instruments? How does the expected loss model in IFRS 9 compare with the IAS 39 s incurred loss model? What are the recognition and measurement principles for investment property? What are the other significant changes that will result from applying IFRS 9 s hedge accounting? What are IFRS 9 s transitional provisions? How are the disclosure requirements of IFRS 7 applied in practice? Topics Applying IASB standards applicable to financial institutions Financial Instruments Classification and reclassification of financial instruments under IFRS 9 Fair value option Fair value measurement (IFRS 13) Recognition and measurement under IFRS 9 Derecognition (including retained servicing and REPOs) Financial guarantees Loan commitments Application of the Effective Interest Method Computing the effective interest rate Applying the effective interest method under various scenarios live illustrations Plain vanilla bonds Variable rate instruments Effect of prepayments Applying the effective interest method after recognition of impairment losses Loans Receivable Recognition and measurement Fee income and loan origination costs (IFRS 15 and IFRS 9) Impairment and restructurings Interaction between IAS 21 (foreign currency issues) and IFRS 9 Repossessed assets Printed from on 20 Oct 2018 Page 2 of 7

3 Investment Property (IAS 40) brief overview Derivatives and Hedging (IFRS 9) Accounting for derivatives and embedded derivatives Overview of accounting for the three types of hedges (cash flow, fair value, and net investment) Hedge accounting documentation requirements Termination of hedge accounting Financial Statements Financial statement presentation (IAS 1, 7 and 8) Review and practical application of IFRS 7 disclosure requirements Capital disclosures required by IAS 1 Review of real world and model IFRS financial statements Implications of IFRS 16 Leases (effective 2019) Transitioning to IFRS 9 IFRS 1 First-time Adoption of IFRSs - reliefs from retrospective application Current outstanding project Dynamic Risk Management (Macro Hedging) April 2014 Discussion Paper and current plan Teaching method Group live instruction and interactive participation Description and explanation of IFRS technical requirements in clear and simple language Real-world financial statements of financial institutions to demonstrate IFRS presentation and disclosure requirements Illustrative demonstrations for calculating effective interest rates Case studies: Recognition, measurement and fair value adjustments for financial instruments under IFRS 9 Application of the derecognition rules under IFRS 9 Determination of loan losses under IFRS 9 Exercises to provide hands-on application practice Active participation is encouraged Prerequisites Printed from on 20 Oct 2018 Page 3 of 7

4 Some familiarity with financial reporting for banks or other financial institutions under IFRS or US GAAP, or other national GAAPs. No advance preparation is required for this course. Course benefits Classify and measure financial assets under IFRS 9 s three categories Prepare the quantitative and qualitative disclosures for financial instruments required by IFRS 7 Calculate impairment of loans and other financial assets under the expected loss model in IFRS 9 Calculate the effective interest rates for various financial instruments common to the financial sector Determine the principles in relation to recognition and measurement of investment property in IAS 40 Differentiate embedded derivatives between those that must be accounted separately and those that do not require separation from their host instruments under IFRS 9 Apply the hedge accounting requirements Transitioning smoothly to IFRS 9 Testimonials See what past participants said about this course: My overall perception of the training is excellent. IASeminars should keep up the good work. Presenter is obviously knowledgeable on the topic areas. Abiodun Olufemi Ogunoiki, Manager, KPMG, Nigeria The interaction and the group discussion were very informative. I will definitely be taking another course through IASeminars and recommending to colleagues. David Han, Scotiabank Canada Printed from on 20 Oct 2018 Page 4 of 7

5 Instructor's enthusiasm helped greatly with the learning process. Thanks! Kirk Harline, Vice President & Controller, Servus Credit Union Ltd., Canada IASeminars was more relevant and experienced in the area I was interested in. It was excellent. The instructor was experienced and open to discussions. He was very clear in his explanations and was patient to allow learning to take place. The answers were relevant and to the point. Overall perfect forum for an update and for preparing for new standards (IFRS9) in particular. Omar Mboob, Asst. Head of Dept. Finance, Trust Bank Limited, Gambia This training is very useful in developing my knowledge and skills in IFRS. Baboucarr Jarjusey, Finance Officer, Ecobank, Gambia Who should attend? Financial or management accountants with financial institutions Internal and external auditors of financial institution reporting under IFRSs Staff and management of Central Banks, Deposit Insurance Entities, and other agencies with regulatory responsibility in the financial services sector Financial analysts seeking to improve their understanding of the accounting and disclosures related to financial instruments and the impact of IFRS 9 s changes Professors and other instructors with educational facilities First-time adopters of IFRSs, seeking to analyze the options for, and implications of, applying IFRS 9 in their first IFRS financial statements CPE / CPD Accreditation Printed from on 20 Oct 2018 Page 5 of 7

6 NASBA IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: Field of study: Accounting ICAEW Partner in Learning IASeminars is proud to have been named as an ICAEW Partner in Learning, working together to offer the ICAEW IFRS Certificate to our clients worldwide. ICAEW (The Institute of Chartered Accountants in England and Wales) is a world leading professional membership organisation that promotes, develops and supports over 145,000 chartered accountants worldwide. CPE certificates obtained from attending IASeminars courses are an ideal way for ICAEW members and others to demonstrate their continuing professional development, provided that the topic is relevant to their learning and development needs. Texas State Board of Public Accountancy IASeminars is registered with the Texas State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. Venue Our Zurich seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided. Instructor(s) Saket Modi Saket Modi is a London-based financial trainer and consultant with over 15 years of professional experience. He specialises in delivering courses on advanced accounting, financial reporting and financial analysis topics, particularly with regards to International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), financial instruments and corporate finance. Saket has spent considerable time working, advising and training on complex IFRS matters - especially in relation to recognition and measurement of financial instruments. He has gained valuable experience working with both FTSE listed companies and also with Big 4 accounting firms. He has designed and facilitated workshops for banks and other financial institutions and Printed from on 20 Oct 2018 Page 6 of 7

7 also for corporates in the UK, Europe, Africa, Middle East and Asia, and was invited by the International Auditing and Assurance Standards Board (IAASB ) to present a paper on IFRS 9 Financial Instruments at their board meeting in New York. Saket is a member of the Institute of Chartered Accountants of India, has completed the IFRS certificate course offered by the Institute of Chartered Accountants in England and Wales (ICAEW) and also holds the Diploma in IPSAS from the Chartered Institute of Public Finance and Accountancy (CIPFA). As well as being a qualified accountant, Saket is also a CFA charterholder. In House To bring this course in-house please contact us and we will be pleased to assist Printed from on 20 Oct 2018 Page 7 of 7