IFRS for Banks and Financial Institutions Course

There is a growing concern that the highly complex International Financial Reporting Standards (IFRS) are difficult to implement in practice, and will require substantial investment in database software. The problem is very acute for medium sized companies who may not have the resources to implement the standards in the detail that is required.

With well trained professionals however, the burden can be substantially reduced. By keeping abreast of changes professionals can plan ahead. This practical three day course gives you a good grounding of IFRS.

Agenda

  • Applying the International Financial Reporting Standards in Practice
  • The IFRS Framework
  • Interpretations of those standards
  • Up to date current position
  • Impact of new and expected changes

Day One

Overview

  • Applying IFRS in Practice
  • The Framework
  • Statement of Financial Position
  • Statement of Comprehensive Income
  • Statement of Changes in Equity
  • Statement of Cash Flows: choice between direct and indirect method

Financial statement presentation and disclosure

  • IAS 8 Changes in accounting policies, estimates and accounting errors
  • Related parties disclosure
  • Discontinued operations
  • Operating segments

IFRS 9 Fair Value& Cash Flow Hedge Accounting

  • Identifying ineffectiveness
  • Splitting a hedge between effectiveness and ineffectiveness
  • Excluding spot forward differential
  • Addressing documentation issues

IFRS 9  – Classification of financial assets

  • Amortisation cost measurement category
  • FVOCI measurement
  • FVTOP measurement
  • Subsequent Measurement

Day Two

Revenue Recognition for Goods and Services

  • Interest, royalties and dividends
  • Fair Value  and other valuation issues
  • Inventory impairment
  • Property, plant and equipment
  • Pensions and retirement
  • Effective Interest rates

Valuation

  • Depreciation
  • Revaluation
  • Assets held for sale

Measurement alternatives

  • Intangible assets
  • Purchased intangibles
  • Investment property transfers
  • Acquisition as part of a business combination
  • Internally generated intangible assets
  • Measurement requirements and alternatives

Impairment

  • Identifying impairment indicators
  • Determining recoverable amount
  • Measuring and recognizing impairment
  • Cash generating units and impairment of goodwill

Case Study:  Annual report of major local company and major financial institution

Revenue recognition and nonfinancial assets

  • Delayed revenue
  • Sales to related parties
  • Arm’s length principle
  • Creative accounting

Leases

  • Classification of lease contracts
  • Accounting for lease contracts
  • Operating lease incentives

Day Three

Employee benefits

  • Employee benefits
  • Pension plans, defined benefit and defined contribution plans
  • Termination benefits

Provisions, contingent liabilities and contingent assets

  • Recognition requirements
  • Measurement of provisions
  • Future operating losses and onerous contracts
  • Provisions for restructuring

Application of IFRS for group transactions

  • Identifying the acquirer
  • Goodwill on acquisition
  • Consolidation procedure
  • Investment in associates

Foreign currency issues

  • Monetary assets
  • Non-monetary assets

Overseas assets and liabilities

  • Investment analysts
  • Financial Analysts
  • Accountants
  • Portfolio Managers
  • Securities Analysts
  • Credit Analysts
  • Investment Analysts
  • Pension Fund Managers
  • Auditors

kodukula

Mr. Butler is an equity and options trader and a former consultant with Lombard Risk Systems London and has also worked with KPMG and PricewaterhouseCoopers. He  graduated from the University of Limerick, Ireland with a degree in Finance.

He has considerable international experience as a trainer in Insurance, Derivative Accounting, Corporate Finance and Derivative Mathematics, working with major banks including BNP Paribas and has advised insurance companies on the implementation of Solvency 2, Embedded Value and Basel 3.

He also specialises in the accounting frameworks particularly insurance (IFRS 4) and financial instrument accounting (IFRS 9). He has conducted in-house courses Morgan Stanley, PricewaterhouseCoopers (Holland), Investec (South Africa) and ABB Switzerland and Asian Development Bank. In addition, he has worked for IIR and Euromoney in Singapore, Hong Kong, Thailand, America and Saudi Arabia.

Mr. Butler has published two books Mastering Value at Risk (Financial Times Pitman) and Accounting for Financial Instruments by Wiley.

Note:  His full professional Biography is available on request.

Venue:

Holiday Inn Hotel, Sandton – Johannesburg

Dates: 19th – 21st June 2017

Course Prices and Discounts can be viewed after registration.

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