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Claiming Back Your VAT
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Can I claim back the VAT myself?
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International Financial Reporting Standards (IFRS)
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The convergence, globally, of International Financial Reporting Standards (IFRS) is gaining pace at a rapid rate, for the preparation of financial statements. This includes bot large corporates and the medium sized companies. Each year more and more countries are implementing IFRS.
As a result of this acceptance of IFRS, more financial professionals are required to have a working knowledge of not only the fundamentals, but also the detailed workings. Further, the IFRS landscape is constantly changing and professionals are required to keep up to date.
This 3-day workshop will deliver update to date IFRS reporting requirements covering the standards in a practical, technical and commercial basis, with the inclusion of real life company challenges and use will be made of excel models to demonstrate many of the commercial concepts (these models will be provided as a take-away for participants).
The workshop will include the latest statements as well as projects which will be started on in the future.
On completion of the workshop, participants will be able to:- Apply the International Financial Reporting Standards to key elements of financial reports
- Interpret financial statements with better understanding and with improved commercial insight
- To prepare IFRS compliant financial statements, including group accounts
- Real life examples of correct accounting and incorrect accounting treatment
- Excel driven guidance tools for easy reference
- Focus on certain sector area challenges
- Meet other practitioner’s and users of IFRS financial statements
Who should attend
Financial Analysts
Accountants
Portfolio Managers
Securities Analysts
Credit / Investment Analysts
Pension Fund ManagersAuditors
Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2.
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INCOME
Session 1
Revenue from Contracts with Customers [IFRS 15]
• Scope
• The five-step model framework
• Further useful implementation guidance
• Identifying the contract
• Performance obligations:
o Customer control of an asset
o Indicators of transfer of control of asset
o Conditions for performance obligation
• Disclosure requirements
• Exercise: Different situations to be assessed to determine the appropriate accounting for arrangements with various terms and factors to consider
LIABILITIES
Session 2
Fair Value Measurement [IFRS 13]
• Level 1 inputs
• Level 2 inputs
• Level 3 inputs
• Overview of fair value measurement approach
• Guidance on measurement
• Valuation techniques
• Disclosure
GROUP ACCOUNTS
Session 3
Consolidated Financial Statements [IFRS 10]
• Identification of investment status
• Exemptions and exclusions from the standard
• Preparation of group accounts
• Goodwill on acquisition
• The fair value exercise when accounting for acquisitions
• Differences to current Indian rules and standards
Session 4
Joint Arrangements [IFRS 11]
• Joint arrangements versus joint control
• Types of joint arrangements
• Classifying joint arrangements
• Joint operations versus joint ventures
• Separate Financial Statements
• Disclosure
Session 5
Disclosure of Interests in Other Entities [IAS 24 and IAS 28]
• Associates [IAS 28]
• Related party disclosure [IAS 24]
• Exercise: Determine various entities invested in and whether, investments, associate, subsidiary or a joint arrangement and how to treat each investment
SPECIALIST TOPICS
Session 6
Employee Benefits [IAS 19]
• Different types of post-employment benefits
• Defined benefit pension plan:
o Projected benefit obligation (PBO)
o Accumulated benefit obligation (ABO)
o Vested benefit obligation (VBO)
• Elements of the PBO:
o Current service cost
o Interest costs
o Plan amendments
o Expected return on planned assets
• Assumptions and impact on PBO
• Net pension assets or liabilities
• IAS 19:
o Profit-sharing and bonus payments
o Types of post-employment benefit plans
o Plan curtailments or settlements
o Termination benefits
o New rules coming in for investment return assumptions
o Differences between funding valuation and IAS 19 valuation
• IAS 26 - Accounting and reporting by retirement benefit plans
• Exercise: Understand the components of a pension plan and determine the information to be disclosed in the financial statements
Session 7
Financial Instruments [IFRS 9]
Part 1 - Classification and Measurement
• Initial measurement of financial instruments
• Subsequent measurement of financial assets:
o Amortized cost
o Fair value (FVTPL or FVTOCI)
• Debt instruments:
o Business model test
o Cash flow characteristics test
• Fair value option
• Classifications and reclassifications
• Subsequent measurement of financial liabilities:
o Fair value option (FVTPL)
• Reclassification
Part 2 – De-recognition
• De-recognition of financial assets:
• Cash flows identified from an asset
o Fully proportionate share of cash flows from an assets
o Fully proportionate share of cash flows cash flows identified from an assets
• De-recognition of financial liabilities
Part 3 – Derivatives
• Measurement (items linked to unquoted equity investments)
• Fair value changes - Profit and loss or apply ‘hedge accounting’
• Hedging considerations
• Embedded derivatives – identification
Part 4 – Hedge Accounting
• Qualifying criteria for hedge accounting
• Hedging instruments
• Hedge items
• Hedging relationships:
o Fair value hedge
o Cash flow hedge
o Hedge of a net investment in a foreign operation
• Hedge effectiveness requirements
• Rebalancing
• Discontinuation
• Foreign currency basis spreads
Part 5 – Impairment
• Three stages
• General approach
• Impact of increases in credit risk
• Credit impaired financial assets:
• Basis for estimating expected credit losses
• Exercise: Accounting and disclosure for a variety of financial instruments
• Take-away: Excel models including the valuation and accounting disclosure of the main financial instruments
Session 8
Leases [IFRS 16]
• Recognition exemptions
• Identifying a lease
• Separating components of a contract
• Key definitions:
• Accounting by lessees
• Accounting by lessors
• Sale and leaseback transactions
• Disclosure
• Exercise: Determine the accounting and disclosure treatment of various lease transactions
Session 9
Summary and Close -
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
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We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
Instructor
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Andre Lanser
Working in Venture Capital and Private Equity for 12 years allowed me to gain a vast amount of experience in corporate analysis and valuation. This allows me to design learning programmes with a real focus on the practical realities of business.Biography
Andre is a consulting trainer as well as a corporate finance practitioner and he has delivered courses around the world in the areas of Credit, Corporate Finance, Valuation and Financial Modelling both for Corporates and Banks. Andre originally qualified as a Chartered Accountant, completing articles with PricewaterhouseCoopers. He started his career with a subsidiary of Commercial Union, involved in the steel manufacturing industry. His experience ranged from systems implementation, credit assessment of the highly risky construction industry customers, heading up the finance functions to successfully turning the business around and then selling the company through a trade sale. He later joined Commercial Union in the investment back-office function, reengineering the investment back office and later headed-up a team who implemented a new investment management system for both the back office and the front office. His commercial experience includes restructuring and turning around a Steel Manufacturing operation, consulting to a Pharmaceutical company involved in medical devices for both Government and Private Hospitals and an in depth knowledge of the citrus industry, consulting to South African Airways and extensive work at Hanover Acceptances property company, Dorrington in London. His career then spanned over 15 years in the Venture Capital and Private Equity arena, where he has gained a vast amount of experience in the corporate analysis and valuation field. He is a specialist in developing and training finance related courses, including corporate credit related topics, credit analysis and cash flow analysis with a special focus on the banking sector, derivatives, and financial modeling courses. His training experience spans a period of more than 15 years. For DCGT Andre has successfully written/delivered courses for clients such as Arrow Pharmaceutical, Shell Oil, IBM, Komercni Banka, Societe Generale, Fortis Bank, Raiffeisen Group, Islamic Development Bank, Banco Santander, Standard Bank, Westpac, Commercial Bank of Qatar, Bank of Cyprus, ING, Bank of Cyprus, Rabobank, Eurohypo, Standard Chartered, Erste Bank and numerous others throughout the globe. Specific work in the Gulf Region: Islamic Development Bank, Saudi Airline and SABIC in Saudi Arabia. Financial reporting and IFRS training to banks in the Emirates, Qatar and Kuwait, which include Noor Islamic Bank, NBK and QNB. He is a trainer for the South African market for Continuing Professional Development (CPD) in IFRS.
