Overview   

As the way people do business changes and new concepts (e.g crypto currencies) are introduced, so must the way accountants report on financial activities as guided by IFRS. 

This webinar provides coverage of newly effective and newly issued IFRS and Interpretations, recent amendments to existing standards and Interpretations, Exposure Drafts and other recent developments. Implementation issues are discussed, and clear guidance is provided using practical examples.  

Join Milan van Wyk on 22 July 2020 from 09:00 a.m to 1:00 p.m for this webinar where he will discuss all the latest updates to IFRS and their practical implications.  

  Learning objectives  

  By the end of this event the participant should: 

• Be aware of all recent significant changes made to IFRS by the IASB; 

• Understand how these changes affect financial statements; 

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

• Understand IFRS 15 Revenue from Contracts with Customers; and  

• Get an overview of IFRS 16, IFRS 17 and the Conceptual Framework. 

Content 

  The webinar will cover the following topics:  

• Update to all recent IFRS changes.  

• IFRS 15: The reasons behind the changes.  

  • What are the changes? 

  • IASB and FASB feedback. 

• 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. 

    • Combination of contracts. 

    • 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: How to treat contract costs? 

  • Understanding what IFRS considers to be contract costs and why its treated as an asset. 

  • How to deal with incremental costs, the costs to fulfill the contract, and amortisation of the contract costs. 

• 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. 

  • Measurement. 

  • Derivative accounting. 

• Overview of IFRS 16 Leases, IFRS 17 Insurance Contracts and the Conceptual Framework. 

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.