IFRS 2020: An Update of Recent Changes

Overview: 

This seminar provides a summary of recent changes to IFRS issued by the IASB, including IFRS 15 (Revenue from Contracts with Customers), IFRS 9 (Financial Instruments) and IFRS 16 (Leases). This one-day update will allow you to:

  • Understand how recent changes will affect your financial statements
  • Avoid errors in measurement, classification and footnote disclosures
  • Learn how the changes compare with US GAAP

 

Objective: 

To provide updates on recent IFRS changes and comparison with US GAAP, including revenue recognition, financial instruments, lease accounting, recognition of deferred taxes for unrealized losses, share-based payment transactions, and other amendments to IFRS.

Emphasis: 
  • IFRS 15 and revenue recognition 5-step model
  • IFRS 16—new guidance requiring lessees to classify all leases as finance leases
  • IFRS 9—Financial Instruments
  • New guidance on hedge accounting that more closely aligns with an entity’s risk management strategies
  • New impairment model based on a 12-month expected credit loss, which generally results in earlier recognition of credit losses
  • Amendments to IFRS 2, clarifying the accounting for certain types of share-based equity compensation arrangements
  • Amendments to IAS 40 on transfers of property assets to, or from, investment property
  • Amendments to IAS 7, requiring additional disclosures related to liabilities classified as financing in statement of cash flows
  • Annual Improvements to IFRS 2014-2016 Cycle
  • Amendments to IFRS 12, IAS 28 and IFRS 1

     

Bottom
Prerequisite: 

Knowledge of IFRS.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
8.00
NASBA Field of Study: 
Accounting