IFRS 9 A New Regulatory Change in 2018 - Are You Ready?

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    Speaker: Mike Morley


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    Duration: 60 Minutes
    Product Code: 50190
    Level: Intermediate

OVERVIEW

The new IFRS 9 specifies some changes in many areas including initial measurement of financial instruments, subsequent measurement of financial assets, debt instruments, fair value option, equity instruments, other comprehensive income option, measurement guidance, subsequent measurement of financial liabilities, derecognition of financial assets, derecognition of financial liabilities, derivatives as well as embedded derivatives, reclassification, hedge accounting, impairment, presentation, disclosures, and interaction with IFRS 4.

WHY SHOULD YOU ATTEND

Because IFRS 9 is now a regulatory requirement, it will be mandatory for the next financial statement you prepare follow its demands. You may be familiar with the old IFRS 9, but you still need to know and understand the implications of all the changes introduced by the new standard. Auditors will be looking specifically for the correct application of this standard. It will affect some entities in a big way, perhaps altering their balance sheet more than they dared to believe. It will affect many large entities in the financial industry as well as entities that depend on financial instruments.The new IFRS 9 specifies changes in many areas such as how financial assets and liabilities are recognized and de-recognized, and valued as well substantially increasing disclosure requirements.Auditors will need to understand the requirements of the new standard, management will have to base decisions on knowledge of this standard to maximize benefits from using financial instruments. In addition, it introduces specific rules about insurance contracts, which means that the interaction between IFRS 4 and IFRS 9 will have to be considered. Like it or not, we will all have to adopt this standard. It is here to stay.

AREAS COVERED

Areas covered include initial measurement of financial instruments, subsequent measurement of financial assets, debt instruments, fair value option, equity instruments, other comprehensive income option, measurement guidance, subsequent measurement of financial liabilities, derecognition of financial assets, derecognition of financial liabilities, derivatives as well as embedded derivatives, reclassification, hedge accounting, Qualifying criteria for hedge accounting,  impairment, presentation, disclosures, and interaction with IFRS 4. Although hedge accounting is optional, there are qualifying criteria in IFRS 9 to be able to apply hedge accounting.IFRS 9 identifies three types of hedging relationships and prescribes special accounting provisions for each.air value hedge: a hedge of the exposure to changes in fair value of a recognised asset or liability or an unrecognised firm commitment, or a component of any such item, that is attributable to a particular risk and could affect profit or loss, cash flow hedge: a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with all, or a component of, a recognized asset or liability (such as all or some future interest payments on variable-rate debt) or a highly probable forecast transaction, and could affect profit or loss. hedge of a net investment in a foreign operation as defined in IAS 21.When an entity first applies IFRS 9, it may choose to continue to apply the hedge accounting requirements of IAS 39, instead of the requirements in IFRS 9, to all of its hedging relationships.

LEARNING OBJECTIVES

  • how to initially measure financial instruments and the subsequent measurement of financial assets and liabilities
  • how to record debt instruments
  • understand how to apply the fair value option
  • know how to record equity instruments
  • know when and how to apply the other comprehensive income option
  • implement the derecognition of financial assets, liabilities, derivatives, and embedded derivatives
  • understand the criteria for using hedge accounting,  
  • know the requirements for presentation and disclosures

WHO WILL BENEFIT

Accountants, Auditors, financial executives, CEO’s, finance staff, Treasury staff, CFO’s, anyone associated with preparing IFRS financial statements

SPEAKER

A Certified Public Accountant, business author Mike Morley is an entertaining and informative speaker and a recognized authority in the field of finance.

Mike offers various training programs, such as IFRS, SOX, and Financial Statement Analysis that focus on providing continuing education opportunities for finance and accounting professionals.

Many Fortune 500 companies take advantage of his training programs to bring their staff up to speed so that everyone understands what their responsibilities are. 

Mike is the author of several books, including: 

“IFRS Simplified”, which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

“Sarbanes-Oxley Simplified,” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

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