July2020 Recent updates to IFRS that accountants need to know.
What you will learn
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.
How COVID 19 impacts revenue recognition
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.
The importance of relevance and materiality.
- Disaggregation of the contracts.
- Significant judgements.
Classification of assets and liabilities:
- Classification criteria for amortised cost and fair value through OCI.
- Decision tree for classification of financial assets.
- 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.
Identifying a lease
Recognition of lease for lessee accounting
- There are no preconditions for this course.
- Moderate level.
- Recorded webinar made available on a specified date
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 an IFRS specialist as he unpacks these standards.
The following pricing apply:
- Ad hoc: R575.00
- Subscription: Accountant in Practice, Accountant in Practice Plus Tax
This webinar will be available from 1 August 2020.
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:
- Business Accountant (SA).
- Business Accountants in Practice (SA).
- Company secretaries.
- Accounting and auditing support staff.
By attending this webinar, you will be provided with:
- Summarised slide presentation
- Reference documents and / or course material where available
- Access to a technical knowledge base
- Recorded webinar that includes an expert presenter and participant interaction.
This event is included in the following subscription packages. If you are not a subscriber, you need to purchase as a stand-alone event.
- Accountant in Practice: Yes
- Accountant in Practice plus tax: Yes
- Bookkeeper: No
- Quickupdate: No
- IFRS for SME's: No
HOW TO SUBSCRIBE?
Subscribers pay less for their CPD points. SAIBA offers 4 subscription packages that provides access to everything to run a successful accounting and tax practice. Pay a small monthly amount and gain access to monthly webinars covering ethics, financials, reporting, audit and assurance, working papers, law, technology, management topics, and tax.