Programme Objective

Introduction

Accounting Standards are constantly changing due to improvements, amendments and new issues, thus keeping up to date with IFRS is a daunting task for every accountant in practice. This annual technical update seminar attempts to make the task easier by providing a detail technical brief for busy professionals.

Learning objectives:

The objective of the course is to update preparers and users of financial statements on newly issued and amended IFRS. The course also provides a technical brief on outstanding exposure drafts, discussion papers and recent pronouncement issued by IASB.

Benefits of attending

• Be up to date with latest development in financial reporting
• Enhanced knowledge with recent changes to IFRSs
• Build on existing knowledge and be ready for the changing world of IFRSs
• Help to plan ahead for future changes
• Understand the transitional provisions
• Understand the effect of new changes to financial statements

Programme Outline

Prologue	A brief on current environment of applying accounting standards
	A brief on the importance of referring to other documents such as Agenda Decisions issued by IFRIC, guidance and bulletins issued by accountancy bodies as well as literatures written on the issues relating to accounting standards
Section 1	IFRSs Effective for Annual Reporting period Beginning on or After 1 January 2020
1	Conceptual Framework for Financial Reporting
2	Definition of Materiality (Amendment to IAS1 and IAS8)
3	Definition of a Business (Amendment to IFRS3)
4	Interest Rate benchmark Reform (IFRS9, IFRS7)
5	Covid-19-Rrelated Rent Concession (IFRS16)
Section 2	IFRSs Effective for Annual Reporting period Beginning on or After 1 January 2021
1	Interest Rate Benchmark Reform – Phase 2 (IFRS9 and IFRS16)
2	Covid-19-related Rent Concession beyond 30 June 2021 (IFRS 16)
Section 3	IFRSs Effective for Annual Reporting Period Beginning on or After 1 January 2022
1	Annual Improvements to IFRS 2018-2020
2	Property, Plant and Equipment Proceeds before intended use (IAS16)
3	Onerous Contracts (Cost of fulfilling a contract) (IAS37)
4	Reference to the Conceptual Framework (Amend IFRS3)
Section 4	IFRSs Effective for Annual Reporting Period Beginning on or After 1 January 2023
1	Classification of liability as current or non-current (IAS 1)
2	Disclosure of Accounting Policies (IAS1 and PS2)
3	Accounting Estimate (IAS8)
4	Deferred Tax related to Assets and Liabilities arising from a Single Transaction (IAS12)
Section 5	IFRSs Effective for Annual Reporting Period Beginning on or After 1 January 2024 and beyond (Any latest update will be included at the date of the seminar)
Section 6	Selected Important Discussion Papers and Exposure Drafts (List as at publication date – will be updated at date of seminar)
1	ED/2021/1 Regulatory Assets and Regulatory Liabilities
2	ED/2021/3 Disclosure Requirements in IFRS Standards – A Pilot Approach (Amendments to IFRS 13 and IAS 19)
3	ED/2021/4 Lack of Exchangeability
4	ED/2021/5 Proposed Targeted Amendments to the IFRS Foundation Constitution to Accommodate an International Sustainability Standards Board to Set IFRS Sustainability Standards
5	ED/2021/6 Management commentary
6	ED/2021/7 Subsidiaries without Public Accountability: Disclosure
7	ED/2021/9 Non-current Liabilities with covenants
8	ED/2021/10 Supplier Financing Arrangements
9	September 2022 Exposure Draft IFRS for SMEs Accounting Standards
Epilogue	A brief on earlier years amendments or new accounting standards that may have significant impacts on the current application

Training Methodology

Lecture style, with practical illustrations, technical flow-charts, conceptual “mind maps” and interactive discussions.

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

This programme is suitable for all Finance Professionals, Audit Professionals, Members of Audit Committee, Finance Directors and Regulators and for those who are keen to keep up to date with latest changes to IFRSs and SFRSs.

Competency Mapping

Category 1 = 7.00 Hours

Programme Facilitator(s)