Overview:
This seminar provides a summary of recent changes to IFRS issued by the IASB, including IFRS 15 (Revenue from Contracts with Customers), IFRS 9 (Financial Instruments) and IFRS 16 (Leases). This one-day update will allow you to:
- Understand how recent changes will affect your financial statements
- Avoid errors in measurement, classification and footnote disclosures
- Learn how the changes compare with US GAAP
Objective:
To provide updates on recent IFRS changes and comparison with US GAAP, including revenue recognition, financial instruments, lease accounting, recognition of deferred taxes for unrealized losses, share-based payment transactions, and other amendments to IFRS.
Emphasis:
- IFRS 15 and revenue recognition 5-step model
- IFRS 16—new guidance requiring lessees to classify all leases as finance leases
- IFRS 9—Financial Instruments
- New guidance on hedge accounting that more closely aligns with an entity’s risk management strategies
- New impairment model based on a 12-month expected credit loss, which generally results in earlier recognition of credit losses
- Amendments to IFRS 2, clarifying the accounting for certain types of share-based equity compensation arrangements
- Amendments to IAS 40 on transfers of property assets to, or from, investment property
- Amendments to IAS 7, requiring additional disclosures related to liabilities classified as financing in statement of cash flows
- Annual Improvements to IFRS 2014-2016 Cycle
- Amendments to IFRS 12, IAS 28 and IFRS 1