International Financial Reporting Standards (IFRS) and 2019 Updates

Transcription

1 International Financial Reporting Standards (IFRS) and 2019 Updates Page 1 of 11

2 Why Attend Our 'International Financial Reporting Standards (IFRS) and 2019 Updates' course 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. Course Methodology The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of theories presented by the consultant and group exercises to exchange experience and apply knowledge acquired throughout the course. Course Objectives By the end of the course, participants will be able to: Describe the setting process in 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 statements of financial position, statements of comprehensive income, statements of owners' equity and statements of cash flows in accordance with IFRS Appraise and properly account for transactions affecting current assets and liabilities, non current assets and liabilities, revenues and expenses in accordance with IFRS Apply professional judgment in applying IFRS for matters relating to non recurrent business transactions Target Audience Professionals in the fields of finance and accounting as well as professionals seeking to enhance their international accounting knowledge from companies implementing IFRS as the standard of reporting. Target Competencies Understanding financial statements Financial reporting Applying IFRS Accounting for current and non current assets and liabilities Classifying investments Describing updates and amendments Assessing impact on financial accounts Course Outline Introduction to IFRS and presentation of financial statements Defining the term 'IFRS' IFRS standard setting process Financial position presentation format as per IAS1, presentation of financial statements Components and classification of current and non-current assets and liabilities Offsetting assets and liabilities Income statement minimum presentation requirements as per IAS1, presentation of financial statements Presentation of revenues and expenses by nature or by function Components and classification of stockholders equity Other comprehensive income: nature of its components Supplemental disclosures IFRS rules for current assets and liabilities Page 2 of 11

3 Cash and cash equivalents (IFRS 9) Accounts receivable (IFRS 9): Estimating allowance for doubtful and bad debts Pledging, assigning and factoring of receivables Accounts payable and accruals (IFRS 9) 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 IFRS rules for non-current assets and liabilities Property, plant and equipment (IAS 16): Initial recognition and subsequent measurement Cost model versus revaluation model Assets held-for-sale (IFRS 5) Treatment of decommissioning costs (IAS 37) Impairment of property, plant and equipment (IAS 36) Intangible assets (IAS 38) Situations where some intangible assets are not recognized in financial positions Cost model versus revaluation model Investment property (IAS 40) Distinguishing investment property from other assets Cost model versus fair value model Provisions, contingent liabilities and contingent assets (IAS 37) Investment securities (IFRS 9) Type of investment securities Classification under IFRS 9: Fair Value Through Profit or Loss (FVTPL), Fair Value Through Other Comprehensive income (FVTOCI), amortized cost Initial recognition and subsequent measurement Transfer between categories Impairment of financial assets under the new standard Revenue from contracts with customers (IFRS 15) Scope of IFRS 15 Describing the five-step model framework under IFRS 15 Step 1: Identifying the contract with the customer Step 2: Identifying the performance obligations in the contract Separating goods from services Step 3: Determining the transaction price Effect of time value of money Accounting for variable consideration Step 4: Allocating the transaction price to the performance obligations in the contract Step 5: Recognizing revenue when the entity satisfies a performance obligation Separating performance obligation satisfied at a point in time from performance obligation satisfied over a period of time IFRS 16, Leases Reasons for the transition from IAS 17 to IFRS 16 Recognition exemptions: expensing lease payments Page 3 of 11

4 How will the lease of small value items be affected Identifying a lease transaction Separating components of lease contract Accounting by lessees Accounting by lessors Effective date and transition Wrap-up on newest standards and list of current and prior years' updates on IFRSs Newest standards published by IASB Standards amended in 2016 with effect in 2019 Standards amended in 2017 with effect in 2019 Standards amended in 2018 with effect in 2019 Standards amended in 2019 Page 4 of 11

5 Associations National Association of State Boards of Accountancy (NASBA) : Meirc Training & Consulting 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 Location & Date Mar, 2019 To be assigned Sep, 2019 To be assigned 8-12 Dec, 2019 To be assigned : US$ (including coffee breaks and a buffet lunch daily) Per participant Per participant VAT as applicable UAE Tax Registration Number Page 5 of 11

6 18-22 Nov, 2018 Certificate in Fixed Assets Accounting and US$ Nov, 2018 Financial Controller Workshop Nov, 2018 Preparing Financial Statements and the Annual Report Nov, 2018 Certificate in Advanced Financial Modeling US$ Nov, 2018 Certified Corporate Financial Planning & Analysis Professional (Cert FP&A): Preparation Course - Part 1 US$ Dec, 2018 Accounting for Non-Accountants 2-6 Dec, Dec, 2018 Accounts Payable: From Accounting to 9-13 Dec, 2018 Corporate Finance Workshop 9-13 Dec, 2018 Fast Closing Monthly and Year-End Accounts 9-13 Dec, 2018 Payroll: Preparation, Analysis and Dec, Dec, 2018 Efficient Finance and Accounting Operations: 2018 Best Practices and Updates Dec, Dec, 2018 Next Generation Excel: Advanced Business and Financial Reporting Dec, Dec, 2018 Financial Analysis Workshop 6-7 Jan, 2019 Basic Mechanics and Accounting for VAT US$ Jan, Feb, 2019 Financial Modeling Workshop Using Excel Feb, 2019 Accounts Payable: Accounting and Best Practices Feb, Feb, Feb, 2019 Accounts Receivable and Credit Policies Feb, 2019 Certificate in Professional Accounting Feb, 2019 Certified Financial Manager Page 6 of 11

7 24-28 Feb, 2019 Dynamic Business Reports and Dashboards Using Excel Feb, 2019 Financial Acumen: Roadmap to Business Success 3-7 Mar, 2019 Accounting for Non-Accountants 3-7 Mar, 2019 Certificate in Cost Analysis, Control and Optimization Mar, 2019 Certificate in Accounting and Financial Control Mar, 2019 Financial Analysis Workshop Mar, 2019 Payroll: Preparation, Analysis and Mar, 2019 Efficient Finance and Accounting Operations: 2019 Best Practices and Updates Mar, 2019 Managing the Collections and Credit Control Team Mar, 2019 Preparing Financial Statements and the Annual Report Mar, 2019 Certificate in Fixed Assets Accounting and Mar, 2019 Certificate in Advanced Financial Modeling Mar, 2019 Certificate in Treasury and Cash Mar, 2019 Fast Closing Monthly and Year-End Accounts 31 Mar - 4 Apr, Apr, Apr, 2019 Professional Skills for Finance and Accounting Apr, 2019 Policies and Procedures Apr, 2019 Preparation for Certificate in Financial Planning & Analysis (Cert FP&A) Apr, 2019 Certificate in International Financial Reporting Standards (CertIFR): Preparation Course Apr, 2019 Next Generation Excel: Advanced Business and Financial Reporting Apr, 2019 Certificate in Advanced Budgeting and Forecasting Page 7 of 11

8 21-25 Apr, 2019 Cairo Apr, 2019 Six Dimensions of Effective Accounting and Finance Teams 28 Apr - 2 May, 2019 Efficient Finance and Accounting Operations: 2019 Best Practices and Updates 28 Apr - 2 May, Jun, 2019 Certificate in Advanced Financial Modeling 9-13 Jun, Jun, 2019 Accounts Payable: Accounting and Best Practices Jun, Jun, Jun, 2019 Advanced Excel: Power Query, Power Pivots and Macros Jun, Jul, 2019 Certified Financial Manager Jul, 2019 Certificate in Advanced Budgeting and Forecasting Jul, 2019 Fast Closing Monthly and Year-End Accounts 28 Jul - 1 Aug, 2019 Financial Modeling Workshop Using Excel 4-8 Aug, Aug, Aug, 2019 Istanbul Aug, 2019 Forecasting and Analyzing Cash Flow 1-5 Sep, 2019 Accounting for Non-Accountants 1-5 Sep, 2019 Dynamic Business Reports and Dashboards Using Excel 4-6 Sep, 2019 : A Hands-On Workshop Beirut US$ Sep, 2019 Corporate Finance Workshop 8-12 Sep, 2019 Efficient Finance and Accounting Operations: 2019 Best Practices and Updates Abu Dhabi 8-12 Sep, 2019 Financial Analysis Workshop 8-12 Sep, 2019 Payroll: Preparation, Analysis and Page 8 of 11

9 15-19 Sep, 2019 Accounts Receivable and Credit Policies Sep, 2019 Professional Skills for Finance and Accounting Istanbul Sep, 2019 Certificate in Accounting and Financial Control Sep, 2019 Financial Acumen: Roadmap to Business Success 29 Sep - 3 Oct, 2019 Certificate in Treasury and Cash Riyadh 29 Sep - 3 Oct, 2019 Reporting for Business Performance Review 6-10 Oct, Oct, Oct, 2019 Preparing Financial Statements and the Annual Report Oct, 2019 Fast Closing Monthly and Year-End Accounts Oct, 2019 Next Generation Excel: Advanced Business and Financial Reporting Oct, 2019 Six Dimensions of Effective Accounting and Finance Teams Oct, 2019 Accounts Payable: Accounting and Best Practices Riyadh Oct, Oct, 2019 Financial Forecasting: Tools and Techniques Oct, 2019 Managing the Collections and Credit Control Team Oct, Oct, 2019 Innovative Cost Savings Strategies 3-7 Nov, 2019 Certificate in Treasury and Cash 3-7 Nov, 2019 Trade Finance, Letters of Credit and Bank Guarantees Nov, 2019 Certificate in Advanced Budgeting and Forecasting Nov, 2019 Certificate in Advanced Financial Modeling Nov, 2019 Certificate in International Financial Reporting Standards (CertIFR): Preparation Page 9 of 11

10 Course Nov, 2019 Payroll: Preparation, Analysis and Nov, 2019 Accounts Payable: Accounting and Best Practices Nov, Nov, 2019 Certificate in Fixed Assets Accounting and Nov, 2019 Advanced Excel: Power Query, Power Pivots and Macros Nov, Nov, 2019 Forecasting and Analyzing Cash Flow 1-5 Dec, 2019 Efficient Finance and Accounting Operations: 2019 Best Practices and Updates 8-12 Dec, 2019 Accounts Receivable and Credit Policies 8-12 Dec, 2019 Professional Skills for Finance and Accounting Dec, 2019 Policies and Procedures Dec, Dec, Dec, 2019 Certificate in Cost Analysis, Control and Optimization Dec, Dec, 2019 Page 10 of 11

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