ΠΕΡΙΓΡΑΦΗ

The global financial reporting environment is complex and in a state of perpetual change which can place a heavy burden on businesses to comply with the reporting requirements.  A big challenge facing businesses is ensuring that the right people within the organisation understand the relevant accounting requirements in order to achieve compliance with the accounting standards.

This course provides a holistic approach to developing accounting policies that are coherent and faithful. It draws in diverse elements of the IFRS framework to present a full image of well-written financial statements.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

By the end of the programme, participants will be able to:

In terms of Knowledge

• Outline and analyse the reporting requirements emanating under IFRS.
• Get to grips with all the key standards on accounting policies: IAS 8, IAS 21, IAS 10 and IAS 24.
• Understand the reasons why companies need to develop proper financial reporting policies.
• Describe how accounting foreign exchange might potentially impact both the statement of financial position and the statement of comprehensive performance.
• Know how to handle events after the reporting period.
• Familiarise yourself with IFRS 13 and its influence on other standards.
• Understand the impact and how to report related party transactions.
• Explain how to prepare interim financial statements.

In terms of Skills

• Apply the requirements of IFRS.
• Review and develop holistic and coherent accounting policies.
• Prepare financial statements on a going concern basis.
• Establish the need to deploy tools to support the application of IFRS 13.
• Implement the steps required when there is a need for accounting policy change.
• Translate the financial information properly.
• Reflect on the events after reporting period to accounts.
• Prepare interim financial statements

In terms of Attitude

• Manage stakeholders’ expectations.
• Assess the readiness of the organization to apply the requirements of the standards
• Recommend solutions to address the changes to the standards
• Adopt a formal policy to be followed when addressing IFRS requirements
• Justify the importance of applying the IFRSs requirements
• Justify the need of a company to apply the requirements of the standards
• Motivate other employees to follow specific procedures and policies in order properly apply the standards discussed

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

The programme is ideal for:

• Accountants in an investment bank or treasury operation/internal audit in a bank
• Individuals working in non-banking entities where they are considering hedge accounting for the first time
• Industry controllers, external auditors, analysts and other finance professionals who are interested in learning about derivatives and hedge accounting

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Training Outline

Changes in policies

• IAS 8 explained
• Objective, scope and key definitions
• Selecting accounting policies
• Changing accounting policies
• Changes in accounting estimates
• Errors
• Sources of confusion in IAS 8

Foreign exchange

• IAS 21 explained
• Objective, scope and key definitions
• Functional currency in foreign operations
• Accounting for functional currency
• Exchange differences
• Translating to the presentation currency

Events after the reporting date

• IAS 10 explained
• Objective, scope and key definitions
• Spotting events after the reporting date
• Adjusting events
• Non-adjusting events
• No longer a going concern
• Disclosures

Related parties

• IAS 24 explained
• Objective, scope and purpose
• Related parties
• Related party transactions
• Disclosures
• Related party transactions in practice

Fair value

• Objective, scope and key definitions
• Defining fair value
• Measuring fair value
• The hierarchy
• Disclosures concerning fair value

Other types of reporting

• Other types of reporting explained
• IFRS 8:

– Objective, scope and key definitions

-Disclosures

• IAS 34:

-Objective, scope and key definitions

-Condensed financial statements

-Disclosures

• IAS 33:

-Objectives and scope

-Basic measurements, calculations and disclosures

Training Style

• Illustration of key terms and concepts
• Preparation and discussion of practical examples, including mini cases
• The course will have both a theoretical and practical framework with real examples drawn from actual companies, local and international
• Activities and Break-out groups

CPD Recognition

This programme may be approved for up to 7 CPD units in Accounting & Auditing. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.