The IFRS seminar has been specifically developed to be helpful to preparers and users of financial statements. The seminar intends to highlight the changes in IFRSs affecting the 2017 Financial statements and the transition options of standards that are effective from 1.1.2018.
Revenue from Contracts with Customers Revenue is one of the most debatable topics in financial reporting. IFRS 15 is effective from 1 January 2018 and replaces IAS 18 and IAS 11. The effect of the long-awaited standard will vary depending on industry. Telecommunications, software, real estate and construction entities will be significantly affected by one or more of the new requirements.
Leases The new standard on lease contracts will replace IAS 17. IFRS 16 is effective from 1 January 2019 for IFRS reporters. The new standard requires lessees to recognise nearly all leases on the balance sheet, which will reflect their right to use an asset for a period of time and the associated liability to pay rentals.
Financial Instruments Financial instruments is one of the most challenging areas in financial reporting. IFRS 9 is effective from 1 January 2018 and replaces IAS 39. The new standard introduces more principles-based approach to classify and measure financial assets. The new impairment model requires earlier and ongoing assessment of credit losses. Entities will have to determine and account for expected credit losses instead of waiting for an actual default
On completion of this seminar participants should be able to:
Apply and evaluate the principles covered
Read, comprehend and evaluate financial statements incorporating accounting information covered by these IFRSs.
Evaluate the transition options of the new standards.
The seminar is primarily addressed to accountants and auditors in the profession or industry. It is also relevant and appropriate to any individual having an active role in preparing, analyzing and presenting financial statements.