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IFRS 9: Financial Instruments

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4.8
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7 Nasba
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نبذة عن الدورة التدريبية

International Financial Reporting or IFRS is the global standard for financial reporting. Accounting for financial instruments is one of the more challenging and complex areas. The predecessor standard on financial instruments, IAS 39, was withdrawn and replaced by IFRS 9 on 1 January 2018.
The practicalities and challenges to be compliant with IFRS 9 require careful analysis and detailed planning for a successful transition.
This course is a pragmatic “how to do” focusing on implementation issues. Delegates will also understand the context: “what was” the standard and “what it is now”.
Instructor-led case studies, in-depth group discussion supported by examples and the “how to” (implement) will upskill delegates’ knowledge for a successful transition to IFRS 9 or -- for those entities that have already transitioned - be an enabling tool for continued compliance with IFRS 9.

المخرجات الرئيسية

1
Why the IASB transitioned from IAS 39 to IFRS 9 (the “what” and “why”).
2
The practicalities of how to model and determine compliant IFRS fair values.
3
How financial assets and liabilities are classified.
4
How to implement processes for the ECL model to tackle “staging”.
5
The updated hedge accounting standard
6
Plus: The course is supported by a series of case studies led by a course director with years of experience. His examples are thought provoking and elicit a significant amount of group discussion, so delegates learn the “how to”. This is not an academic course.

National Association of State Boards of Accountancy
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LEORON Professional Development Institute DMCC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org

محتوى الدورة التدريبية

Day 1
Initial Overview and Discussion of Key IFRS Principles and Concepts
→ The Global movement to IFRS
→ Central objectives and principles and how they impact IFRS
→ Key issues relating to fair value and reliable measurement
→ US GAAP core differences in financial instruments
→ Impact on principles vs rules-based approaches for financial instruments and how they are tackled in IFRS and US GAAP for financial instruments
Financial instruments - overview of core concepts and principles
→ Overview of standards used in accounting for financial instruments
→ Discussion of the how and why IFRS 9 replaced IAS 39
→ Financial instruments core definitions and principles
→ Determining cash and cash equivalents
→ Scope of financial instruments vs. insurance products
→ Concept of recycling
→ Trade and settlement date accounting
→ Offsetting of financial instruments
IFRS 13: Fair value
→ What is fair value?
→ Detailed discussion of concepts and principles and the characteristics of fair value
→ What the fair value hierarchy is all about and how it is used
→ Comprehensive coverage of the steps and the “how to” to determine fair value
→ The level 1 -3 valuation hierarchy and how it is used
→ Determining if a market is active
→ How to determine if inputs are observable or unobservable
→ Overcoming the challenges of arriving at fair value in illiquid markets
→ The grey areas and challenges of application for financial instruments that are thinly traded
→ Four step model for the determination of fair value
• Step 1: Selecting the unit of account
• Step 2: Valuation premise and asset grouping
• Step 3: Principal, most advantageous and hypothetical markets
• Step 4: Application of valuation techniques
− Cost approach
− Market approach
− Income approach
→ Tackling credit value and debt value adjustments
→ Concept of reliability in IFRS 13
Case Study: A significant number of exercises and case studies covering the fair value hierarchy, highest and best use concepts, valuations in illiquid markets, and developing the assumptions for the fair value model.
IAS 32: Financial Instruments – Presentation
→ Core definitions in financial instruments
→ Determining factors for derivatives and embedded derivatives
→ Scope of financial instrument standards
→ Distinction between debt and equity
→ Compound financial instruments
Case Study: Group discussion on complex example of intercompany / related party debt to determine if it should be accounted for as debt or equity; example on accounting for compound financial instruments.
IFRS 9: Classification of financial instruments / recognition and remeasurement
→ Categories of financial assets and the accounting treatment under IFRS 9: amortised cost, fair value through profit or loss, and fair value through other comprehensive income
• Making sense of the available alternatives
• Valuation issues for non- listed equities and how to overcome them
→ Computational aspects of effective interest rates
• Tackling fees, origination costs, loan servicing fees, and syndication costs
→ Application of the business model test
→ SPPI (solely payments of principal and interest components)
→ Harmful contractual features for amortized cost
→ What to do when contractual features modify the base rate
→ IFRS 9 requirements for valuation of nonlisted equity investments
→ Practical modelling and valuation techniques to overcome those challenges
→ Categories of financial liabilities and the accounting treatment under IFRS 9: fair value through profit or loss, amortised cost and when to bifurcate
IFRS 9 own credit controversy and when fair value to other comprehensive income must be used
→ Reclassifications
Case Study: Short exercises on classification; SPPI scenarios; own credit risk calculation.
Day 2
IFRS 9: Derecognition of financial instruments
→ Transfer of risk and rewards and control test for determining when to derecognise
→ Liabilities quantitative and qualitative tests for derecognition
Case Study: Analysing scenarios to determine if financial instruments should be derecognised.
IFRS 9: Accounting for derivative products
→ Criteria to assess a derivative
• The underlying
• Low or initial net investment and leverage feature
• Future settlement
→ Recap of core derivative products and how they are valued
Case Study: Valuation and accounting for an interest rate swap.
→ The Embedded derivatives
• How to identify the host and embedded derivative
• Assessment of economic characteristics / closely related factors
• The accounting aspects and the key steps
Case Study: Scenario with caps and floors to assess if closely related and valuation aspects; reviewing contracts for embedded derivatives.
IFRS 9: Intercompany Off Market Loans
→ Discussion of day one gains and losses
→ Exemption for day one gains and losses
Case Study: Examples on accounting for off market loans.
IFRS 9: Financial Guarantee Contracts
→ Determining what accounting standard to use
• Derivatives under IFRS 9
• Insurance under IFRS 4
• Revenue standard under IFRS 15
• Contingent liabilities under IAS 37
→ Initial and subsequent recognition and measurement of guarantees
• Derivatives on non-financial underlyings
• Undrawn commitments
→ Fair value considerations
→ Intercompany loan guarantees
Case Study: A couple of scenarios on guarantees and how they are accounted for including numerical calculations.
IFRS 9: Impairment of Financial Assets
→ Overview and rationale of the new standard
→ Equity assets at fair value through other comprehensive income
→ Financial assets held at amortised cost
Application of the concept of recycling
→ Moving from the incurred loss model to the expected loss model
• Core concepts and how to apply them in practice including what is default
• Probability of default
• Loss given default
Exposure at default
→ Three stage expected loss model
→ Three methods of impairments
• General model
Simplified model
• Special provisions
→ Differences in the US GAAP FASB model
→ Significant changes in credit risk
• Historical and forward-looking information
• Regulatory and IFRS perspective
• Indicators of changes in risk
Impact of collateral in risk assessment
• Using the top down or bottom up approach
→ Loan modifications (derecognition) and impact on impairment
→ Staging / how to monitor changes in risk
→ Forbearance, rehabilitation and probation
→ Disclosure requirements
Case Study: Numerous case studies on impairment: debt at amortized cost with recycling; assessment of top down bottom up approach; staging scenarios.
IFRS 9: Hedge Accounting
→ Hedge accounting concepts
• What can be hedged
Types of hedges
Cash flow hedges
Fair value hedges
• Hedge of net investment in a foreign entity
Highly probable forecast transactions / firm commitments
→ Derivative vs hedge accounting
→ Risk management strategy and risk management objective
→ Hedge documentation
→ Hedge effectiveness / ineffectiveness
Dollar offset method
→ Achieving, continuing and discontinuing hedge accounting
Case Study: Examples on determining the type of hedge / comprehensive example of cash flow and fair value hedge.

على من يجب الحضور؟

This highly practical and interactive course has been specifically designed for
This workshop is specifically designed for users and prepares of IFRS financial statements who require practical application in IFRS.
→ Banks and financial institutions that are using IFRS 9
→ Regulatory staff who require a working knowledge of the entities they oversee
→ Audit staff involved in the audit of financial institutions
→ Analysts in the financial sector
→ Corporates finance and accounting staff requiring this knowledge

التعليمات

What language will the course be taught in and what level of English do I need to take part in an LEORON training program?
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
Are LEORON Public courses certified by an official body/organization?
LEORON Institute partners with 20+ international bodies and associations.We also award continuing professional development credits (CPE/PDUs) for:1. NASBA (National Association of State Boards of Accountancy) 2. Project Management Institute PDUs 3. CISI credits 4. GARP credits 5. HRCI recertification credits 6. SHRM recertification credits
What is the deadline for registering to a public course?
The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +1071 4 1075 5711 or register@leoron.com.
What does the course fee cover?
The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.
Does LEORON give discounts?
Yes, we can provide discounts for group bookings. If you would like to discuss a discount on a corporate level, we will be happy to talk to you.

التعليقات

  • عرض:
    Every Finance and Accounting practitioner needs to have a thorough understanding of the changes that have occurred, and keep occurring in International Financial Reporting Standards. For some of us, our very busy schedules make it impossible for us to find the time to go back to the classroom to study these changes and become thoroughly acquainted with them. This is where Leoron Training comes in. My attendance at the one week CIFRSS professional development program has brought me enlightenment in my understanding and application of the standards. The most excellent delivery of the trainer and engagement with other professionals made the training program worth the while and cost. I recommend this program to any practitioner who like me, is very busy but who also wants to receive enlightenment and direction in his or her use of the ever changing standards. -Lincoln Community School, Accra, Ghana
    Emmanuel Asiedu-Appiah
    Dir. of Finance and Business Services