INTERNATIONAL CPD WEBINAR. IFRS Overview. Presented by: Peter Thatcher BSc FCA Aptus Personal Development Consultants

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1 INTERNATIONAL CPD WEBINAR IFRS Overview 18 th January 2018 Presented by: Peter Thatcher BSc FCA Aptus Personal Development Consultants No responsibility for loss occasioned to any person acting or refraining from action as a result of material in this document can be accepted by the author or 2020 Innovation Training Limited Innovation Training Limited 6110 Knights Court Solihull Parkway Birmingham Business Park Birmingham B37 7WY Tel: +44 (0) Fax: +44 (0) info@the2020group.com Website:

2 What does complying with IFRS mean? Basis of preparation disclosure IAS 1 requires entities whose financial statements comply with IFRS to make an explicit and unreserved statement of such compliance in the notes. IAS 1 also states that financial statements should not be described as complying with IFRS unless they comply with all applicable requirements. IAS 1 defines IFRS as being all standards and interpretations issued by the International Accounting Standards Board (IASB) which comprise: International Financial Reporting Standards (IFRS) International Accounting Standards (IAS) IFRIC Interpretations (Issued by the IFRS Interpretations Committee) SIC Interpretations (Issued by the Standing Interpretations Committee) Who uses IFRS? The IASB s role is to develop, publish and promote the use of IFRS. It is the decision of individual jurisdictions as to whether they will require, or permit, companies to prepare their financial statements using IFRS. The aim of the IASB The IASB is committed to developing, in the public interest, a single set of high quality, global accounting standards that require transparent and comparable information in general purpose financial statements. The benefits of IFRS The stated mission of the IFRS Foundation is to bring transparency, accountability and efficiency to financial markets around the world by developing IFRS. The work of the IFRS Foundation serves the public interest by fostering trust, growth and long-term financial stability in the global economy. IFRS bring transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions. Page 1

3 IFRS strengthen accountability by reducing the information gap between the providers of capital and the people to whom they have entrusted their money. IFRS provide information needed to hold management to account. As a source of globally comparable information, IFRS are also of vital importance to regulators around the world. IFRS contribute to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation. Use of a single, trusted accounting language lowers the cost of capital and reduces international reporting costs for businesses. Who uses IFRS? According to the IFRS Foundation website ( 126 jurisdictions require IFRS to be used by all or most domestic publicly listed companies. Another 12 jurisdictions permit the use of IFRS by this type of company. The IFRS Foundation website contains profiles of 150 jurisdictions which include: Each jurisdiction s commitment to global financial reporting standards and The extent of IFRS application in each jurisdiction The profiles highlight that: Some jurisdictions require the use of IFRS for all companies, for example, South Africa Some jurisdictions require the use of IFRS for some companies and permit the use of IFRS for others, for example, Brazil Some jurisdictions permit the use of IFRS, for example, Japan Some jurisdictions achieve compliance through the incorporation of IFRS requirements into their own national standards, for example, Australia Some jurisdictions national standards are substantially converged with IFRS, for example, China Page 2

4 The European Union (EU) IFRS (as adopted by the EU) are required for the consolidated financial statements of all European companies whose debt or equity securities trade in a regulated market in Europe. The term as adopted by the EU refers to the fact that the European Commission follows a comprehensive endorsement process to decide whether to adopt each standard issued by the IASB. To be adopted, each standard must meet key qualitative criteria. EU companies may not use IFRS until adopted by the EU. Individual member states may also require or permit IFRS for: Small securities exchanges that are not deemed regulated markets Separate financial statements of companies whose securities trade on a regulated market and Consolidated and separate financial statements of companies whose securities do not trade on a regulated market The United States (US) Since 2002, the IASB and the US Financial Accounting Standards Board (FASB) agreed to work together to remove differences between IFRS and US GAAP. This agreement was addressed in a Memorandum of Understanding (also known as the Norwalk Agreement). The current position in the US is that: US companies whose shares are traded in a public market in the US are not permitted to use IFRS Other US companies may in certain circumstances use IFRS Foreign companies whose shares are traded in a public market in the US are permitted to use IFRS Page 3

5 Who is involved in the standard-setting process? The Monitoring Board The Monitoring Board comprises representatives from capital market authorities including the European Commission, the US Securities and Exchange Commission and the International Organisation of Securities Commissions. The main roles of the Monitoring Board are to ensure that the trustees of the IFRS Foundation discharge their responsibilities as set out in the IFRS Foundation Constitution and to appoint the trustees. The IFRS Foundation The IFRS Foundation comprises a maximum of 22 trustees with diverse geographical and professional backgrounds. The trustees are primarily responsible for: The appointment and re-appointment of members of the IASB, the IFRS Interpretations Committee and associated councils and committees The governance and oversight of the IASB, including the Constitution and the Dueprocess for the development of standards The IASB The IASB is the independent standard-setting body and comprises a maximum of 14 members who are experts in their fields from around the world. The IASB is primarily responsible for the development and publication of IFRS and for the approval of Interpretations developed by the Interpretations Committee. The IFRS Interpretations Committee The IFRS Interpretations Committee comprises a maximum of 14 voting members and a non-voting chairman. The Committee supports the IASB in the application of IFRS and provides timely guidance in response to questions about the application of the standards. This guidance may lead to the development of Interpretations for the approval of the IASB. Page 4

6 Other bodies The IFRS Advisory Council Provides advice and counsel to the IASB and the trustees of the IFRS Foundation, in particular it provides advice to the IASB on priorities, agenda decisions and major standard-setting projects The Accounting Standards Advisory Forum Supports the trustees of the IFRS Foundation and facilitates technical discussions on standard-setting issues Standing consultative groups These groups include: The Capital Markets Group which provides input to the IASB from users of financial statements The Global Preparers Forum which provides input to the IASB from companies preparing financial statements The SME Implementation Group which supports the international adoption of the IFRS for SMEs and monitors its implementation Transition Resource Groups These groups analyse and discuss issues arising from the implementation of new guidance and provide feedback to the IASB. Resource groups have been set up for: Impairment of financial instruments Revenue recognition Insurance contracts Page 5

7 An overview of the standard-setting process The key principles for the development of new standards, as set out in the IFRS Foundation Due-process Handbook, are: Transparency Full and fair consultation Accountability Agenda consultation Every five years, the IASB conducts a comprehensive review and consultation to define the standard-setting priorities and develop its project work plan. The most recent agenda consultation concluded with the setting of the IASB s work plan for Topics may be added to the work plan between consultations, for example, following a postimplementation review of a standard or following a request from the IFRS Interpretations Committee to review an issue. Research The IASB consider the issues in relation to the topic and identify possible solutions. A discussion document is often developed and published for public comment. The IASB consider the feedback to the discussion document and then decide, following consultation with the Advisory Council and the trustees of the Foundation, whether to progress to the development of a new standard. Developing a standard The IASB develops and issues for public comment an exposure draft which reflects what a new standard might look like. The exposure draft is often accompanied by details of any dissenting opinions of IASB members and the basis for the IASB s conclusions. The IASB consider the feedback to the exposure draft and hold public meetings and carry out field tests as required. The IASB makes amendments to the exposure draft as required. Page 6

8 Issuing a standard To issue a standard, approval is required of nine of the 14 members of the IASB. New standards specify the date from which the standard will become effective. The date will allow sufficient time for preparers to get ready for the application of the new guidance. The new standard will be accompanied by the basis for conclusions, an effect analysis and details of any dissenting opinions of IASB members. An overview of IFRS and IAS currently in issue For companies with reporting dates commencing on or after 1 January 2018, there are currently in issue and effective: 26 International Accounting Standards (IAS) 15 International Financial Reporting Standards (IFRS) 22 Interpretations In addition, there is also the IFRS for Small and Medium-sized Entities which is a stand-alone standard that is available for use by small and medium-sized entities. A small and medium sized entity is defined as an entity that: a) Does not have public accountability; and b) Publishes general purpose financial statements for external users. IAS IAS were originally issued by the International Accounting Standards Committee, which was the standard-setting body that preceded the IASB. When the IASB took over responsibility for the development and publication of new standards, it passed a resolution to the effect that all IAS would continue to be applicable until amended or withdrawn. Page 7

9 The IAS that are in issue and effective for companies preparing financial statements with reporting periods commencing on or after 1 January 2018 are as follows: IAS 1 IAS 2 IAS 7 IAS 8 IAS 10 IAS 12 IAS 16 IAS 17 IAS 19 IAS 20 IAS 21 IAS 23 IAS 24 IAS 26 IAS 27 IAS 28 IAS 29 IAS 32 IAS 33 IAS 34 IAS 36 IAS 37 IAS 38 IAS 39 IAS 40 IAS 41 Presentation of financial statements Inventories Statement of cash flows Accounting policies, changes in accounting estimates and errors Events after the reporting period Income taxes Property, plant and equipment Leases Employee benefits Accounting for government grants and disclosure of government assistance The effects of changes in foreign exchange rates Borrowing costs Related party disclosures Accounting and reporting by retirement benefit plans Separate financial statements Investments in associates and joint ventures Financial reporting in hyperinflationary economies Financial instruments: Presentation Earnings per share Interim financial reporting Impairment of assets Provisions, contingent liabilities and contingent assets Intangible assets Financial instruments: Recognition and measurement Investment property Agriculture Page 8

10 IFRS The IFRS that are in issue and effective for companies preparing financial statements with reporting periods commencing on or after 1 January 2018 are as follows: IFRS 1 IFRS 2 IFRS 3 IFRS 4 IFRS 5 IFRS 6 IFRS 7 IFRS 8 IFRS 9 IFRS 10 IFRS 11 IFRS 12 IFRS 13 IFRS 14 IFRS 15 First-time adoption of IFRSs Share based payment Business combinations Insurance contracts Non-current assets held for sale and discontinued operations Exploration for and evaluation of mineral resources Financial instruments: Disclosures Operating segments Financial instruments Consolidated financial statements Joint arrangements Disclosure of interests in other entities Fair value measurement Regulatory deferral accounts Revenue from contracts with customers The IFRS that are in issue at 1 January 2018 but not yet effective are as follows: IFRS 16 IFRS 17 Leases Effective for reporting periods commencing on or after 1 January 2019 Insurance contracts Effective for reporting periods commencing on or after 1 January 2021 Page 9

11 The Conceptual Framework The Conceptual Framework sets out the concepts that underlie the preparation and presentation of financial statements for external users. It deals primarily with: The objective of financial reporting o To provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity The qualitative characteristics of useful financial information o The fundamental characteristics are relevance and faithful representation the characteristics of faithful representation are complete, neutral and free from error o The enhancing qualitative characteristics are comparability, verifiability, timeliness and understandability The definition, recognition and measurement of the elements from which financial statements are constructed o Assets, liabilities, equity, income and expenses The purpose of the Conceptual Framework is to: Assist the IASB in the development of future IFRS and in its review of existing IFRS Assist the IASB in promoting harmonisation of regulations, accounting standards and procedures relating to the presentation of financial statements by providing a basis for reducing the number of alternative accounting treatments permitted by IFRS Assist national standard-setting bodies in developing national standards Assist preparers of financial statements in applying IFRS and in dealing with topics that have yet to form the subject of an IFRS Assist auditors in forming an opinion on whether financial statements comply with IFRS Assist users of financial statements in interpreting the information contained in IFRS financial statements and Provide information about the IASB s approach to the formulation of IFRS Page 10

12 What are the IASB s plans for future standards? The IASB maintains a publicly available work plan which sets out the IASB's technical projects and highlights the next milestone, for example, discussion paper, exposure draft or standard. The work plan is based on the outcomes of the agenda consultation and is regularly updated to reflect the progress of each topic. The key projects currently identified on the work plan are: The Conceptual Framework The primary financial statements The principles of disclosure Goodwill and impairment Where can you find out more? IFRS Foundation European Financial Reporting Advisory Group Large accounting firms, for example: Deloitte PwC - Accounting bodies, for example: ICAEW ACCA Page 11

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