Annual IFRS update Seminar. 3-4 December 2017

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1 Annual IFRS update Seminar 3-4 December 2017

2 Contents Day 1 03 Day 2 04 Registration form 06

3 Day 1 IFRS 9: Financial instruments The application of IFRS 9 may change the measurement and presentation of many financial instruments, depending on their contractual cash flows and the business model under which they are held. The impairment requirements will generally result in earlier recognition of credit losses. The impact of the new ECL model is huge. Therefore the seminar will discuss several aspects of this issue. The new hedging model may lead to more economic hedging strategies meeting the requirements for hedge accounting. It will be important for entities to monitor the discussions of the IFRS Transition Resource Group for Impairment of Financial Instruments (ITG). We will go through the following and their practical implications: The changes in the classification of the financial assets Overview of financial liabilities and the own credit risk Changes in measurement (special emphasis on non listed equity instruments) The Expected Credit Loss (ECL) model. We will put special emphasis on issue during the discussion. Several case studies and practical implication will be illustrating how to be ready for the challanges of the new regulation Overview of new hedging model Transition to IFRS 9 IFRS 17: Insurance Contracts early overview IFRS 17, together with IFRS 9, will result in a profound change to the accounting in IFRS financial statements for insurance companies. This will have a significant impact on data, systems and processes used to produce information for financial reporting purposes. The new model is likely to have a significant impact on the profit and total equity of some insurance entities, resulting in increased volatility compared to today s models. Key performance indicators will also likely be affected. We will briefly discuss the same. 3 Annual IFRS update All Rights Reserved EY

Day 2 IFRS 15: Revenue from contracts with customers: practical issues The existing rules on revenue recognition in IAS 11 and IAS 18 and some IFRICs are sometimes accused of being lacking in detail.

4 Day 2 IFRS 15: Revenue from contracts with customers: practical issues The existing rules on revenue recognition in IAS 11 and IAS 18 and some IFRICs are sometimes accused of being lacking in detail. We go through the new IFRS standard with examples as to: Overview of the five-step model: Identifying the contract, combination of contracts The performance obligation (PO) approach The transaction price Allocation of the transaction price Other issues in the standard Challenges of the new revenue recognition model case based approach: Issues to be resolved on trasation to IFRS 15 Free deliverables and trial periods Warranties Principle and agent Variable considerations Significant financing component Timing of recognizing the revenue Effect of the timing of the delivery How to deal with royalties IFRS 16: Practical issue of the new lease standard A major criticism of the current accounting regulation of leasing is that it is possible to engage in off-balance sheet financing with operating leases. We will go through the new accounting landscape for leases and discuss why off-balance sheet financing will become more difficult and discuss the deliberation on the potential new standard. We will briefly revise the rules of the standard and will look into some practical questions surrounding the issue. Annual IFRS update 4

Day 2 (contd) IFRS 16: Practical issue of the new lease standard (contd) How to identify a lease Conceptual changes in the classification for the lessee Conceptual changes in the recognition for the

5 Day 2 (contd) IFRS 16: Practical issue of the new lease standard (contd) How to identify a lease Conceptual changes in the classification for the lessee Conceptual changes in the recognition for the lessee Lessor s accounting Measurement rules of the leases, focusing on new items to be included in the lease payemts What the impacts will be on lessees financial statements When IFRS 16 will apply and how to transition to it Practical issues: How to separate lease and non-lease components Alocations of the consideration in lease contracts How to determine the discount rate used in a lease contract? Calculation of ROU and lease liability Other annual improvements The IASB makes smaller improvements to standards each year and IFRICs are also issued to clarify some questions. We will guide participants through these changes. In particular, we will look into the new disclosure initiatives effective from 1 January 2017: IFRIC 22 foreign currency transactions and advance consideration IFRIC 23 uncertanitiy over income tax treatments Annual inprovement process IFRS 12 disclosure of interests in other entities clarification of the scope of the disclosure requirements in IFRS 12 IAS 7 disclosure initiative amendments to IAS 7 5 Annual IFRS update All Rights Reserved EY

6 Registration form Annual IFRS update seminar 3-4 December 2017 Please fax this form to EY Training, Kuwait: or to: For more courses please visit our website: further details please contact: /5033 Registration type: Individual Sponsored Company : 1 Name* : Role * : Mobile * : 2 Name* : Role * : Mobile * : Course dates: 3-4 December 2017 Time: 09:00 a.m. 04:30 p.m. Venue: Radisson Blu, Kuwait Registration fee (per participant) KD330 which includes Course material Lunch and other refreshments EY training certificate Special group rates Book three places and get a 10% discount Book six places and pay for five An invoice with all payment details will be send upon receipt of registration form. Payment must be received in full prior to the course start. Cancellation and refund policy A full refund less an administration fee of KD 50 will be given for cancellation requests received up to 5 working days before the event. Cancellations must be made in writing (letter/fax/ ) and reach our office before the 5 working days deadline. Delegates who cancel less than 5 working days before the event, or who don t attend, are liable to pay the full course fee, and no refunds can be given. However, if you wish to attend a subsequent scheduling of the course, and you have paid your course fee in full, you will only be invoiced for 25% of that course fee. Replacement participants are always welcome. Invoice to be addressed to Name * : Role : Company * : PO Box : 3 Name* : Role * : Mobile * : * : Tel: * : Contacts Should you have any inquiries, please contact: Name: Dileta Crasto Mobile: dileta.crasto@kw.ey.com All courses are subjected to a minimum number of participants. If a course has less than the required number, then EY Training Center (EYTC) is entitled to cancel the course at its absolute discretion, without liability. In such instances, the EYTC team can offer the participants with alternative dates or program options that are at the same level or standard. Note: All fields marked with star (*) are required

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