IFRS 2014: An Update of Recent Changes

Overview: 

The IASB has generated an unprecedented number of major changes in the last several years, including the issuance of four new standards and modifications to three existing standards, together with finalizing the Revenue Recognition, Financial Instruments and Leasing projects. This year you’ll see even more new IASB guidelines. This one-day update will allow you to:

  • Understand how the recent changes will affect your 2013 and 2014 financial statements
  • Avoid errors in measurement, classification and footnote disclosures required by the new guidance
  • Get up to speed on new proposals that will be finalized in 2014

 

Objective: 

To provide updates on recent IFRS changes and proposed changes in 2014, including consolidated financial statements, fair value measurement, revenue recognition, lease accounting, financial instruments and more.

Emphasis: 
  • Understand and apply the new guidance on:
    – Revenue recognition: how the new guidance will affect you
    – Hedge accounting: new guidance that more closely aligns with an entity's risk management strategies
    – Levies: new guidance on when to recognize a liability for a levy imposed by a government
    – Consolidation, which now includes variable interest entities, as well as voting interest entities
    – Joint arrangements, which will change the measurement of joint operations and joint ventures
    – Disclosures of interests in other entities, including significant judgments and assumptions
    – Fair value, which mandates the use of specified valuation techniques
    – Presentation of pension expense and actuarial gains and losses
    – Changes to the statement of comprehensive income
    – De-recognition of financial instruments, which requires enhanced disclosures
  • The IASB’s proposed approach to:
    – Leases
    – Financial instruments/impairments
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Prerequisite: 

Knowledge of US GAAP and IFRS.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
8.00
NASBA Field of Study: 
Accounting