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IFRS 9 for the financial sector

25 & 26 November 2020 | 9:00 a.m. – 13:00 p.m. & 14:00 p.m. - 18:00 p.m. | 7 CPD

Thursday, 26 November 2020 | 9:00 a.m. – 5:15 p.m. | 7 CPD | KPMG Offices, Nicosia

ifrs-9

Webinar's overview

IFRS 9 is a significant standard that all financial institutions need to constantly maintain up to date. Having said that, our skillful facilitators, a Board Member, a Principal and Managers, with broad experience in the field, will present, using practical examples, all the key aspects of IFRS 9, as well as possible challenges that the financial sector might face. This webinar is vital for all professionals working in the financial sector, and particularly those who seek to be informed about the application on IFRS 9 “Financial Instruments”, as well as IFRS 9 latest interpretations and new requirements. 

Important notice

Please note that KPMG will offer this training as a webinar, if health considerations and government restrictions require this adjustment. In such a case, the webinar will be conducted in two sessions, on 25 (morning) and on 26 (afternoon) of September 2020. Further information will be communicated to you in due course.

Webinar’s goals

By the end of the webinar, participants will be able to:

  • Describe the key requirements of IFRS 9 “Financial Instruments” and identify the key implications for entities in the financial sector
  • Apply the new process for classifying financial instruments into the appropriate measurement categories of IFRS 9
  • Explain the key requirements of the new impairment model for financial assets
  • Apply the IFRS 9 impairment requirements to calculate the ECL for different types of financial assets (debt instruments) and the IFRS 9 requirements to determine the relevant accounting entries and measurement, due to modification and revision of cash flows
  • Adopt a professional approach regarding the implementation of IFRS 9, thus managing to face its relevant challenges. 

Participants*

This webinar is essential for professionals in the financial sector who would like to be informed of the new requirements and latest interpretations of IFRS 9, as well as the practical impact on their business. It will also provide insights to professionals who are involved in the financial statements preparation process and/or the provision of compliance services. Furthermore, it is essential for CEO’s, financial controllers, finance managers and directors, accountants and auditors who would like to be informed of the latest IFRS 9 interpretations.

*The number of participants is restricted to 28.

Agenda

Join the webinar (8:30 a.m. - 9:00 a.m.) on 25 of November and (13:30 p.m. - 14:00 p.m.) on 26 November *

Sessions (9:00 a.m. - 13:00 p.m. including two 15-min breaks between sessions ) on 25 of November and (14:00 p.m. - 18:00 p.m. including two 15-min breaks between sessions) on 26 of November

1. Financial instruments advanced (15 min)

  • Introduction

2. IFRS 9 classification & measurement - financial sector (2 hrs)

  • Describe the criteria for classification of financial instruments
  • Analyse the measurement bases for financial instruments
  • Describe, at a high level, the impact of classification and measurement requirements for companies in the financial sector

3. IFRS 9 impairment - financial sector (2 hrs & 30 min)

  • Impairment: Dual measurement approach
  • Assessment of significant increases in credit risk
  • Measurement of expected credit losses
  • Debt financial assets at FVOCI (fair value through other comprehensive income)
  • Special and simplified approaches
  • Interest recognition
  • Practical implementation issues

4. Presentation and disclosure (30 min)

  • Overview of transition disclosures on adoption of IFRS 9 for financial sector entities
  • Explain the key disclosures requirements under IFRS 7 and in relation to IFRS 9 for financial sector entities
  • Real-time IFRS 9: Review of key disclosures from published annual reports of global banks
  • Practical issues

5. Revisions of cash flows (40 min)

  • Calculating gain (loss) on revision of cash flows that does not result in de-recognition
  • Determining EIR (effective interest rate) for subsequent calculation of amortised cost
  • Practical issues

6. Stage 3 ECL (expected credit loss) (40 min)

  • Calculations of GCA (gross carrying amount)/loss allowances
  • Subsequent cash recovery
  • Moving back to stage 2
  • Write-off and subsequent calculations.

7. Recent developments (15 min)

8. Questions (10 min)

*Note: Please join the meeting 30 minutes prior to the webinar’s start time, in order to make sure that you do not face any connection or other technical issues.

Registration

If you wish to register for the webinar please complete the registration form and send it via email to academy@kpmg.com.cy or via fax to +357 22 513 294.

The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. Please note that there are limited seats available therefore enrol in this webinar as soon as possible.

If you do not receive our confirmation e-mail regarding your registration, your participation cannot be guaranteed.

Cost

€305 + VAT. Net investment after subsidy from the HRDA of €119: €243,95 (including VAT) for all eligible participants*

*Last Date for 10% Early Bird Discount: 05/11/2020

Discounts available:

  • For more than two (3+) participants from the same company a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for participants who enrol in the same webinar, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
  • For individuals/legal entities who/which register in more than two (3+) webinars during the same semester (January-June & July-December), a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for individuals/legal entities who/which enrol in more than two (3+) webinars during the same semester, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
  • There is a 10% discount for alumni members. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the early Bird discount and the HRDA subsidy, when applicable.
  • There is a 10% Early bird discount on selected webinars for participants who enrol in a training course until a specific date which is stated above. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the HRDA subsidy, when applicable.
  • HRDA subsidy for all HRDA approved webinars. 

Contact

For any queries, please contact Irini Avraam on +357 22 207 460 or at academy@kpmg.com.cy.


CPD: This webinar may contribute to Continuing Professional Development requirements.  Shortly after the webinar’s date, participants will receive electronically a certificate of attendance confirming the total number of training hours  (7 CPD).

Trainers

Peleties Panayiotis
Board Member, Audit Services, KPMG in Cyprus

Panayiotis is Board Member and Assistant Head of Audit at KPMG in Cyprus, with specialisation in servicing banking and other financial institutions. He holds a BA (Hons) in Accounting and Economics from Lancaster University in UK, he is a Fellow Associate member of the Institute of Chartered Accountants in England and Wales and a member of the Institute of Certified Public Accountants of Cyprus. He joined KPMG in 1993 and was admitted to partnership in 2005.

Panayiotis' s  audit portfolio includes major clients operating in the industries of finance, tourism, construction and publication. Additionally, he is the Chairman of the KPMG Cyprus Audit Committee Institute.

Furthermore, Panayiotis is the IFRS liaison partner of KPMG Cyprus and the Head of KPMG’s IFRS Group in Cyprus. He also has a vast experience in delivering IFRS and other technical seminars to KPMG staff and clients.

Panayiotis has been certified by the Human Resources Development Authority as a “Trainer of Vocational Training”.

 

Vanezis Pangratios
Board Member, IFRS 9 and IFRS 17 implementation leader, Audit, KPMG in Cyprus

Pangratios has been working with KPMG in Cyprus since 2003 and became a Board Member in 2017. He holds a BA in Accounting & Finance from Lancaster University and is an Associate member of the Institute of Chartered Accountants in England and Wales.

Pangratios possesses versatile industry experience from the financial services sector, consumer products, as well as more specialised sectors such as the airline transport industry, agriculture and food and beverages. In 2014, he was pivotal in the creation of the KPMG Enterprise and Startups team of KPMG in Cyprus, for which he is currently the team leader.

He is actively involved in the group which provides training and support within KPMG in Cyprus, as well as in the DPP (Accounting) of KPMG in Cyprus, which provides insights, consultation and training on financial reporting issues both internally and externally. He is the implementation leader and contact person on IFRS 17 and IFRS 9 matters of KPMG Cyprus IFRS Helpdesk team. Pangratios is currently the Chairman of the Institute of Certified Public Accountants of Cyprus’ Accounting Committee.

 

Evlavis Christoforos
Principal, Financial Risk Management, KPMG in Cyprus

Christoforos is a Principal within the Financial Risk Management Department. He holds a BSc, an MSc and he is an Associate Chartered Accountant (ICAEW).

He possesses more than 10 years of audit and advisory experience in the Banking industry, including 4 years at KPMG UK in London. He has worked with large local and foreign commercial and investment banks such as HSBC, Standard Chartered Bank, Morgan Stanley, Central Bank of Cyprus, Bank of Cyprus, Hellenic Bank, AstroBank, Alpha Bank Cyprus and RCB Bank.

Christoforos obtained experience in the implementation of various advisory engagements, particularly in the areas of Credit Risk, including the implementation and review of IFRS 9 in a number of banking institutions. In the UK, he has participated in the review and assessment of several banking processes and internal controls, such as loan origination and credit scoring, loan recoveries, financial instruments valuation, asset backed securities impairment assessment, credit risk, market risk and liquidity risk monitoring.

 

Korniotis Michail
Senior Manager, Financial Risk Management, KPMG in Cyprus

Michail is a Senior Manager in the Financial Risk Management department of KPMG in Cyprus. He possesses 10 years of professional experience in the Financial Services and Financial Technology sectors and holds a BA, an MSc and a PhD in Applied Mathematics.

Michail was involved in projects relating to the modelling and implementation of the IFRS 9 standard in various credit institutions. This included the formulation and development of models for the estimation of risk parameters and expected cash flows. He has also participated in projects with regards to the independent review and validation of models, such as the implementation of the IFRS 9 standard and fair valuation tools for loan portfolios.

Michail previously worked as the Head of Risk Management at FxPro Financial Services, the Head of Risk Management at Peridiem Global Investors LLC and as a Research Associate at Whilshire Associates Inc.

 

Hadjiyiangou Eleni
Senior Manager, Financial Risk Management, KPMG in Cyprus

Eleni is a Senior Manager at the Financial Risk Management department of KPMG in Cyprus. Having a record of 4 years of audit experience, she joined KPMG in Cyprus in February 2015. She holds a BSc, an MSc and she is an Associate Chartered Accountant (ICAEW).

Eleni was involved in projects relating to the IFRS 9 implementation for banking institutions in Cyprus, working on models for collective assessments and tools for individual impairment assessments. She was also involved in a number of accounting advisory projects in Cyprus, including advising on the IFRS 9 modification of financial assets.

Eleni has undertaken various credit reviews assessing the repayment ability of both retail and corporate clients of banks and credit institutions. She was also actively engaged in a number of reviews assessing the effectiveness of debt restructuring arrangements and strategies undertaken by credit institutions in Cyprus, based on the requirements of the Arrears Management Directive of the CBC. Moreover, she was involved in projects relating to the design and implementation of the Internal Capital Adequacy Assessment Process (“ICAAP”) and Recovery Plan for banks and credit institutions.

 

Kokkinou Maria
Senior Manager, Audit, Member of DDP (Accounting), KPMG in Cyprus

Maria graduated from University of Cyprus with a BSc in Economics. She qualified as an Associate member of the Institute of Chartered Accountants in England and Wales in 2010. In addition, she obtained the Fraud Examiner certification in 2016 from the American Association of Certified Fraud Examiners (ACFE). Maria has been working with KPMG in Cyprus for more than ten years.

Maria has a versatile industry experience in the financial services sector, as well as hotel, manufacturing and retail industries. She has proved to be turning knowledge into value, whilst she is performing on the job training to team members, in order to improve the quality of audit files.

Maria is a member of DDP (Accounting) of KPMG in Cyprus providing insights, consultation and training on financial reporting issues. Maria is among the group of contact persons on IFRS 9 matters of DDP (Accounting) of KPMG in Cyprus.

 

Koumides Christos,
Assistant Manager, Accounting Advisory Services, KPMG in Cyprus

Christos possesses 5 years of experience in the field of Audit and Accounting Advisory.

More specifically, he has extensive experience in the provision of accounting advisory services related to accounting changes and interpretation on IFRSs, the development of tailored solutions for Mutual Fund accounting and IFRS 9 for non-financials. In addition, Christos has been involved in special projects relevant to banking restructurings and securitisations.

Christos has provided audit services for Listed and other Public Interest Entities in the banking, insurance, mutual funds and technology industries.

Christos seeks to contribute to the financial world by disseminating the medium of exchange of information, which is applicable to the financial sector, i.e. the Accounting Language. Furthermore, he has a particular interest in the eSports industry and hyper-efficient, digital markets.

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The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. 

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