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International Financial Reporting Standards (IFRS)

Explore how to provide transparent & forthright financial reporting
  • 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

    What You Get:

    • 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 Managers
    • Auditors

    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.
  • Introduction

    Session 1

    Introduction and Conceptual Framework

    • Background on IFRS
    • Purpose of the IASB
    • Sources of IFRS
    • Assumptions behind IFRS
    • Scope and adoption
    • Conceptual framework:
      - Recognition and initial measurement
      - Impairment and de-recognition
      - Measurement after recognition
      - Disclosures
      Exercise: review how the conceptual framework has been applied to industry sectors, focusing on banking, retail, pharmaceutical, manufacturing and construction
      Take-away: IFRS summary presentation and tailoring question driven by excel

      Session 2

      Presentation of Financial statements [IAS 1]
      • Notes to the accounts – significant areas of interest for banks
      • Presentation of Financial Statements for Banks
        - Balance Sheet
        - Income Statement
        - Statement of Recognised Income and Expense
        - Cash Flow Statement
      Exercise: review various IFRS financial statements and provide comments. Participants will them be provided with award winning disclosure statements in order to have a benchmark to work from.

       


      Session 3
      Accounting Policies, changes in Accounting estimates and Errors [IAS 8]
      • Selection and application of accounting policies
      • Consistency of accounting policies
      • Changes in accounting policies
      • Disclosures relating to changes in accounting policies
      • Changes in accounting estimates
      • Disclosures relating to changes in accounting estimates
      • Errors
      Exercise: Determine the treatment of changes in accounting policies, changes in estimates and errors.

      Income

      Session 4


      Revenue from Contracts with Customers [IFRS 15]
      • Scope
      • The five-step model framework
      • Further useful implementation guidance
      • Identifying the contract
      • Performance obligations:
        - Customer control of an asset
        - Indicators of transfer of control of asset
        - 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
      Take-away: The effective interest rate method model in excel

      Assets

      Session 5


      Inventories [IAS 2]
      • Scope
      • Measurement of inventories
      • Write downs and net realizable values
      • Expense recognition
      • Disclosure
      Exercise: Calculate an inventory impairment, how to recognize it and the appropriate treatment of a subsequent change in value
      Session 6
      Non-current Assets: Recognition and Measurement [IAS 16, IAS 38 and IAS 40]
      • Property, plant and equipment [IAS 16]
      • Measurement of the cost of an asset, including asset retirement obligations
      • Borrowing costs
      • Depreciation
      • Revaluation
      • Non-current assets held for sale
      • Investment property [IAS 40]
      • Definition
      • Measurement alternatives
      • Investment property transfers
      • Intangible assets [IAS 38]
      • Purchased intangibles
      • Acquisition as part of a business combination
      • Internally generated intangible assets
      • Measurement requirements and alternatives
      Exercise: Determine and then calculate transactions relating to a construction of a new plant and establish the correct measurement and treatment
      Session 7
      Borrowing Costs [IAS 23]
      • Recognition and measurement
      • Disclosure
      Exercise: Calculate the correct borrowing costs and disclose the treatment for capitalisation of borrowing costs
      Session 8
      Impairment of Assets [IAS36]
      • Identifying impairment indicators
      • Determining recoverable amount
      • Measuring and recognizing impairment
      • Cash generating units and impairment of goodwill
      Exercise: Determine the impairment of goodwill and determine the recognition of the amount

      Session 9
      Non-current Assets Held for Sale and Discontinued Operations [IFRS15]
      • Key provisions relating to assets held for sale
      • Held-for-sale classification
      • Held for distribution to owners classification
      • Disposal group concept
      • Measurement
      • Disclosure
      • Presentation
      • Key provisions relating to discontinued operations
      • Classification as discontinuing
      • Disclosure in the statement of comprehensive income
      Exercise: Review the financial statements of companies which hold assets for sale and discontinued operations

      Liabilities

      Session 10


      Provisions, Contingent Liabilities and Contingent Assets [IAS 37]

      • Measurement of provisions using the best estimate
      • Future operating losses
      • Onerous contract
      • Measurement of provisions
      • Re-measurement of provisions
      • Restructurings
      • Use of provisions
      • Contingent liabilities
      • Contingent asset
      • Disclosure
      Exercise: Review the correct disclosure of various contingent liabilities – take-and pay agreements, commitments, legal proceedings and guarantees
      Session 11
      Share Based Payments [IFRS 2]
      • Share-based payment
      • Equity settled share-based payments
      • Cash settled share-based payment
      Exercise: Identify in share-based payments, calculate the financial statement impacts and the accounting treatment

       


      Session 12

      Income Taxes [IAS 12]

      • Deferred tax assets
      • Deferred tax liabilities
      • Presentation and disclosure
      Exercise: Calculate deferred tax associated with various assets and liabilities

       


      Session 13
      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
      Exercise: See session 8

      Cash Flow Statement

      Session 14


      Statement of Cash Flows [IAS 7]
      • Fundamental principles
      • Presentation requirements:
        - Operating activities
        - Investing activities
        - Financing activities
      • Direct versus indirect
      • Consolidation requirements
      Exercise: Prepare a complete cash flow statement in terms of IFRS requirements, using the indirect method

      Group Accounts

      Session 15


      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
      Exercise: See session 17

       


      Session 16
      Joint Arrangements [IFRS 11]

      • Joint arrangements versus joint control
      • Types of joint arrangements
      • Classifying joint arrangements
      • Joint operations
      • Joint ventures
      • Separate Financial Statements
      • Disclosure
      Exercise: See session 17

       

      Session 17

      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

      Session 18

      The Effects of Changes in Foreign Exchange Rates [IAS 21]
      • Foreign currency transactions
      • Translation from the functional currency to the presentation currency
      • Disposal of a foreign operation
      • Tax effects of exchange differences
      • Disclosure
      • Convenience translations
      Exercise: Calculate the translation of financials of a foreign subsidiary to the holding company financial statements in the functional currency

      Session 19

      First-time adoption of IFRSs
      • Scope of the standards
      • Practical considerations before the change
      • Extra reporting requirements in the changeover period
      • Opening IFRS Balance Sheet
      • Explanation of transition
      • Comparative information requirements
      • Case examples of first time financial statements under IFRS
      • Practical considerations for accountants
      Exercise: Participants will be required to prepare adjustments in order to create financial statements in accordance with IFRS

      Specialist Topics

      Session 20

      Employee Benefits [IAS 19]
      • Different types of post-employment benefits
      • Defined benefit pension plan:
        - Projected benefit obligation (PBO)
        - Accumulated benefit obligation (ABO)
        - Vested benefit obligation (VBO)
      • Elements of the PBO:
        - Current service cost
        - Interest costs
        - Plan amendments
        - Expected return on planned assets
      • Assumptions and impact on PBO
      • Net pension assets or liabilities
      • IAS 19:
        - Profit-sharing and bonus payments
        - Types of post-employment benefit plans
        - Plan curtailments or settlements
        - Termination benefits
        - New rules coming in for investment return assumptions
        - 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 21

      Financial Instruments [IFRS 9]
      Part 1 - Classification and Measurement
      • Initial measurement of financial instruments
      • Subsequent measurement of financial assets:
        - Amortized cost
        - Fair value (FVTPL or FVTOCI)
      • Debt instruments:
        - Business model test
        - Cash flow characteristics test
      • Fair value option
      • Classifications and reclassifications
      • Subsequent measurement of financial liabilities:
        - Fair value option (FVTPL)
      • Reclassification

      Part 2 – De-recognition
      • De-recognition of financial assets:
      • Cash flows identified from an asset
        - Fully proportionate share of cash flows from an assets
        - 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:
        - Fair value hedge
        - Cash flow hedge
        - 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:
        - Purchased
        - Originated
      • 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 22

      Leases [IAS 16]
      • Recognition exemptions
      • Identifying a lease
      • Separating components of a contract
      • Key definitions:
        - Interest rate implicit in the lease
        - Lease term
        - Lessee’s incremental borrowing rate
      • Accounting by lessees
      • Accounting by lessors
      • Sale and leaseback transactions
      • Disclosure
      Exercise: Determine the accounting and disclosure treatment of various lease transactions

      Session 23

      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.

    • 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
    This course can be run virtually online or as an in-house, tailored learning solution

    Instructor

    • 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.