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IFRS Webinar Series - A Practical Approach

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Overview:

The IFRS webinar series is flexible to your timetable, enabling you to fit your studies around your work and social commitments. This series commences in February 2020 and concludes in November 2020.

Anyone, whether a trainee or a practising professional in the field of Accounting, Audit and Tax can attend this series in order to update their knowledge on IFRS for SMEs and / or to learn new standards that have recently been amended / created.

Each webinar is assessed through multiple-choice examinations.

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The Presenter:

Anton van Wyk is a chartered accountant and independent consultant in International Financial Reporting Standards (IFRS and IFRS for SME). As former subject head of Financial Accounting at various higher education providers (including the University of Johannesburg and Monash University South Africa), he has gained valuable insights into and understanding of the important principles underlying the International Financial Reporting Standards (IFRS).

Anton is a well-known and popular presenter who has presented numerous IFRS updates for several accounting bodies across South Africa. He is known for his ability to simplify and highlight the most important principles contained in IFRS, whilst keeping the learning process enjoyable for attendees.

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Topics:

IFRS 9 Financial Instruments

• Many entities struggle with accounting recognition, measurement, presentation and disclosure relating to financial instruments. Financial instruments exist in all entities and must be correctly accounted for in terms of the new and simplified IFRS 9, which replaces the former IAS 39 Financial Instruments: Recognition and Measurement. Impairment of financial assets is also covered.

IFRS 16 Leases

• The IASB changed the accounting treatment of leases to be applied by the lessee. The distinction  between an ‘operating’ and ‘finance’ lease (from the point of view of the lessee), no longer exists (for most leases). It is important that lessees account for leases correctly in terms of the new IFRS 16.

IFRS 15 Revenue from Contracts with Customers

• Several accounting pronouncements, including IAS 18 Revenue, have been superseded by the new IFRS 15. Revenue must be accounted for by means of the application of the 5-step revenue recognition model. Seeing that every entity generates revenue to sustain itself, it is essential that the new accounting standard relating to the accounting treatment of revenue, is properly understood. 

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

• Taking cognizance of the poor state of many international economies, assets regularly get disposed of before their intended date of disposal. The moment that the intention to dispose of an asset before the intended date occurs, IFRS 5 requires an ‘impairment test’ to be performed on such asset (or group of assets called a disposal group). There are also important deferred tax consequences that should be considered as part of the decision to recover the carrying amount of an asset principally through sale. 

IFRS 10 Consolidated Financial Statements

• Many would look at this topic and say: “I do not prepare consolidated annual financial statements, so the topic is not relevant to me”. The new IFRS 10 does not only deal with consolidation procedures, but focuses on the concept of control and the fact that, in order to control another entity, an entity needs to have the relevant power over another entity, have exposure to variable returns from its investment in that entity and lastly have the ability to use its power to affect the variable returns from its investment before control has been established. 

IFRS 11 Joint Arrangements

• Joint arrangements consist of ‘joint ventures’ and ‘joint operations’. These are accounted for differently. Joint ventures are no longer proportionately consolidated, but, in terms of IFRS 11, rather equity accounted with reference to IAS 28. Can you distinguish between joint ventures and joint operations?

IFRS 13 Fair Value Measurement

• Fair value accounting is quickly becoming the preferred way to provide relevant information. IFRS 13 provides guidance on which fair values should be used to correctly apply fair value accounting as well as disclosures that should be provided in the annual financial statements to support the selection of the relevant fair values used in those financial statements. 

IFRS 3 Business Combinations

• The topic “business combinations” will always remain very conceptual and important in financial accounting. The determination of goodwill is the overall focus of this accounting standard and there are many principles that need in-depth consideration when accounting for a transaction that meets the definition of a ‘business combination’. Also remember, business combinations do not only entail acquisition of a controlling equity interest in another entity, but also the direct acquisition of assets and liabilities that form a “business”, as defined in IFRS 3. 

IAS 38 Intangible Assets

• In a world where new transaction types and new concepts like digital currencies (e.g. Bitcoin) and other possible intangible assets, such as human capital, are becoming much more prevalently considered, it is essential to understand which principles of IAS 38 should be considered to correctly determine whether or not a transaction actually satisfies the definition of an “intangible asset”. 

 IAS 36 Impairment of Assets

• With most economies experiencing either slow growth, no growth or recessions, testing assets (or groups of assets called ‘cash-generating units’) for impairment, should be a regular exercise performed by an accountant. Macro-economic indicators of possible impairment trigger the necessity to test assets for impairment, just like micro-economic indicators, such as significant damage to an asset, do. It is essential that accountants make sure that they are considering the correct principles and applying the process of impairment testing correctly in order to comply with the requirements of IAS 36.