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IFRS - Essentials and New Developments

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Course Description

This intensive 2 day course conducted by a former senior City banker focuses on explaining the fundamentals and most up to date requirements for IFRS reporting standards. 

You will learn about the main framework as well as more complex norms dealing with non-current assets and intangibles including property and equipment, leasing, business combinations, provisions and contingent assets.

You will also have a chance to explore the standards dealing with the disclosure and presentation of financial instruments. 

Finally the treatment of off balance items and derivatives will be explained. 

The course programme includes many real life case studies illustrating discussed material. 

Knowledge of key accounting principles, such as the structure of financial statements and common accounting terms, will be required to obtain maximum benefit from this programme.

What Will You Learn

By the end of this course you will:   

  • Have a clear understanding of the application of IFRS
  • Be able to prepare financial statements in accordance with IAS / IFRS rules
  • Learn about the most significant standards and interpretations that are currently applicable
  • Explore the latest changes and requirements
  • Understand the difference between GAAP to IFRS reporting standards

Main Topics Covered During This Training

  • A practical focus on staple norms such as IAS 1, 7, 8, 10, 33, and 34 
  • A review with concrete examples of more complex and controversial norms such as:

- IAS 16: Property, Plant and Equipment

- IAS 17: Leasing

- IFRS 3 & IAS 27: Business Combinations

- IAS 36: Impairment of Assets

- IAS 37: Provisions, Contingent Liabilities and Contingent Assets

- IFRS 9, IAS 32 and 39: Financial Instruments: disclosure and Presentation; Financial Instruments: Recognition and Measurement

  • An overview of comparisons between IAS with US GAAP

 

Who Should Attend

  • Accountants
  • Financial Analysts
  • Auditors
  • Portfolio Managers
  • Securities Analysts
  • Investment Analysts
  • Pension Fund Managers
Register Now

In-company, call us for more information

Group discount: 2 people - 5% discount, 3 people - 10% discount. Delegates have to be from the same company and register at the same time in order to claim the discount.

IFRS - 2 Day Course

Introduction
  • Background of the IASB
  • Accounting principles comparison across various GAAPs
  • The format of accounts under IAS and US GAAP and how they differ
  • Recent developments – current issues in IFRS accounting
 
 Non-current assets (IAS 16 and 17)
  • PPE (IAS 16): accounting treatments – depreciated historical costs vs modified historical cost
  • Investment properties (IAS 40) 
  • Leased assets (IAS 17)
 
Intangibles other than goodwill
  • Research and development – balance sheet treatment
  • Licences and similar contractual rights
 
The effects of changes in foreign exchange rates (IAS 21)
  • Currency translation
  • Economic vs. translation vs. transaction exposure
  • Is one exchange rate used for all items in the financial statements?
  • How transactions are dealt with
  • Dealing with FX exposure in groups
Day 2
 
Provisions
  • When should provisions be made and basic accounting principles
  • Business restructuring costs
  • Potential liabilities under contractual and financial commitments
  • Pensions (IAS 19 and 26)
  • Defined benefit vs. defined contribution and consequences for the evaluation of businesses with significant pension commitments (review of selected mature businesses)
  • Segregated pension funds vs. “pay as you go” and how this affects the financial statements
  • Employee benefits – share options schemes
 
 
Business combinations 
  • Acquisition vs. merger (pooling/uniting of interests) accounting and implications for financial reporting
  • Subsidiaries, associates and investments – de facto control
  • Goodwill or just overpaying for companies – why the corporate credit analyst needs to understand the principles of how goodwill is calculated
  • Amortisation vs. impairment of goodwill
  • Comparative treatment of goodwill under IAS, existing accounting methods and US GAAP 
 
Financial instruments (IAS 32 and 39 – IFRS 9)
  • Recognition and classification of financial instruments
  • Valuation and measurement issues
  • Hedge accounting – recent changes
  • Current proposals after the credit crunch
 
Off balance items and the treatment of derivatives 
  • Types of off balance sheet items
  • Accounting considerations
  • Hedge accounting
  • Valuation issues
  • Reporting considerations
 
Summary of key issues
  • Course review

Mike Corless

The course director is a qualified chartered accountant who begun his career in Grant Thornton International and since 1986 worked in  Ernst & Young as a senior manager in the corporate advisory team, working on major acquisitions, disposals, IPOs and insolvency/restructuring transactions.
 
In 1989 he joined Threadneedle Asset Management as an analyst, becoming a fund manager specialising in income funds in 1991. In 1996 he joined Scottish Widows Investment Partnership as a director in the UK Equity team, again specialising in income funds. On becoming head of UK Equities in 1998, he introduced a new investment process incorporating cash flow based corporate valuation techniques. In 2000 he was appointed head of UK Equities when Scottish Widows was acquired by Lloyds Bank and he led the integration of the UK Equity teams.
 
In 2001 he joined HSBC Asset Management as European Head of Equity Research, managing a team of analysts in Paris and London tasked with developing a new research team and research process.In 2004 he was appointed Global Head of Equity Research, responsible for 60 global equity research analysts and 40 global credit analysts. He developed a global valuation and research process, training local analysts in Europe, the US and Asia in its use.
 
In 2006 he joined BG Consulting Group, a professional training company, as the head of investment banking and investment management managing a team of 12 trainers. His experience at BG included managing major graduate programmes for investment banking and investment management clients, training graduate to managing director level participants and advising clients on their training requirements for accountancy, corporate finance and valuation, investment management and private wealth training. 
 
His clients have included HSBC, Morgan Stanley, Deutsche Bank, Citigroup, Allen & Overy, JP Morgan, Barclays Bank, Barclays Wealth, Morgan Stanley Investment Management and Schroders.

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IFRS - Essentials and New Developments <p>This intensive 2 day course conducted by a former senior City banker focuses on explaining the fundamentals and most up to date requirements for IFRS reporting&nbsp;standards.&nbsp;</p> <p>You will learn about the main framework as well as more complex norms dealing with non-current assets and intangibles including property and equipment, leasing, business combinations, provisions and contingen ... In-company