Annual IFRS Update


Date: Jul 29, 2021 - Jul 29, 2021

CPD hours: 4 Hours

Time: 09:00 - 13:00

Event Type: Webinar

Presenter: Milan van Wyk
Lecturer, Financial Accounting, University of Johannesburg

The IASB in recent years have introduced significant changes that will materially affect measurement and disclosure in financial statements. These accounting standards include: IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases. These standards are already effective for companies reporting on IFRS.

Overview   

The IASB in recent years have introduced significant changes that will materially affect measurement and disclosure in financial statements. These accounting standards include: IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases. These standards are already effective for companies reporting on IFRS.  

While many people realise the tremendous impact that the global COVID-19 pandemic has on the economy, it should also be noted that the pandemic has an impact on how to report on the above-mentioned standards. 

Join Milan van Wyk CA(SA) and IFRS specialist on 29 July 2021 from 09:00 a.m. to 1:00 p.m. as he unpacks these standards for financial directors, accountants and their accounting departments.  


Learning objectives  

  By the end of this event the participant should: 

  • Understand the impact of COVID-19 on effective standards (IFRS 9, IFRS 15 and IFRS 16) 

  • Understand IFRS 9 Financial Instruments (excluding de-recognition and hedging); 

  • Understand IFRS 15 Revenue from Contracts with Customers;  

  • Understand IFRS 16 Leases; and  

  • Get an overview of IFRS 17 Insurance Contracts, and the Conceptual Framework. 

 


 Content 

  The webinar will cover the following topics:  

  • IFRS 15 - Introduction: How COVID 19 impacts revenue recognition.  

  • IFRS 15 - The 5 step approach to achieve clarity. 

    • Step 1 – Identify the contract with the customer: 

      • Importance of the contract. 

      • Criteria for a valid contract for revenue recognition. 

      • Treatment of money received in advance. 

      • Contract modifications. 

    • Step 2 – Identify performance obligations in the contract: 

      • The starting point – promises in the contract. 

      • Distinct goods and services in the contract. 

      • Illustrative examples of determining whether goods and services are distinct. 

    • Step 3 – Determine the Transaction Price: 

      • What is the transaction price?  

      • Is it different from current standards? 

      • How to account for variable consideration. 

      • How to identify a financing component in the transaction price. 

    • Step 4 – Allocation of the transaction price to the performance obligations: 

      • Understanding the basis of the allocation. 

    • Step 5 – When & how should revenue be recognised? 

      • Understanding the notion of control. 

      • Testing whether goods and services should be recognized over a period of time. 

      • How to measure progress over a period of time. 

      • Indicators of control being transferred at a point in time. 

  • IFRS 15: Disclosure of Revenue.  

    • The importance of relevance and materiality. 

    • Presentation. 

    • Disclosure: 

      • Disaggregation of the contracts. 

      • Significant judgements. 

  • IFRS 9 Financial Instruments: 

    • Recognition. 

    • Classification of assets and liabilities: 

      • Classification criteria for amortised cost and fair value through OCI. 

      • Decision tree for classification of financial assets. 

    • Measurement: 

      • Initial and measurement. 

      • Transaction costs. 

      • Fair value adjustments. 

    • Expected credit losses (ECLs): 

      • General approach vs simplified approach. 

      • Significant increase in credit risk. 

      • Measurement of ECLs. 

    • Derivative accounting. 

  • IFRS 16 Leases: 

    • Identifying a lease. 

    • Recognition of lease for lessee accounting. 

    • Lease modifications. 

    • Lessor accounting. 

  


 Obtaining your CPD certificate 

 This webinar qualifies for 4 CPD hours with your professional body including: ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA. The SAAA CPD policy is compliant with IFAC IES7 and is recognised by all relevant professional bodies. 

All attendees are issued with a CPD certificate available in an online profile. 


 About the presenter 

 Milan van Wyk CA(SA)  

Milan van Wyk is a qualified Chartered Accountant CA(SA). He obtained his B.Acc degree (Cum Laude) at the University of the Free State in 2007 and his B.Acc (Hons) degree in 2008.  

He is currently lecturing accounting at Honours level at the University of Johannesburg. He is also involved in the JSE Proactive Financial Monitoring Project where financial statements of companies listed on the JSE are reviewed on a rotational basis in a five-year cycle for IFRS compliance.  


 Who should attend 

  The following persons will benefit from attending this webinar: 

  • Professional Accountants including: RA(SA), CA(SA),PA(SA) and BAP(SA).  

  • Company secretaries.  

  • Accounting officers.  

  • Accounting and auditing support staff.  


  Price             

  • R 575.00 - Online admission - Individual. 

  • R 950.00 - Online admission - Company. 

  • R 0.00 - Paid-up CPD subscribers. 

  

Steps to register for the event:  

If you already have a profile, login and register for the webinar. 

If you don’t have a profile, create a free profile then login and register for the webinar. 

Click here to create a free profile (There is no charge to create a profile and gain access to our free Monthly Practice Management Series). 

Click here to find out about the Technical Resource Centre & CPD Subscription options. 


Additional material 

  By attending this webinar you will be provided with: 

  • Summarised slide presentation 

  • Reference documents and / or course material where available 

  • You can ask questions during the webinar and you will also have access to me the presenter after the webinar 

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Venues & Dates

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Discounts available

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