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IFRS advanced applications

19 & 20 November 2020 | 9:00 a.m. – 13:00 p.m. | 7 CPD

19 & 20 November 2020 | 9:00 a.m. – 13:00 p.m. | 7 CPD

ifrs-updates

Webinar's overview

KPMG Academy offers an enlightening webinar on IFRS Advanced Applications, in an effort to keep its clients informed on IFRS issues and assist them in meeting their yearly CPD requirements. The main objective of this valuable webinar is to refresh participants on the major requirements of the recently adopted International Financial Reporting Standards (i.e. IFRS 9, IFRS 15, IFRS 16 and IFRS 17). Furthermore, the experienced trainers will provide participants with practical examples to support them on the application of the requirements of the respective IFRSs, as well as updates on any recent developments. The Academy’s past webinars on IFRS Advanced Applications received excellent reviews from attendees for both the content and the presenters’ practical knowledge.

Webinar’s goals

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

  • Describe and explain the key requirements (including new developments/amendments due to Covid-19) of IFRS 16, IFRS 15, IFRS 9 Financial Instruments for the non-financial sector and IFRS 17
  • Use their new knowledge in respect to the implementation of the new requirements/amendments
  • Apply what they have learned in their work environment for the correct preparation of the financial statements.

Participants*

This webinar is essential for CEOs, financial controllers, finance managers, finance directors, accountants and auditors, who would like to be informed on the major requirement of the recently adopted IFRSs. It will also provide insights to professionals who are involved in the financial statements’ preparation process and/or the provision of compliance services.

*The number of participants is restricted to 28.

Agenda

Join the webinar (8:30 a.m. –  9:00 a.m.)*

Sessions (9:00 a.m. – 13:00 p.m. including two 15-min break between sessions)

1. IFRS 16 leases (3 hrs)

  • Scope, definition and exceptions
  • Lessee accounting

                        1. Initial measurement of the lease liability and right-of-use asset

                        2. Subsequent measurement

  • Lessor accounting
  • Transition options and practical expedients
  • Recent amendments to IFRS 16 – rent concessions
  • Effective date and other considerations

2. IFRS 15 revenue: application guidance, transition and disclosures (1 hr & 30 min)

  • The 5-step model
  • Application guidance
  • Key presentation and disclosure requirements

3. IFRS 9 financial instruments (non-financial sector): Classification, measurement and impairment (1 hr & 30 min)

  • Overview
  • New approach for the classification of financial assets, that reflects the business model in which assets are managed and their cash flows characteristics
  • New impairment model for financial assets and practical examples for including trade receivables, intercompany balances, debt investments at fair value through other comprehensive income

4. IFRS 17 insurance contracts: Scope and general measurement model (45 min)

  • Scope
  • Separating components, contract boundaries
  • General measurement model (level of aggregation, initial and subsequent measurement)
  • Other measurement models (PAA, VFA)
  • Practical issues
  • De-recognition and contract modification
  • Latest developments.

5. Questions and answers (15 min).

*Note: Please join the meeting 30 minutes prior to the webinar’s start time (join at 8:30 a.m.), 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:  29/10/2020

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

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.

 

Theodorou Niki
Principal, Audit, Member of DPP (Accounting), KPMG in Cyprus

Niki holds a BSc in Marketing Management and since 2012 she is a member of the Institute of Chartered Accountants in England and Wales (ICAEW). She is also a member of the Institute of Certified Public Accountants of Cyprus (ICPAC) and a member of ICPAC Committee for Listed and Public Interest Entities.

Niki joined KPMG in Cyprus in 2005 and as of 2008 she has been working in the Audit Department. Amongst her audit portfolio clients are private companies and public interest entities which operate mainly in banking, travel and tourism, shipping, retail and international investments in oil and gas sectors.

Niki is a member of DPP (Accounting) of KPMG in Cyprus providing technical support, guidance and advice on IFRS complex technical matters both to clients and KPMG staff. Niki is one of the subject-matter experts for IFRS 16 “Leases”. She is also a regular trainer on IFRSs, delivering training sessions both internally and externally through KPMG Academy.

 

Efstathiou Erotokritos
Principal, Audit, Member of DPP (Accounting), KPMG in Cyprus

Erotokritos joined the Audit Department of KPMG in Cyprus in 2008. His portfolio of clients includes private and public interest entities operating mainly in banking, insurance, investment management and aviation industries.

Erotokritos is a member of DPP (Accounting) of KPMG in Cyprus providing support, guidance and advice on IFRS technical matters both to clients and KPMG staff. He also delivers IFRS training courses internally as well as externally. He is among the subject matter experts for IFRS 16 “Leases”.

Erotokritos is a graduate of the University of Kent with a BSc degree in Economics with Econometrics and a postgraduate of the University of Reading with an MSc degree in Investment Management at the International Capital Markets Association (ICMA) Centre. He is a member of the Institute of Chartered Accountants in England and Wales and a member of the Institute of Certified Public Accountants of Cyprus.

 

Vasiliou Michalis
Principal, Audit, Member of DDP (Accounting), KPMG in Cyprus

Michalis has been working in the Assurance Department of KPMG in Cyprus as of 2007. He holds a BA Hons in Accounting and Finance (First Class) from the University of Manchester. He is a member of the Institute of Chartered Accountants in England and Wales and the Institute of Certified Public Accountants of Cyprus as of 2010.

Moreover, Michalis is a member of DDP (Accounting) of KPMG in Cyprus providing support and advice on IFRS technical matters to both clients and staff. He is also a member of the Funds Services Unit team at KPMG in Cyprus and is currently the President of the Institute of Certified Public Accountants of Cyprus Investment Funds Committee.

Michalis has extensive external audit and project management experience across a wide range of industries, with specialisation in the audit of investment funds, public interest entities and private entities. Michalis has been greatly involved in multi-location audits within various sectors of the economy, including financial services, telecom, retail, manufacture, as well as service companies.

 

Kyriakou Andreas
Senior Manager, Lead of KPMG Caseware team, Member of DPP (Accounting), Audit, KPMG in Cyprus

Andreas holds a BSc in Accounting and Finance and an MSc in Accounting, Finance and Management. He is a member of the Association of Chartered and Certified Accountants (ACCA) as of 2014, as well as a member of the Institute of Certified Public Accountants of Cyprus (ICPAC).

Andreas joined KPMG in Cyprus in 2011 and since then he has been working in the Audit Department. His portfolio of clients includes private local and international companies across many different sectors.

Andreas is a member of DDP (Accounting) KPMG Cyprus providing technical support, guidance and advice on IFRS technical matters both to clients and KPMG staff. In addition, he is also a lecturer in a well-known private institute in Cyprus for the delivery of ACCA reporting modules since 2015.

Andreas is also the leader of KPMG Caseware team. He is responsible for the coordination of the team, the update and maintenance of KPMG financial statements template, the preparation and delivery of Caseware seminars to KPMG staff and the provision of support to KPMG staff for Caseware technical matters.

 

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.

 

Nicolaides Herodotos
Manager, Audit, KPMG in Cyprus

Herodotos joined KPMG’s Audit Department in 2011 and currently holds the position of Manager. He is a graduate of the University of Warwick with a BSc (Hons) in Accounting and Finance. In addition, he is a member of the Institute of Chartered Accountants in England and Wales and the Institute of Certified Public Accountants of Cyprus.

Herodotos’ clientele includes listed and non-listed entities from various industries, such as oil and gas, real estate, banking, manufacturing, investment companies and funds.

Herodotos is a KPMG Audit Specialist for US GAAP and a member of DPP (Accounting), providing KPMG staff and clients with technical support on the correct application of IFRS complex requirements. Furthermore, he is a member of the IFRS 9 Accounting Team and amongst his services is the provision of guidance on the correct classification, measurement, impairment of financial instruments, as well as on the recalculation of Expected Credit Loss allowances.

Herodotos is also a member of KPMG’s Department of Professional Practice (Audit) and an accredited KPMG Sampling Specialist. He has been facilitating training courses on audit methodology, sampling and standard Data Analytics to all levels of KPMG professionals.

 

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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