IFRS 2016: 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 2015 and 2016 financial statements
  • Avoid errors in measurement, classification and footnote disclosures required by the new guidance
  • Get up to speed on new proposals that were issued in 2015 and others that are expected to be finalized in 2016

 

Objective: 

To provide updates on recent IFRS changes and proposed changes in 2016, including consolidated financial statements, revenue recognition, lease accounting, financial instruments, equity method accounting and more.

Emphasis: 
  • Revenue recognition: how the new guidance will affect you
  • Lease accounting: how the new guidance will have a dramatic impact on your financial statements
  • Hedge accounting: new guidance that more closely aligns with an entity’s risk management strategies and new impairment model which will result in earlier recognition of losses
  • 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
  • Changes to the statement of comprehensive income
  • De-recognition of financial instruments, which requires enhanced disclosures
  • Accounting for the loss of control of a subsidiary when the subsidiary does not constitute a business

     

Bottom
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