Union of Investment Companies in Kuwait (UIC)

Transcription

1 Union of Investment Companies in Kuwait (UIC) s Academy IFRS Training Programme

2 Training overview This programme will cover the following standards: In 2009 the first section of IFRS was issued covering classification and measurement of financial assets. Five years later in July 2014, following the conclusion of the impairment methodology, the final standard was completed and issued with implementation compulsory for periods commencing on or after 1 January With a new approach to classification and measurement, a fundamental shift in impairment methodology and a simplification of the criteria behind accounting for risk management approaches through hedge accounting it is probable that IFRS 9 implementation will have a significant impact on the way financial information is prepared, presented and disclosed. With illustrative examples and interactive sessions hosted by s leading experts in IFRS adoption and implementation specialising in financial instruments training this course will leave you able to understand the impact of the changes from IAS 39 and manage a way through the transitional arrangements as well as breaking down some of the barriers to understand this complex area of financial reporting. IFRS 15 Revenue from contracts with customers This new standard establishes a comprehensive new framework for determining when revenue should be recognised and how it should be measured. The new standard will create significant challenges in many sectors of the economy, some of which will find that their revenue is recognised very differently from how it was done under IAS 18 or IAS 11 The implementation date of IFRS 15 has been deferred for a year until 1 January 2018 allowing organisations additional time to prepare for implementation. IFRS 16 Accounting for lease With trillions of US dollars of assets being held off balance sheet the IASB and FASB had the leases convergence project as a priority. The process has taken a significant amount of time to come through to a new standard and the implications will have a significant impact on every organisation. With a new definition of what constitutes a lease and with all operating leases coming onto the balance sheet, financial statements of lessees will look very different. IFRS 16 is effective for periods beginning on or after 1 January 2019 but there is a lot of work to be done prior to the standard becoming effective. 2

3 Programme outlines Session Description IFRS 16 Accounting for lease Introduction The need for a new standard Brief recap of IAS 17 Transition The new model Definition of a lease Exemptions and exceptions Accounting treatment for lessee Accounting treatment for lessor Practical implications Preparation for adoption IFRS 15 Revenue from contracts with customers Introduction The need for a new standard Implementation timetable Transition The five step model Identify the contract with the customer Identify the performance obligations determine the transaction price Allocate the transaction price Recognise revenue Practical implications Preparation for adoption Introduction and refresh The financial instruments project Approaches to transition from IAS 39 Refresh Definitions from IAS 32 Equity or liability Compound instruments and bifurcation process 3

4 Programme outlines Session Description Classification and measurement Reminder of the classification of financial assets and liabilities under IAS 39 Classification of financial assets and liabilities under IFRS 9 Contractual cash flows Business model test Reclassifications Designation opportunities Embedded derivatives Implementation challenges Fair value under IFRS 13 Derecognition What is fair value? IFRS 13 definition and hierarchy Approaches and techniques in determining fair value Recognition of own credit risk A brief look at the derecognition requirements Practical issues on derecognition Disclosures A brief overview of the disclosure requirements of IFRS 7 Statement of financial position Statement of comprehensive income and statement of changes in equity Risk disclosures 4

5 Programme outlines Session Description Impairment A refresh of the IAS 39 requirements IFRS 9 Effective loss model Problems with predictive concepts Impact of expected loss Scope and scope exclusions The IASB s three stage model Regulatory approach and IFRS 9 approach Identifying significant increase in credit risk Individual and portfolio assessments Measurement of expected credit losses Disclosures Frequently asked questions Implementation challenges Hedging Implementation Overview of the changes from IAS 39 to IFRS 9 Financial risk management through hedging Risk management strategy and objectives The hedging documentation Rebalancing Hedging types Accounting for a fair value hedge Accounting for a cash flow hedge Implementation challenges Practical application of IFRS 9 Experiences from early adoption The analysts view Implementation through systems and processes Providing information to management, investors and other stakeholders 5

6 Our expert IFRS training facilitator Gavin Aspden Overview Gavin is a director within s Academy faculty. He is an expert in International Financial Reporting Standards (IFRS) specialising in financial instruments. Gavin has delivered IFRS, finance and accounting training programmes to over 14,000 finance and non-finance professionals from over 2,000 organisations in different industries around the world during his 15 years as a trainer. He qualified as a Chartered Accountant with ICAEW (ACA) in 1998, prior to which he graduated from Bristol University (UK) in 1995 with a honours degree in Economics & Accounting. Experience Prior to joining s Academy, Gavin served as a Director of Qualifications for the ICAEW with responsibility for the design, development and delivery of all certificates and qualifications offered by ICAEW including the ACA, the Institute s flagship qualification. He delivered technical training in private and public sector financial reporting, risk management, strategic thinking and qualifications development and management around the world. He was also a member of the ICAEW Commercial Board. Gavin has served as Director of Finance and Tax programmes for BPP Professional Education with responsibilities including the design, delivery and management of the portfolio of professional development programmes from financial awareness programmes for non-finance professionals to advanced business, tax and financial reporting courses for post qualified professionals. During his tenure at BPP, Gavin was involved in a number of consultancy projects providing technical guidance and advice on IFRS implementation to medium and large corporates throughout the UK. He has also worked in the Assurance services of (UK), starting as a trainee and working his way up to Manager where he was responsible for a diverse portfolio of clients and delivery of technical and non-technical courses to professionals. 6

7 2017. All rights reserved. Not for further distribution without the permission of. "" refers to the network of member firms of PricewaterhouseCoopers International Limited (IL), or, as the context requires, individual member firms of the network. Each member firm is a separate legal entity and does not act as agent of IL or any other member firm. IL does not provide any services to clients. IL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm's professional judgment or bind another member firm or IL in any way.