Executive Training on. International Financial Reporting Standards (IFRS)

Transcription

1 Executive Training on International Financial Reporting Standards (IFRS)

2 BANKING ACCOUNTING & FINANCE ISLAMIC FINANCE IT & PROJECT MANAGEMENT INSURANCE LEADERSHIP & MANAGEMENT EXECUTIVE LEADERSHIP ACADEMIC STUDIES ABOUT The BIBF is a semi-government training institute affiliated with the Central Bank of Bahrain, established in It plays a vital role in the training and development of human capital in Bahrain, the wider Middle East, North Africa, Europe and beyond. The BIBF s commitment to excellence has strengthened its position as the leading educational provider across all major business disciplines. The Institute serves as a partner to numerous world-class institutions; delivering Thought Leadership, Assessment and Training in the areas of Banking, Islamic Finance, Executive Development, Accounting & Finance, Academic Studies, Leadership & Management, Insurance, Information Technology, Project Management and Supply Chain Management, resulting in a complete business solution.

3 GLOBAL REACH The BIBF qualifies over 20,000 learners a year across all major business disciplines and economic sectors. Since its establishment, it has provided training and development opportunities in 63 countries giving the institute a global footprint. The BIBF has delivered training to over students in 63 countries since its inception in 1981

4 TRAINING LEVEL INDICATOR IFRS Fundamentals (5 days) This five-day course provides a rigorous and detailed overview of all major technical IFRS requirements, and includes illustrative financial statements, case studies, examples, coverage of the most significant IFRSs, and interactive participation from the delegates. In addition to a review of current IFRSs, course delegates also receive an update on the major new standards on revenue, leases, and financial instruments and the probable impact of their adoption. INTERMEDIATE FOUNDATION This program answers questions such as: What are the current and likely future requirements of IFRSs? How are IFRS recognition and measurement principles applied? Where can up-to-date information about IFRSs be obtained? When are fair value measurements required? Main Topics Introduction to IFRSs Content of IFRS Financial Statements Assets Liabilities Update on IFRS 16 Leases Financial Instruments Income Taxes Revenue Recognition Foreign Currency Issues Business Combinations, Consolidations, Associates & Joint Arrangements Review of Specialized Areas such as Government grants, retirement benefits & hyper-inflationary economies Transitioning to IFRSs such as First-time adoption of IFRSs Expected Future Developments - IASB Work Plan

5 Learning Objectives Apply the requirements of the standards to prepare IFRS compliant financial statements, including the determination of appropriate accounting policies and identification of necessary disclosures Define the process of transitioning to IFRS and identify the first time adoption exemptions and exceptions relevant to an organization Explain how the recognition and measurement principles of the IASB s Framework apply within each accounting standard List the standards that require or permit the use of fair value measurement, identify how fair value is measured and specify where the fair value changes are recognized Apply the new proposed standards on revenue, leases and financial instruments No. Of Hours : 35 Hours Fees : BD 550

6 TRAINING LEVEL INDICATOR ADVANCE IFRS First-Time Adoption (2 days) IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the recognition, measurement and disclosure rules that must be followed when financial statements are initially prepared under IFRSs. Since the issuance of IFRS 1, the body of IFRSs has increased significantly in volume and complexity. Entities adopting IFRSs for the first time will need to incorporate these changes into their first IFRS financial statements, including any years being presented on a comparative basis. Using examples and case studies, this two-day workshop is a comprehensive review of the complex issues facing first-time adopters. Coverage includes the IFRS 1 s Implementation Guidance and Basis for Conclusions, with application of the transition requirements and alternative treatments demonstrated via practical case studies and examples. INTERMEDIATE The program answers questions such as: What are the timing, transition, recognition, measurement, presentation, and disclosure requirements of IFRS 1? How is the impact of first-time adoption of IFRSs communicated to stakeholders - shareholders, creditors, security analysts? What are the available policy options and their short-term and long-term consequences? How can the costs and benefits of various courses of action be determined? In what ways will systems require modification in order to implement IFRSs? What are the most common pitfalls that occur during transition to IFRSs and how can they be avoided? Main Topics General Principles of IFRS 1 First-time Adoption of International Financial Reporting Standards Strategies for the Use of Optional Exemptions from Other IFRSs Mandatory Exceptions Presentation and Disclosure Requirements Specific Issues Overview of the new and amended standards, which may be applied early, when transitioning to IFRSs Managing the transition to IFRSs

7 Learning Objectives Apply the complex requirements of IFRS 1 Understand the available policy options and their short-term and long-term consequences & impact Communicate the impact of first-time adoption of IFRSs to stakeholders Discern the costs and benefits of various courses of action Implement practical strategies for managing the transition to IFRSs and avoid common pitfalls Determine the system modifications and other changes that will be required in order to implement IFRSs Gain the understanding required to develop an effective implementation plan for your company, and understand what options are available to management. No. Of Hours : 14 Hours Fees : BD 250

8 TRAINING LEVEL INDICATOR ADVANCE INTERMEDIATE IFRS 9 Financial Instruments (2 Days) IFRS 9 is effective from 1 January 2018 and replaces IAS 39 Financial Instruments: Recognition and Measurement. It introduces a logical, more principles-based approach to classification and measurement of financial assets based on the business model and nature of cash flows. The new forward looking impairment model requires earlier and more timely recognition, and ongoing assessment of credit losses. The hedge accounting requirements are more principles-based and aligned to common risk management practices. This course provides a brief overview of IAS 39, and covers an in-depth analysis of principles in IFRS 9. The course has number of examples and illustrations to explain the business model and cash flow characteristics test for classification of financial assets, amortized cost and fair value measurement of financial assets and financial liabilities, de-recognition of financial assets (retained servicing, continuing involvement etc.), measurement of expected credit losses and the accounting and impact of different types of hedges on financial statements. In addition, it covers the financial instruments disclosures in IFRS 7 and principles in relation to fair value measurement in IFRS 13. The course is designed to help preparers and users of financial statements to evaluate the impact of IFRS 9 on the business and its financial statements. Main Topics Introduction IASB standards applicable to financial instruments Classification of financial assets and financial liabilities Amortized cost Fair value through profit or loss Fair value through other comprehensive income Measurement of financial assets and financial liabilities Debt instruments Equity instruments Fair value movements due to changes in own credit risk and reporting of it for financial liabilities designated at fair value through profit or loss CVA and DVA for credit risk on derivatives Amortized cost assets De-recognition principles Determining whether a transfer has occurred Transfer/retention of substantially all risks and rewards Determining whether an entity retains control and measurement of continuing involvement Impairment of financial assets 12-month and lifetime expected credit losses

9 Determination of significant increases in credit risk Measurement of expected credit losses Modified financial assets Simplification and practical expedients Purchase/origination of credit-impaired financial assets Individual and collective assessment of impairment Hedge accounting Hedging instruments Hedged items Qualifying criteria Hedge documentation Hedge effectiveness requirements Rebalancing Discontinuation FRS 9 transition requirements for classification of financial assets and financial liabilities, expected credit loss impairment and hedge accounting IFRS 7 Financial Instruments Disclosures Learning Objectives This course is beneficial to preparers and users of IFRS financial statements. The participants will learn the principles in IFRS 9, and its application. Classify and measure the financial assets according to the three categories defined in IFRS 9 Analyse the impact of IFRS 9 on the classification of financial assets in IAS 39, including embedded derivatives Classify and measure the financial liabilities according to the two categories defined in IFRS 9 Evaluate the principles of fair value measurement in IFRS 13 Apply the principles in relation to de-recognition of financial assets Calculate the impairment loss on loans and other financial assets under the expected credit loss model in IFRS 9 Analyze the estimates and judgements in the expected credit loss impairment model Apply the hedge accounting model in IFRS 9 and learn how it is aligned more closely to common risk management practices compared to IAS 39 No. Of Hours : 14 Hours Fees: BD 300

10 TRAINING LEVEL INDICATOR ADVANCE INTERMEDIATE IFRS 15 Revenue from Contracts with Customers (2 days) Arguably revenue recognition is the most important and controversial topic in financial reporting. Preparers must develop a policy for measuring the amount and timing for recognising revenue for goods and services. Revenue is a key performance indicator that drives the recognition of expenses and profits and valuation of an entity. The IASB s standard, IFRS 15 is mandatory for periods beginning on or after 1 January 2018 with early application permitted. Subsequently, in 2016, the Boards separately issued clarifications of several aspects of their new standards. These apply from the same effective dates as the original standards. This course will focus on the requirements of the new standards, IFRS 15. Concise explanations are provided, with detailed examples to illustrate application of the standard. Currently IFRS consists of two principles-based standards, IAS 18 Revenue and IAS 11 Construction Contracts and three IFRS Interpretations. These were criticised for failing to provide adequate guidance on application - they have been described as vague and inconsistent. This important program answers questions such as: How will the new standard affect the timing of revenue recognition? What are the standards presentation requirements? How will preparers deliver the enhanced disclosures required by the new standard? What choices are there regarding transitional requirements? What is the likely impact on different industries, such as telecoms, software, extractive industries, manufacturing and retail? How and when are royalties, dividends and interest income recorded?

11 Main Topics IFRS 15 Revenue from Contracts with Customers Scope & Recognition Identifying the contract Contract modifications Identifying separate performance obligations Satisfying performance obligations over time and at a point in time Determining the transaction price variable consideration, time value of money Allocation of price to separate performance obligations Sale with right of return Warranties Principal versus agent considerations Upfront fees Licensing and rights to use intellectual property Repurchase agreements Consignment arrangements Bill-and-hold arrangements Customer acceptance Learning Objectives Learn the scope of the new revenue recognition standard Apply the five steps to recognise revenue Understand the required changes to measurement of revenue Plan how to implement the transition Identify new presentation and disclosure requirements No. Of Hours : 14 Hours Fees : BD 300

12 TRAINING LEVEL INDICATOR ADVANCE Annual IFRS update seminar (2 days) Companies reporting under International Financial Reporting Standards (IFRS) continue to face a steady flow of new standards and interpretations. The nature of the resulting changes ranges from significant amendments of fundamental principles to some minor changes from the annual improvements process (AIP). They will affect different areas of accounting, such as recognition, measurement, presentation and disclosure. This one day Technical Update course has been specifically developed to bring experienced preparers and users of IFRS financial statements up-to-date with recent developments. Course content includes coverage of newly effective and newly issued IFRSs and Interpretations, recent amendments to existing Standards and Interpretations, Exposure Drafts and other recent developments. Implementation issues are discussed, and clear guidance is provided using practical examples. INTERMEDIATE Main Topics This course will cover the New IFRS s applicable for 2018/2019 IASB Exposure Drafts IASB pronouncements and discussion papers To give maximum benefit to our participants detailed course content is only developed 2 weeks prior to the set course date to ensure that the program covers the most recent and up-to-date information published by the IASB. Please contact the program coordinator to get more information on the course dates and content. Learning Objectives Learn the scope of the new standards & how it impact your organizations reporting process Plan how to implement & plan for the changes Identify new presentation and disclosure requirements No. Of Hours : 12 Hours Fees : BD 300

13 About The Centre of Accounting and Finance BIBF excels in the fields of financial accounting, managerial accounting, internal auditing, financial modelling, performance management, professional ethics, and International Financial Reporting Standards (IFRS), among various other sub specialisations. We are committed to providing our clients with state-of-the-art training solutions to enhance the skills of employees working in both the financial services sector and other major business sectors across the GCC, North Africa, Europe and the Levant region. Our clients are also able to access and benefit from a vast knowledge depository built over three decades of active contribution, offering customised training solutions, building competencies and developing skills. BIBF employs experienced and qualified trainers from various backgrounds and unique disciplines within the accountancy and finance field to develop and deliver training solutions to our clients. We also collaborate with experts from around the world to co-develop and deliver specialised training courses and seminars in the Kingdom of Bahrain. BIBF is an IFRS Centre of Excellence and employs internationally renowned speakers and specialists from the leading Big Four accountancy firms, providing our participants with the invaluable opportunity to gain from their knowledge and its application through a practitioner s perspective, making learning more effective and enjoyable. We employ effective teaching and learning methodologies to impart knowledge, which includes but is not limited to, classroom teaching, counselling sessions, quizzes, mock exams, assignments, case studies, videos, PowerPoint presentations, role-plays, and one-to-one tutoring. The success rates of students who undertake BIBF s professional qualifications in Accounting & Finance regularly outperform global benchmarks. This is a testament to the quality of teaching at BIBF and the experience and expertise our trainers bring to the classroom. The Association of Chartered Certified Accountants (ACCA) have awarded BIBF the Platinum status which is the Highest Rating for training provider as a result of its quality of training and support to students. BIBF offers leading internationally recognised qualifications, including the CPA, CMA, CIA, AAT, ACCA and FIA, and has the ability to deliver training courses in both English and Arabic.

14 BE AN EXECUTIVE TRAINING ON INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

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16 For further information, and to register: Please contact the Centre for Accounting & Finance / accounting@bibf.com