IFRS Learning Suite

In this IFRS Learning Suite session we will be looking in detail into a number of IFRSs that shed light on non-current assets, mainly:

• IAS16 Property, Plant and Equipment
• IAS 38 Intangible Assets
• IAS 40 Investment Property
• IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations
• IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
  
• IAS 23 Borrowing Costs

We will be going through the key definitions, initial recognition considerations, initial and subsequent measurement options of the above mentioned assets as well as the various disclosure requirements set out in IFRS. We shall be referrring to a number of practical examples encountered by local companies when accounting for non-current assets, including the provision of best practices when dealing with these important resources in running a business.

In this two-part session, we will delve into the requirements of the leases standard with reference to practical examples from real-life scenarios, the lessons learned, whilst also discussing the recent amendments which have been issued by the IASB and the impact these have had on financial reporting.

The objective of this session is to look into the evolution of the COVID-19 pandemic from a financial reporting perspective. Although the main emerging points from different standards will be delved into, this session is not intended to serve as a general IFRS refresher. Focus will be made on the impact that COVID-19 had on different aspects of financial reporting and how such matters evolved during the past months. The idea is that this session will be a knowledge sharing experience, with attendees from different industries expressing their views on how the pandemic impacted their businesses’ financial reporting. Moreover, we shall also be looking into the most impacted areas from an audit perspective.

The main learning outcomes of this session include:

1. The identification of the need for an insurance contract standard;
2. Familiarisation with the key concepts of IFRS 17;
3. Key considerations and judgements required and emanating from the adoption of IFRS 17;
4. The implications to your business;
5. The accounting requirements of adopting this standard; and
6. Lessons learnt and next steps.