Financial Reporting
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IFRS Update 2020

CPD Hours: 4

Price: R575.00


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Title / Topic

IFRS Update 2020

Presenters : Milan van Wyk


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. 

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