IFRS 9 for non-financial sector

22 & 23 November 2021 | 9:00 a.m. – 13:00 p.m. | 7 CPD

22 & 23 November 2021 | 9:00 a.m. – 13:00 p.m. | 7 CPD

ifrs-9

Important Note

Please note that since the daily numbers of COVID-19 cases in Cyprus are still considered high, KPMG Academy will keep offering its trainings online until further notice, to ensure the safety of its clients and personnel. In case of considerable decrease in COVID-19 cases in Cyprus and if the level of contamination through physical gatherings becomes relatively low, webinars will be converted to face-to-face seminars. If so, this training will be conducted on 23 November 2021 (from 9:00 to 17:15) instead of 22 & 23 November 2021 (from 9:00 to 13:00). Further information will be communicated to you in due course.

Webinar’s overview

A Board Member and his team will present through practical examples all key aspects of IFRS 9, as well as possible challenges that the non-financial sector is expected to face during 2021. During this webinar, participants will receive guidance and gain knowledge which will facilitate their day-to-day interactions with their accounting and reporting functions.

Webinar’s goals

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

  • Enumerate the classification and measurement requirements of financial instruments
  • Explain the new impairment model for financial assets
  • Define accounting requirements for derivatives, embedded derivatives and their special treatments
  • List the requirements for disclosures in accordance with IFRS 9 and IFRS 7
  • Apply the classification and measurement requirements of financial instruments
  • Demonstrate the ability to interpret impairment ECL issues at stage 3
  • Complete an ECL impairment calculation
  • Support the reasonable selection of assumptions for impairment (ECL approach)
  • Support the classification cases through market practices and examples
  • Accept the correct application of IFRS 9 standard and the prescribed accounting treatment.

Participants*

This training is essential for professionals operating within the non-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, this webinar is essential for CEOs, 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.) *

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

1. Introduction (30 min)

  • Overview of IFRS 9 development
  • Introduction to important definitions

2. IFRS 9 Classification & Measurement – Non-financial sector (1 hr)

  • 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 – Non-financial sector (3hrs & 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 and examples:

                    o Trade receivables

                    o Intercompany balances

                    o Cash at bank

                    o Loans receivable from related/unrelated parties

                    o Debt instruments at FVOCI (Fair Value through Other Comprehensive Income)

                    o Financial guarantee contracts

Examples and practical application via a relevant tool

4. Presentation and disclosure (20 min)

  • Overview of transition disclosures on adoption of IFRS 9
  • Explain the key disclosures requirements under IFRS 7 and in relation to IFRS 9 for non-financial sector entities

Examples and practical application via a relevant tool

5. Revisions of cash flows (30 min)

  • Calculating gain (loss) on revision of cash flows that does not result in derecognition 
  • Determining EIR (Effective Interest Rate) for subsequent calculation of amortised cost

6. Stage 3 ECL (expected credit loss) (30 min)

  • Calculations of GCA (Gross Carrying Amount)/loss allowances 
  • Subsequent cash recover
  • Moving back to stage 2
  • Write-off and subsequent calculations.

7. Questions and answers (10 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.

Once your registration is submitted, you will receive an email stating the participation fee, including any discounts, if applicable. Kindly note that the payment should be settled at least two days prior to the webinar’s date for your registration to be confirmed.

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: 01/11/21

 

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. For more information on our alumni scheme, click here.
  • 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 joined KPMG in Cyprus in 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 deriving from sectors such as the financial services, consumer products, 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 acts as the team leader.

He is actively involved in the group which offers 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. Pangratios is the implementation leader and contact person on IFRS 17 and IFRS 9 matters of KPMG Cyprus IFRS Helpdesk team. In addition, he is currently the Chairman of the Accounting Committee of the Institute of Certified Public Accountants of Cyprus.

 

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

Maria graduated from the 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 at 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. During her career, she has proved to be turning knowledge into value, whilst providing on-the-job training to team members, in order to improve the quality of audit files. In addition, Maria has offered technical, accounting and training support to KPMG employees as well as KPMG clients.

Maria is currently in-charge of the Accounting Advisory Services focusing on IFRS 9 Financial Instruments and IFRS 17 Insurance contracts. She possesses advanced knowledge related to IFRSs. 

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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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