IFRS. masterclass. 16 th annual CONFERENZ.CO.NZ/IFRS Nov 2017 Cliftons Auckland WITH PRACTICAL INSIGHTS FROM THE IFRS EXPERTS

Transcription

1 16 th annual IFRS Nov 2017 Cliftons Auckland masterclass APPLYING IFRS TO ADD VALUE BEYOND THE BALANCE SHEET LEARN MORE ABOUT Transition to IFRS 15 Impact of IFRS 16 Disclosures and integrated reporting Accounting for goodwill, intangibles and fair value LOG UP TO 15 CPD hours on the conference CPD hours on each workshop WITH PRACTICAL INSIGHTS FROM THE IFRS EXPERTS CONFERENZ.CO.NZ/IFRS

2 THE ESSENTIAL AND COMPREHENSIVE IFRS UPDATE FOR 2017/18 This is your chance to understand the finer details on critical updates, and confirm that you are on-track to implement upcoming changes to IFRS. The 16 th Annual NZ IFRS Masterclass 2017 brings together some of NZ s top experts in financial reporting to deliver timely updates and help minimise complexity involved in technical accounting standards. As the premier IFRS event within the country, this conference is attended by a niche, loyal group of mid to senior level accountants in practice, academia and industry, in addition to anyone passionate about IFRS. WHY YOU CANNOT AFFORD TO MISS THE 2017 NZ IFRS MASTERCLASS Hear presentations from the IASB and NZ s IFRS experts Explore the practical aspects of financial reporting in a digital age Gain industry insights via case studies, panel discussions and IFRS in practice quick-fires Delve into the practicalities of implementing new standards and working with old ones Go beyond the balance sheet through integrated reporting, managing disclosures and strategic investor communication Log up to 15 CPD hours on the conference plus 3.5 CPD hours on each workshop attended Discuss your IFRS issues and solutions with your peers over lunch and networking drinks Deep-dive into IFRS 15 and IFRS 16 through 2 separately bookable post-conference workshops FEATURED TOPICS Gain practical insights into the IFRS 15 transition Understand the far-reaching impact of IFRS 16 Examine the practicalities of working with goodwill, fair value and intangibles Manage investor communications through disclosures and integrated reporting 15 CPD hrs on the conference CPD hrs on each workshop CONFERENZ.CO.NZ/IFRS

3 8.30 Registration and coffee 8.50 Opening remarks from the Chair Richard Smyth, Deputy CFO, REGULATOR AND STANDARD- SETTER S PERSPECTIVES 9.00 Regulator s Update: Enforcing IFRS in an evolving financial reporting environment As companies in NZ gear up to take on board IFRS with a major impact on the financials, executing this transition is key. Through this session, gain insights into the FMA s initiatives to help enforce a smooth transition to these IFRS. FMA under invitation 9.50 Update from the XRB - the NZ perspective on projects in the pipeline Gain insights into the latest NZ s standardsetting scene including a quick overview of the new auditor s report and the changes it brings in as well as the NZ progress on revenue, leases, heritage assets and financial instruments. XRB under invitation Morning break THE PRACTICALITIES OF APPLYING IFRS Implementing IFRS 15 - key questions that you should be asking now Impact of key changes brought on by IFRS 15 on various industries Examining the timeline behind transitioning to the new standard Beyond the financials - how IFRS 15 will change business going forward Jackie Russell Green, Technical Associate, BDO New Zealand Case Study - The story behind the transition to the new IFRS 15 Gain insights into Vodafone s transition behind mobilising systems, processes and of course, accounts to the new IFRS. Understand the impact of moving to the new standard. Jan Lam, Finance Lead - IFRS 15 Program Vodafone NZ Lunch break GETTING AN EARLY START ON LEASES 1.40 Exploring key transition issues under the new IFRS 16 Calculating lease liability for operating leases brought into the balance sheet Determining subsequent future lease payments in lessee and lessor accounts Examining the impact of IFRS 16 within sale and lease-back sub-leases, among others David Pacey, Executive Director - Financial Accounting Advisory Services, EY 2.20 Panel Discussion - Why you need to start giving importance to IFRS 16 now Analyse how the new IFRS 16 changes the structure of the balance sheet Manging the impact of IFRS 16 on company performance metrics Examine stakeholder communication and IT systems and controls under the transitory phase David Pacey, Executive Director - Financial Accounting Advisory Services, EY Panellists to be announced Panel facilitated by Richard Smyth, Deputy CFO, 3.00 Afternoon break FINANCIAL INSTRUMENTS, RISK AND TECHNOLOGY 3.20 Understanding IFRS 9 from a preparer s point of view Classifying and recognising financial instruments correctly Decoding the impairment process for financial instruments Treatment of estimated credit losses due to impairment 4.10 Considering emerging risks in financial reporting The associated risks of changing technology and the impact on financial reporting Errors in translating financial statements across industries and geographies Issuing IFRS governance statements through a risk-reporting framework 5.00 Summary from the Chair and Networking Drinks

4 8.55 Welcome back from the Chair Richard Smyth, Deputy CFO, UPDATE FROM THE IASB 9.00 IASB Update - Examining what s on the horizon Gain first-hand insights into the IASB and their latest initiatives to lead effective financial reporting: Tracking progress on the IASB disclosure project Status update of IASB s projects in the pipeline Key IFRS and amendments to directly affect NZ Sue Lloyd, Vice-Chair, IASB (Via Videolink from the UK) Q&A with Sue Lloyd, Vice-Chair, IASB (Via Videolink from the UK) Facilitated by Richard Smyth, Deputy CFO, Morning break IFRS IN PRACTICE QUICK FIRES #1: Cleaning up the balance sheet - measuring the goodwill effect on growth by acquisitions As companies merge and acquire others it leads to inflated goodwill heralding potential large impairment losses in the future. This session looks at Pfizer s case and examines this issue at the time of: Initial recognition of goodwill in case of change in group structures Occurrence of an event to signify impairment of goodwill Jason Stinchcombe, Audit Partner, RSM NZ #2: Examining the importance of intangibles Monetising data and brands - key considerations from an IFRS perspective Selecting the right cut-off date when R&D expenses become IP under the IAS 38 Nigel De Frere, Partner - Audit and Assurance Services, Staples Rodway Lunch break 1.10 #3: Closer to home - applying IFRS 13 in the NZ perspective Understand the Kiwi take on calculating fair value we explore: Alternatives to calculating fair value in the absence of an active market Peeling back the layers - ascertaining fair value in a market surrounded by inflated prices 1.40 #4: Considering the potential impact of IFRS 17 Examine the key changes brought on by IFRS 17 and the practical considerations on managing the transition from IFRS 4 to IFRS Afternoon break REPORTING ON DISCLOSURES & NON-FINANCIAL INFORMATION 2.40 Adopting new IFRS in an age of reduced disclosures - balancing strategic investor communications This session examines the impact of increased disclosures brought on by new IFRS in the face of the RDR and IASB s disclosure project: Re-visiting the concept of materiality in light of increased / reduced disclosures Lessons from the IASB s Principles of Disclosure discussion paper Covering the investor s mind - making decisions in the absence of information versus too much information Managing digital reporting in the information age Jackie Russell Green, Technical Associate, BDO New Zealand Richard Smyth, Deputy CFO, 3.20 Integrated Reporting - the challenges it presents to organisations Are Annual Reports properly satisfying the needs of users? How should the capitals that are present within an organisation be represented? What did the post implementation reviews of <IR> around the world reveal? What level of commitment is required to get <IR> embedded within an organisation? Mark Hucklesby, National Technical Director, Grant Thornton 4.10 Summary remarks from the Chair and close of conference

5 2 HALF-DAY WORKSHOPS * *Separately Bookable 3.5 CPD hrs each WORKSHOP N O 1 Wednesday 15 November 2017: 9.00 am pm Getting to grips with revenue - are you ready to transition to the new NZ IFRS 15? This half-day workshop provides more detail and background into applying the new revenue standard, and where you should be on your adoption timeline. The basics: A short background to the 5-step model to recognise revenue Refresher on key concepts and terms used within the new standard Overview impact of IFRS 15 on various industries and sectors Applying the new standard: First time application - transition options, implications and practical expedients - which to choose! Disclosure impacts in the first year of application for Tier 1 and Tier 2 reporters Data points needed: What information points and reporting will you need to implement NZ IFRS 15? Exploring practical case studies on the new revenue standard: Calculation and allocation of transaction price to multiple performance obligations Sales and right of return Warranties transactions and interactions with other standards Sale and repurchase transactions Principal and agent transactions Jason Stinchcombe, Audit Partner, RSM New Zealand As an audit and technical partner at RSM, Jason provides his clients, other accounting professionals and the RSM group with practical advice and training on external reporting and NZ IFRS. Alexa Bayes, Manager - Technical, RSM New Zealand Alexa Bayes advises RSM s clients on the implementation and use of NZ IFRS and PBE standards. Alexa has significant expertise in providing technical opinions and performing technical reviews. WORKSHOP N O 2 Wednesday 15 November 2017: 1.30 pm pm Understanding leases This workshop digs deeper into the new leases standard, IFRS 16, to gain an understanding of the new requirements that the standard will introduce and the implications of these requirements. Topics to be covered include: What the new standard requires and how Practical examples of accounting for leases that differs from current requirements under the new requirements The implications of the new standard The impact of the new requirements on key for lessors financial ratios The implications of the new standard for lessees Making the transition to the new standard Jackie Russell Green, Technical Associate, BDO New Zealand Jackie is a Technical Associate at BDO New Zealand and is responsible for assisting clients to comply with financial reporting requirements. Jackie has extensive experience in reporting under New Zealand equivalents to International Financial Reporting Standards, working with clients across a range of industries including manufacturing, property management, utilities, tourism, financial services and construction. Jackie also publishes technical updates, and provides staff and client training, on financial reporting issues.

6 SPONSORSHIP AND LOG UP TO EXHIBITION OPPORTUNITIES 15 CPD hours on the conference CPD hours on each workshop Gain a competitive edge by taking advantage of sponsorship opportunities to effectively market and position your brand. To talk about opportunities sponsorship@conferenz.co.nz or call (09) Supporting Org: W: conferenz.co.nz/ifrs P: BOOKING OPTIONS CONFERENCE WORKSHOP (EACH HALF DAY) SUPER SAVER EARLY BIRD LAST MINUTE Register & Pay before 5pm Register & Pay before 5pm Register & Pay after 5pm 20 SEPTEMBER OCTOBER OCTOBER 2017 $2,299 + GST $2,499 + GST SAVE $300 SAVE $100 $599 + GST $699 + GST SAVE $200 SAVE $100 $2,599 + GST $799 + GST Agenda Updates: Conferenz Ltd reserves the right to make any amendments deemed to be in the best interest of the conference. Agenda is correct at time of printing, please check online for any updates. HOW TO PAY - DIRECT CREDIT Direct credit to our bank account (please supply details of remittance) ACCOUNT NAME: Conferenz Ltd ACCOUNT No: HOW TO PAY - CREDIT CARD We accept most major credit cards. Please contact our office directly on (09) if you wish to use this method of payment, or register online for this event at conferenz.co.nz A 2.5% surcharge will be added to credit card payments CL069 Code: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z CONFERENZ.CO.NZ/IFRS WHAT HAPPENS IF I HAVE TO CANCEL? YOU HAVE SEVERAL OPTIONS: Send a substitute delegate in your place Confirm your cancellation in writing (letter or ) at least ten working days prior to the event and receive a refund less a $300+GST service charge per registrant. Regrettably, no refunds can be made for cancellations received after this date. GST No Copyright 2017 Conferenz Ltd