Course description
Dive into the intricacies of International Financial Reporting Standards (IFRSs) with our detailed workshop tailored for the financial services sector. This course covers the significant technical requirements of IFRSs, emphasizing financial instruments accounting and reporting. Expect a dynamic learning experience with hands-on case studies, examples, exercises, and small-group projects, fostering interactive participation.
Key Highlights:
- In-depth coverage of relevant IFRS standards affecting the financial services sector
- Practical application through real-world examples and hands-on exercises
- Special focus on IFRS 9 (Financial Instruments) and its impact on financial statements
- Updates on proposed changes to IFRS 9 in the post-implementation review
- Exploration of disclosure expectations outlined by key regulators
Our Specialist Instructors:
- Clearly explain principles in a simple manner
- Immerse participants in real-world examples to enhance understanding
- Address implications of IFRSs for banks and other financial institutions
Utilizing an interactive format, this workshop ensures a comprehensive understanding of IFRSs' effects on financial statements, with a specific focus on financial instruments accounting and regulatory disclosures in the financial services sector. Join us for a dynamic learning experience that combines theory with practical application.
Upcoming start dates
1 start date available
Suitability - Who should attend?
- 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.
- Prepare and analyse 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
- Classify and measure financial assets under IFRS 9
- 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
- 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
- Apply IFRS requirements for hedge accounting, repossessed assets, loan commitments, loan fees, and financial guarantees
- Analyse the five-step framework for recognition of revenue in IFRS 15 (Revenue from Contracts with Customers), and apply the principles to recognition of income in the banking and financial services industry
- Apply IFRS 16’s lease accounting model and analyse its impact on the financial statements
Training Course Content
Introduction to IFRSs
- IFRSs and the IASB structure
- Overview and organization of the standards
- IFRS (Conceptual Framework)
- Overview of primary IFRS financial statements
- Concept of "other comprehensive income"
- Time value of money
- IFRS 13 (Fair Value Measurement)
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)
Financial Instruments
- IAS 32 (Financial Instruments: Presentation)
- Distinguishing between financial liabilities and equity transactions
- Offsetting financial assets and financial liabilities
- IFRS 9 (Financial Instruments)
- 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
- Proposed updates to IFRS 9 Classification
- Update on the dynamic risk management (macro hedging) project
- IFRS 7 (Financial Instruments: Disclosures) including expectations set out by UK and European regulators
Updates to other standards as applicable to banks and financial institutions
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)
Liabilities and Leases
- IAS 37 (Provisions, Contingent Liabilities, and Contingent Assets)
- IAS 19 (Employee Benefits)
- IFRS 16 (Leases)
Revenue and Other Standards
- IFRS 15 (Revenue from Contracts with Customers)
- IAS 21 (The Effects of Changes in Foreign Exchange Rates)
- IFRS 1 (First-time Adoption of IFRSs (reliefs from retrospective application)
Course delivery details
- Live group instruction
- Class discussions lead by IFRS experts with extensive experience with financial institutions
- Description and explanation of IFRS technical requirements in clear and simple language, with an emphasis on accounting for financial instruments and other standards most relevant to financial institutions
- PowerPoint presentations, supplemented with examples, calculations, and interactive discussions
- Short exercises or cases for each significant standard to provide hands-on application practice
- All participants receive comprehensive materials including presentation slides, handouts and other course materials
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VantagePoint Training
12 Moorgate
EC2R 6DA London
VantagePoint Training
Welcome to VantagePoint Training, an exciting name in finance, sustainability and ESG training backed by many years of experience! Why choose VantagePoint Training?At VantagePoint Training we deliver premium training courses in London, Amsterdam, Miami, Geneva, Dubai and other international locations. ...
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