Are you ready for the IFRS changes? Attend this essential seminar to understand the implications. Both IFRS 15 and 16 will have a significant impact and may require an overhaul of the processes used to produce the required financial information.
Overview
Are you ready for the IFRS changes? Attend this essential seminar to understand the implications. Both IFRS 15 and 16 will have a significant impact and may require an overhaul of the processes used to produce the required financial information.
Now is your chance to prepare for transition. Attend this seminar and receive:
- A full set of course notes
- AASB and IFRS fact sheets
- A hot lunch
- Valuable networking time with facilitator and peers
The new rules of IFRS 15 are likely to have a significant impact on a wide range of industries which will need to prepare for its implementation. We will cover the five step process of revenue recognition and consider the areas which are likely to have the most impact. We will consider non-financial impacts of the standard and changes which may be required throughout your business.
Key topics:
- Five step process of revenue recognition
- Revenue for NFP entities
- Contract costs
- Business implications
Do you lease any office space, or buildings? What about retail space or shops? Do you have any other operating leases over property or equipment? If so, whether you are in the private or public sector, profit or not-for-profit sector, then you will be affected by the new standards for IFRS16.
Key topics:
- Recognition and measurement exemption for the lessee
- How to account for leases
- Lessee accounting
- Lessor accounting
- Sales and leaseback transactions
- Transitions
Objectives
- Understand the basic accounting for the new standards
- Describe the effects of the new standards on financial statements
- Understand why monthly accounting and reconciliations may be required
- Interpret systems changes that will be required
- Explain changes to internal controls that will be required
- Understand the 5 step revenue recognition process
- Consider the impacts on your organisation
- Describe the definition of a lease contract and how to identify a lease contract
- Exercise judgement in common areas of complexity in lease contracts for both lessees and lessors
- Explain the impact of lease modification, sale and leaseback and sublease transactions on the accounting treatment of the new leases
- Apply the recognition and measurement requirement of IFRS for both lessee and lessor accounting
Audience
This workshop is designed for accounting and finance professionals working financial accounting, financial management and external reporting.
Please note enrolments close 3 working days prior to the workshop date to ensure any dietary and special requirements can be accommodated.
Looking for a customised learning solution for your organisation or team? Contact us today to discuss in-house learning options.
Classroom 1 Day
90725392