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International Financial Reporting Standards (IFRS)

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  • 1. Please circulate to: ■ ■ Accountants Financial analysts EUROMONEY TRAINING ■ Portfolio managers ■ Securities analysts A division of Euromoney Institutional Investor Plc ■ Credit / investment analysts ■ Pension fund managers ■ Auditors International Financial Reporting “[The course] fully met my expectations, giving me an understanding of Standards (IFRS) the accounting changes” Deputy Finance Director Renaissance Capital ■ The EU's requirements for IFRS financial statements ■ The transition from national GAAP to IFRS ■ Analysis and interpretation of IFRS financial statements ■ Apply IFRS for 2004 and 2005: financial instruments; business combinations; share-based payment; other revised IAS ■ IFRS and US GAAP Expert Course Director: David Cairns, OBE, Visiting Professor, “[The course director] London School of Economics & Political Science is an excellent professional who is on top of all the latest developments” Date: 20 - 22 September 2004 Past delegate First Bank of Nigeria Venue: Central London, UK INFORMATION HOTLINE tel: +44-(0)20-7779-8780 e-mail: info@euromoneytraining.com fax: +44-(0)20-7779-8693 web: www.euromoneytraining.com/uk
  • 2. International Financial Reporting Standards (IFRS) Course Background This course will enable you to: A European Union (EU) regulation requires all EU listed companies to ■ Understand IFRS reporting requirements for 2004 and 2005 produce consolidated financial statements under International Financial ■ Understand the transition process from national GAAP Reporting Standards (IFRS) - formerly International Accounting to IFRS ■ Analyse and interpret IFRS financial statements Standards (IAS) – from 2005. The regulation will apply to listed ■ Apply the IASB’s new requirements on business companies in all current EU member states as well as the accession combinations, intangible assets, asset impairment and countries and members of the European Economic Area. The regulation share-based payment will be supported by a coordinated EU enforcement regime supervised ■ Apply the revised Standards on such issues as financial by the Committee of European Securities Regulators and new audit instruments, tangible assets, foreign currencies, and requirements based on the EU’s adoption of International Standards on consolidated financial statements Auditing. ■ Compare IFRS with US GAAP ■ Put theory into practice with company case study exercises The EU is not alone in its adoption of IFRS. Swiss listed companies Course Director already make extensive use of IFRS. Australia, New Zealand and South Africa are adopting a similar approach and timetable to that in the EU. David Cairns is a chartered accountant and was secretary-general of the International Accounting Standards Committee An increasing number of emerging economies require or will require their (IASC) from 1985 to 1994. He is now a visiting professor at the London listed and other companies to present IFRS financial statements. In the School of Economics and Political Science where he teaches a United States, the FASB is cooperating with the IASB in an IFRS/US post-graduate course on international accounting. He also provides GAAP convergence programme and the SEC is considering the IFRS consulting and training services to companies, accounting firms, possibility of allowing foreign issuers to present IFRS financial investment banks, stock exchanges, government agencies and standard setting bodies. statements without a reconciliation to US GAAP. Canada and Japan are also seeking to bring their national standards closer to IFRS. David is a member of the IASB’s advisory group on the application of IFRS by SMEs and in emerging economies. He is also a meber of the The transition from national GAAP to IFRS is a demanding process that UK ASB’s Financial Services and Other Specialised Industries requires early planning and thought. For example, compliance with the Committee. EU regulation requires IFRS comparative information for 2004 which David has written extensively on international financial reporting issues. means an opening IFRS balance sheet as at 1 January 2004 for most EU As well as several surveys on international financial reporting and the listed companies. Therefore companies will have to begin the conversion use of IFRS, he is the author of Applying International Accounting of accounting and reporting systems during 2004. Furthermore, they will Standards (Tolley, 2002, new edition 2004), the authoritative text on the have to plan to comply with the requirements of stock market regulators application of IFRS. He was joint author of The Convergence Handbook (ICAEW, 2000), a comparison of IASs and UK GAAP commissioned by for progress reports on the transition to IFRS in their 2003 and 2004 the UK Accounting Standards Board. He is the author of the forthcoming annual reports. Understanding International Financial Reporting Standards, a student and practitioner guide (Pearson Education, 2004). The new regulation signals the biggest ever change in EU financial reporting. It should also bring significant benefits to companies, Guest Speakers investors and other participants in world capital markets. As well as the technical accounting changes, the adoption of IFRS will increase the Shân Kennedy is a Chartered Accountant with in-depth specialism both transparency and comparability of financial information and so enhance in IFRS and the valuation of shares, businesses & intangible assets. the efficiency of the international capital markets. The changes will She spent over 20 years with the Big 4 including four years on enable domestic and cross-border investors to make informed decisions secondment at the Accounting Standards Board. At the ASB she about the relative financial performance of different companies. developed the proposals for Goodwill & Intangible Asset accounting Ultimately, this should lower the cost of capital of companies and underlying FRS 10 and the Impairment Test that underpins FRS 11. encourage greater international investment. Shân is now an independent valuation and IFRS consultant. She has spent 6 months advising ABN Amro on their IFRS transition and is This course will help delegates to understand the significant implications currently providing IFRS training to Lloyds TSB staff. of the adoption of IFRS. It will explain the requirements of those IFRS that will apply in 2004 and 2005 as well as the transition process from Nicholas Anderson is a Partner at Gravitas Partners and has over 10 national GAAP to IFRS. It uses extracts from company financial years' international valuation experience. He has managed in excess of statements to explain how IFRS financial statements differ from those 100 valuation assignments for commercial, tax and financial reporting prepared under current national GAAP. Practical case studies will enable purposes in sectors ranging from Consumer Products to TMT. He specialises in the valuation of intangible assets such as trademarks, delegates to compare the standards and put the new accounting patents and software. principles into practice. The course will also highlight major differences between IFRS and US GAAP. Michael Weaver is a Partner at Gravitas Partners where he specialises Who Should Attend? in the valuation of shares and options issued under employee incentive schemes. He has performed numerous valuations for tax purposes ■ Accountants ■ Financial analysts resulting in many successful negotiations with the Inland Revenue. He ■ Portfolio managers ■ Securities analysts has experience across most industries and has particular expertise in ■ Investment analysts ■ Pension fund managers the insurance and investment management sectors. ■ Senior managers ■ Auditors ■ Credit / investment banking analysts INFORMATION HOTLINE tel: +44-20-7779-8780 e-mail: info@euromoneytraining.com fax: +44-20-7779-8693 web: www.euromoneytraining.com/uk
  • 3. International Financial Reporting Standards (IFRS) DAY 1 Case Study 2 The impact of IFRS on recognition and DAY 3 measurement of share-based payments The Transition to IFRS Consolidated Financial Statements ■ The IASB and IFRS ■ Consolidation principles ■ IFRS for 2004 and 2005 and the IASB’s ■ subsidiaries work programme ■ EU – IFRS consolidated financial statements DAY 2 ■ special purpose entities ■ associates from 2005 ■ who does it affect? ■ joint ventures Presentation of Measurement Currencies ■ when does it affect them? ■ translation of foreign currency ■ Foreign currency transactions and balances ■ audit financial statements ■ functional currency ■ enforcement ■ foreign currency transactions – current rate ■ USA acceptance of IFRS? or forward rate? Business Combinations ■ convergence of IFRS and US GAAP ■ monetary assets and liabilities – closing ■ Purchase method ■ the SEC’s position on foreign issuers ■ identification of the acquirer ■ Other countries rate or forward rate? ■ cost of acquisition ■ the relationship between IAS 21 and ■ acquired assets and liabilities IFRS Financial Statements – the Key IAS 39 ■ Goodwill Principles ■ presentation currency ■ Principles-based standards ■ Negative goodwill ■ The IFRS financial statements Financial Instruments ■ objectives Intangible Assets ■ components ■ Recognition and measurement of financial ■ What can and cannot be capitalised? ■ The IASB’s principles assets and financial liabilities ■ acquired intangible assets ■ asset and liability recognition ■ on or off the balance sheet? ■ internally generated intangible assets and measurement ■ initial recognition ■ income and expense recognition ■ measurement of financial assets ■ Fair presentation and compliance with IFRS –fair value or amortised cost? Measurement ■ accounting policies ■ cost ■ measurement of financial liabilities ■ fair presentation override ■ amortisation and impairment –fair value or amortised cost? ■ revaluation model ■ gains and losses – income statement First-Time Adoption of IFRS or equity? ■ The transition process Impairment of Assets ■ derecognition of financial assets ■ financial reporting implications ■ impairment indicators ■ the wider implications and financial liabilities ■ recoverable amount: value in use and ■ Accounting policies ■ retrospective application Hedge Accounting net selling price ■ cash generating units ■ exemptions and exceptions from ■ Hedging relationships retrospective application ■ what qualifies as a hedging instrument? ■ opening IFRS balance sheet ■ what qualifies as a hedged item? Case Study 4 ■ Disclosure and presentation The impact of IFRS on business combinations, ■ documentation requirements ■ before the transition intangible assets and impairment of assets ■ Accounting for cash flow hedges ■ on transition and afterwards ■ Accounting for fair value hedges ■ Corporate treasury and systems implications Presentation of Financial Statements IFRS Key Principles - Assets ■ Balance sheet ■ Property, plant and equipment ■ Income statement ■ cost Financial Instruments – Presentation and ■ Statement of changes in equity ■ capitalisation of borrowing costs Disclosure ■ decommissioning costs ■ Cash flow statement ■ Presentation ■ major overhauls and maintenance ■ Discontinued operations ■ equity or debt? ■ depreciation and impairment ■ Interim reporting ■ compound instruments ■ revaluation model ■ Changes in accounting policies ■ offsetting financial assets and ■ assets held-for-sale ■ Corrections of errors ■ Inventories and cost of sales financial liabilities ■ Disclosure Disclosure Case Study 1 ■ Earnings per share The impact of IFRS on asset recognition and Case Study 3 ■ Segment reporting measurement The impact of IFRS on financial assets and ■ Post balance sheet events financial liabilities IFRS Key Principles - Liabilities ■ Related party transactions ■ Provisions IFRS Key Principles - Liabilities ■ legal and constructive obligations Case Study 5 ■ Employee benefits ■ what can and what cannot be recognised? ■ short-term benefits Review of impact of adoption of IFRS ■ decommissioning and environmental costs ■ onerous contracts ■ pensions and other post-employment ■ restructurings employee benefits ■ Leases ■ actuarial valuations and actuarial gains Summary and outstanding questions ■ finance leases and operating leases and losses ■ lease accounting by lessees ■ Income taxes ■ lease accounting for lessors ■ current taxes ■ sale and leaseback transactions ■ deferred taxes ■ tax losses Share-Based Payment ■ equity or liability? ■ equity settled share-based payment ■ cash settled share-based payment ■ measurement ■ other deferred tax assets Income and Expenses ■ Revenue WWW www.euromoneytraining.com/uk ■ expense recognition ■ Services and construction contracts ■ disclosure © copyright Euromoney Training 2004 INFORMATION HOTLINE tel: +44-20-7779-8780 e-mail: info@euromoneytraining.com fax: +44-20-7779-8693 web: www.euromoneytraining.com/uk
  • 4. International Financial Reporting Standards Fax or mail to: Alicia Wilson, Director of Public Programmes, Euromoney Training PLEASE SEND ME FURTHER INFORMATION ON THE FORTHCOMING COURSES ■ Accounting for Derivatives 3 EASY WAYS TO REGISTER ■ Financial Analysis & Forecasting ■ Advanced Business & Financial Analysis Complete and Return Application Form to: ■ Credit Analysis Techniques ■ US GAAP and SEC Reporting Alicia Wilson, ■ The Fraud Workshop Director of Public Programmes, ■ Please send me the Euromoney Training Calendar Euromoney Training, Nestor House, Playhouse Yard, London EC4V 5EX, UK Fax +44 20 7779 8693 µ E-mail register@euromoneytraining.com PLEASE QUOTE THE 12-DIGIT REF. 2 NUMBER THAT STARTS WITH 204.... PERSONAL DETAILS Please print clearly or attach business card Family Name (Mr/Mrs/Ms) Please Quote Ref: 204 TELE First Name Position Department (EIF1680) ■ I wish to register for International Financial Reporting Company Standards (IFRS) Address ■ 20 - 22 September 2004 In order to guarantee a place on the course delegates are kindly requested to register at least 3 weeks prior to the course start. Postcode Country COURSE FEES: Tel Standard Course Fees Fax £2,250 (+ VAT @ 17.5%) Total £2,643.75 SAVE MONEY E-mail Discounts are available for group bookings. Please call the Euromoney I have read and understood the booking terms and conditions Training Hotline for further details Signature Date Course fees include tuition documentation, lunch and refreshments. Delegates are responsible for their own accommodation. Hotel details and rates are available on registration. PAYMENT DETAILS An invoice will be sent upon receipt of registration form. Please note that payment must ■ Please Invoice me/ my institution. Purchase order no be received prior to the course start. ■ CHEQUE enclosed with order for £ made payable to Euromoney Training. CANCELLATION POLICY A full refund less an administration fee of £100 will be given for cancellation requests ■ CREDIT CARD. Please debit my: received up to 20 working days before the event. Cancellations must be made in ■ MasterCard/Access ■ Visa ■ Amex ■ Diners Club writing (letter or fax) and reach this office before the 20 working days deadline. Delegates who cancel less than 20 days before the event, or who don't attend, are Card number: liable to pay the full course fee and no refunds can be given. However, if you wish to attend the next course, and you have paid your course fee Card expiry date: in full, you will only be invoiced for 25% of that course fee. Please note that the next course must take place within 6 months of the initial application. Of course, a Card holder name: replacement is always welcome. Signature: Date: DISCLAIMER Cardholder address: Euromoney Training reserves the right to change or cancel any part of its published programme due to unforeseen circumstances. Company VAT Registration Number (EU Only): INCORRECT MAILING ADDRESS/ ADDRESSEE? Please accept our apologies for mail which is incorrectly addressed. Should you SPONSOR wish to amend the address/ addressee details, please send or fax us a copy of the We wish to register this delegate for the course indicated above. relevant mailing label (on the envelope or brochure) and we will update our records We undertake to pay his/her fee and release him/her from all accordingly. company responsibilities for the period of the programme. (Please print clearly) VAT Name Under UK Excise regulations delegates from all countries are required to pay VAT @ 17.5% on all courses taking place in the UK. In many cases UK VAT is reclaimable, Position upon registration. Signature Date The information you provide will be safeguarded by the Euromoney Institutional Investor PLC group whose subsidiaries may use it to keep you informed of relevant Please find enclosed a cheque for £ products and services. We occasionally allow reputable companies outside the Euromoney Institutional Investor PLC group to contact you with details of products made payable to Euromoney Training. that may be of interest to you. As an international group we may transfer your data on An invoice will be sent upon receipt of registration form. a global basis for the purposes indicated above. If you object to contact by telephone Payment is due within 30 days of invoice issue date. ■ fax ■ or email ■ please tick the relevant box. If you do not want us to share your information with other reputable companies please tick this box. ■ INFORMATION HOTLINE tel: +44-20-7779-8780 e-mail: info@euromoneytraining.com fax: +44-20-7779-8693 web: www.euromoneytraining.com/uk