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In the context of increasing global usage of IFRS and expected convergence of PRC GAAP with IFRS over the coming years, we will discuss both the current differences between PRC GAAP and IFRS as well as highlighting some of the developments in IFRS that are currently under discussion. This training is appropriate for both the novice in IFRS financial reporting who needs to be up-to-date quickly, and the veteran financial professional who is looking for a refresher course which including current issues and projects. In this course we will highlight IFRS VS PRC GAAP with details to help you on applying these two standards into your real business.
Why You Can Not Miss
- Understanding that accounting standards are not just a matter for specialists
- Cementing your knowledge of IFRS with hands-on case studies and examples
- Recognizing and going beyond the difference between IFRS and Chinese GAAP
- Technical analysis and discussion on the latest strategic updates and future direction of IFRS
- Implementing IFRS accounting for assets, liabilities and owners equity
- Revisiting basic concepts such as lease accounting, impairment, fair value, revenue recognition,contingencies, financial instruments, business combinations…
- Providing recent updates and their consequences including IFRS for small and medium-sized entities
- Guidance on the challenges to face when first time adoption or implementing new/or some specific standards
Who Should Attend
- CFO/CEO/CIO
- Finance Director/Manager/Controller
- Auditing Manager
- Accounting Manager
- Investment/Financial/Equity Analysts
This Golden Finance training is appropriate for both the novice in IFRS financial reporting who needs to be up-to-date quickly, and the veteran financial professional who is looking for a refresher course which including current issues and projects. In this course we will take a close look at the recent release for private companies of IFRS for Small and Medium-sized Enterprises (SMEs). In addition, the training will provide updates on the most recent IFRS developments as well as detailed guidance on the implementation of several specific IFRS standards. It will equip the participants to more effectively transition to IFRS in 2011 or thereafter.
Topics Will be Covered
Day 1
A. Introduction to IFRS
- Latest Developments at the IASB
- Convergence with US GAAP
- Convergence with Chinese GAAP
- IFRS – a principle based framework of accounting
- Summary of IFRS 2009-2011 updates
- IFRS and fair value considerations, IFRS 13 Fair value measurement
B. Assets
- Current assets, IAS 2 Inventories / CAS 1 Inventories
- Tangible fixed assets, IAS 16 Property, Plant and Equipment / CAS 4 Property, Plant and Equipment
- Current update of lease accounting, IAS 17 Leases; ED/2010/9 Leases / CAS 21 Leasing
- Intangible assets – intellectual property and development costs, IAS 38 Intangible assets / CAS 6 Intangible assets
- Borrowing costs, IAS 23 Borrowing costs / CAS 17 Borrowing costs
- Impairment, IAS 36 Impairment of assets / CAS 8 Impairment of assets
C. Liabilities
- Contingencies, IAS 37 Provisions, Contingent Liabilities and Contingent Assets / CAS,13 Contingencies
- Retirement benefits, IAS 19 Employee Benefits / CAS 9 Employee Benefits
- Update of financial instruments and hedge accounting, IFRS 7 Financial Instruments: Disclosures / CAS 37 Financial, Instruments: Presentation and Disclosures, IFRS 9 Financial Instruments / CAS 12 Debt restructuring; CAS 22 Financial Instruments: Recognition and Measurement, CAS 23 Transfer of Financial Assets; CAS 24 Hedging
D. Income and expenditure
- Revenue recognition, IAS 11 Construction contracts / CAS 15 Construction contracts, IAS 18 Revenue; ED/2010/6 Revenue from contracts with, customers / CAS 14 Revenue
- Taxes, IAS 12 Income Taxes / CAS 18 Income Taxes
- Other Income statement topics, IAS 20 Accounting for Government grants and Disclosure of Government Assistance / CAS 16 Government Grants, IAS 21 The effects of changes in foreign exchange rates / CAS 19 Foreign Currency Translation, IFRS 2 Shared-based Payment / CAS 11 Share-based payment, IFRS 8 Operating Segments / CAS 35 Segmental Reporting
Day 2
E. Consolidation and business combinations
- What constitutes a business combinations, IFRS 3 Business combinations / CAS 20 Business combinations
- Inclusion of investments with differing levels of control, IFRS 10 Consolidated financial statements / CAS 33,Consolidated financial statements, IFRS 11 Joint arrangements / CAS 2 Long term equity investments, IFRS 12 Disclosure of interest in other entities
F. Financial statements and first time adoption
- Disclosure requirements, IAS 1 Presentation of financial statements / CAS 30 Presentation of financial statements, IAS 7 Statements of cash-flows / CAS 31 Cash flow statements, IAS 8 Accounting policies, changes in accounting estimates and errors / CAS 28 Changes in accounting policies and estimates and correction of errors, IAS 10 Events after the reporting
period / CAS 29 Events after the balance sheet date, IAS 24 Related party disclosures / CAS 36 Related party disclosures, IAS 33 Earnings per share / CAS 34 Earnings per share, IAS 34 Interim Financial Reporting / CAS 32 Interim financial reporting, IFRS 5 Non-current assets held for sale and discontinued operations
- First time application issues, IFRS 1 First-time adoption of International Financial Reporting Standards / CAS 38 First Time Adoption of Accounting Standards for Business Enterprises
G. Summary of ASBE / CAS / IFRS differences
- Recap the differences between old and new Chinese GAAP with IFRS
H. IFRS for SMEs (Small and Medium Sized Enterprises)
- To whom does it apply?
- Differences Between “Full” IFRS and “IFRS for SMEs”
