In-depth IFRS for Banks and other Financial Institutions (5 days)IASeminars
In-depth IFRS for Banks and other Financial Institutions (5 days)
This workshop is designed to provide participants with a detailed review of the significant technical requirements of International Financial Reporting Standards (IFRSs), including accounting and reporting for financial instruments, as well as other standards relevant to the financial services sector. It includes coverage of the requirements of the standards and interpretations, hands-on case studies, exercises, examples, small-group projects, and interactive participation from the attendees. The specialist instructors explain the principles simply and clearly and provide real-world examples, thereby immersing participants in the intricacies of IFRSs and the implications for banks and other financial institutions.
IFRS 9, the new standard on financial instruments, is mandatory for annual periods beginning on or after 1 January 2018. This course uses a very interactive format and provides a comprehensive overview of the effects that this standard has on the financial statements of financial institutions.
The principles of the standards are shown through a number of illustrative examples, complemented by application of the standards in an interactive group environment utilizing case studies, model and real-world financial statements and practical exercises.
Suitability - Who should attend?
This training course is especially suitable for:
- Financial accountants and management accountants in the financial services sector seeking in-depth knowledge of all accounting standards and interpretations most relevant to the industry
- Accounting staff and management of banks and other financial institutions that are adopting IFRSs for the first time, or have already adopted IFRSs, and want to reinforce their understanding of the accounting and reporting requirements
- Internal and external auditors of entities in the financial services sector reporting under IFRSs
- Staff and management of Central Banks, Deposit Insurance Entities, and other agencies with regulatory responsibility in the financial services sector
- Financial analysts seeking to improve their understanding of the accounting and disclosures by banks and other financial institutions
Outcome / Qualification etc.
By the end of this course, participants will be able to:
- Prepare and understand IFRS financial statements, including statement of financial position, statement of profit or loss and other comprehensive income, statement of cash flows, statement of changes in equity and the notes to the financial statements
- Comply with the extensive IFRS disclosure requirements, including accounting policies and changes in accounting policies, earnings per share, related parties, operating segments, and the qualitative and quantitative disclosures for financial instruments
- Apply IFRS requirements for recognition and measurement of assets, liabilities, revenues, expenses, gains and losses
- Calculate impairment of loans and other financial assets in accordance with IFRS 9, as well as impairment of non-financial assets using the ‘cash-generating units’ approach in accordance with IAS 36
- Differentiate between finance and operating leases and learn the impact of IFRS 16’s lease accounting model
- Classify and measure financial assets under IFRS 9’s three categories
- Calculate the effective interest rates for various financial instruments common to the banking industry and apply the effective interest method for recognition of interest income and expense
- Differentiate embedded derivatives between those that must be accounted separately and those that do not require separation from their host instruments under IFRS 9
- Apply IFRS requirements for hedge accounting, repossessed assets, loan commitments, loan fees, and financial guarantees
This 5-day course is worth 40 CPD hours.
Training Course Content
This course is designed to cover the following key topics:
- Introduction to IFRSs
- IFRSs and the IASB structure
- Overview and organization of the standards
- IFRSConceptual Framework
- Overview of primary IFRS financial statements
- Concept of ‘other comprehensive income’
- Time value of money
- IFRS 13 Fair Value Measurement
- Non-Financial Assets
- IAS 16 Property, Plant and Equipment
- IAS 23 Borrowing Costs
- IAS 38 Intangible Assets
- IAS 40 Investment Property
- IAS 36 Impairment of Assets
- Non-Financial Liabilities
- IAS 37 Provisions, Contingent Liabilities, and Contingent Assets
- IAS 19 Employee Benefits
- IAS 17 (and IFRS 16 effective from 2019) Leases
- Financial Statements
- IAS 1 Presentation of Financial Statements
- IAS 7 Statement of Cash Flows
- IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
- IAS 10 Events after the Reporting Period
- IAS 33 Earnings per Share
- IAS 34 Interim Financial Reporting
- IFRS 8 Operating Segments
- IFRS 15 (effective from 2018) Revenue from Contracts with Customers
- Financial Instruments
- Overview of Financial Instruments (IFRS 9)
- Classification and reclassification of financial instruments
- Solely Payments of Principal (SPPI) and Business Model Criteria
- The ‘fair value option’
- Initial and subsequent measurement
- Derivatives and embedded derivatives
- Calculation of effective interest rates and application of the effective interest method under various scenarios
- Repossessed assets
- Loan fees and origination costs
- Financial guarantees and loan commitments
- Derecognition of financial instruments
- Application of the expected credit loss model
- Hedge accounting model
- Transition requirements
- Update on the Discussion Paper regarding dynamic risk management (macro hedging) and IASB’s current plan
- IAS 32Financial Instruments: Presentation
- Distinguishing between financial liabilities and equity transactions
- Offsetting financial assets and financial liabilities
- IFRS 7Financial Instruments: Disclosures
- IFRS 1First-time Adoption of IFRSs- reliefs from retrospective application
- IAS 21The Effects of Changes in Foreign Exchange Rates
- Overview of Financial Instruments (IFRS 9)
The cost of this training course is $5,750 for US events.
The registration fee for this unique event includes:
- 5 days of formal tuition by some of our most senior instructors
- Full set of course materials (including case studies, illustrations and examples)
- Lunch and refreshments on every teaching day
In House Training
In addition to the scheduled dates and locations, IASeminars can also run this course as in house training, to meet the specific requirements of your team. Contact them here to request a customised training solution for your team.
IASeminars is an independent financial training company operating globally and specialising in international accountancy (IFRS & US GAAP, IPSAS). Originally founded in the UK in 2002, IASeminars has since expanded to become a successful worldwide organisation offering regular courses in...
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