Currently IFRS consists of two principles-based standards, IAS 18 Revenue and IAS 11 (Construction Contracts) and three IFRS Interpretations. These were criticised for failing to provide adequate guidance on application - they have been described as 'vague and inconsistent'. The IASB and the US Financial Accounting Standards Board (FASB) collaborated on a project to develop improved, converged standards for revenue recognition.
Preparers must develop a policy for measuring the amount and timing for recognising revenue for goods and services. Revenue is a key performance indicator that drives the recognition of expenses and profits and valuation of an entity.
The IASB's standard, IFRS 15 is mandatory for periods beginning on or after 1 January 2018 with early application permitted.
IAS 16 focused on identifying when a lease is economically similar to purchasing the asset being leased and therefore classified as a finance lease. All other assets were classified as operating leases and not reported on a company's balance sheet (they were 'off balance sheet leases').
The absence of information about leases on the balance sheet meant that investors and analysts did not have a complete picture of the financial position of a company, and were unable to properly compare companies that borrow to buy assets with those that lease assets, without making adjustments. In 2005, the US Securities and Exchange Commission (SEC) expressed concerns about the lack of transparency of information about lease obligations.
Responding to those concerns, the IASB and the FASB initiated a project to improve the accounting for leases. IFRS 16 is effective for annual reporting periods beginning on or after 1 January 2019.
IFRS 9 is the new accounting standard for financial instruments that will have an impact on International banks and financial institutions worldwide. Numerous changes are in place, designed to make annual reports more meaningful to investors as well as simplify how auditors implement the rules and introduce safeguards to ensure that a severe credit crises cannot emerge again.
Who should take this course
The course is applicable to treasury staff, industry controllers, accountants, analysts, internal and external auditors and other finance professionals who are interested in learning the impending changes to the new Standards, all preparers of financial statements.
CPD (Continula Professional Development) accredited by the CPD
Learn the scope of the new revenue recognition standard Apply the five steps to recognise revenue Understand the required changes to measurement of revenue Plan how to implement the transition Identify new presentation and disclosure requirements Comply with the new accounting and disclosure requirements for leases Analyse contracts to determine whether they contain leases Apply the rules for initial and subsequent measurement by lessors and lessees Plan for the implications of the new accounting standards for leases
About Course Provider
GBA Corporate, the name highlights as a one stop for diversified training. We are one of the most upcoming UK based training company offering extensive training with wide range of training courses. We are based in UK with venues across the globe, providing value training in 15 countries worldwide not only that we customise training as per requirement and even Be Spoke and can reach anywhere in the world for our Clients.
GBA Corporate is the name on which you can rely upon like our clients from diverse sectors across the globe. Our innovative and diversified training courses are designed and delivered by our recognized facilitators known for providing relevant courses in their region.
Our mission is to enhance the skills through our extensive variety of pioneering programs that will help the employees to explore new skills within themselves and build new perspectives though our varied nature.
Our Slogan is our Vision and our mission. It starts with getting to know what your training needs are, understanding in depth and connecting with best approach to deliver results thereby making connections.