IFRS for Professional Accountants and Auditors - MIS Training - Asia

IFRS for Professional Accountantsand AuditorsA Comprehensive Guide to the International FinancialReporting StandardsHong Kong4 day course5-8 September 2011Course focus and featuresThe demand for global financial reporting standards has grown rapidly since 2007, with morethan 120 countries now requiring IFRS reporting. Moves towards a consistent application ofinternational financial reporting standards, especially in Asia, have created an escalating need forauditors and accountants to have a working knowledge of IFRS. Presently, China has adopted itsown standard that covers the main areas of IFRS and South Korea’s adoption is required by thebeginning of 2011. Hong Kong and Singapore already have adopted international standards.This course gives you a thorough understanding of IFRS requirements. In four intensive days,you will cover the critical areas involved in understanding IFRS, focusing on those items that arelikely to be most challenging. You will understand the preparation, analysis, and interpretation ofIFRS financial statements, and put what you have learned into practice with case study exercises.You will discover how to apply the IASB’s requirements for business combinations, tangibleassets, asset impairment, revenue, and leases, including recently released standards and/or draftstandards.Whether your organization has made the commitment to change to IFRS or it is contemplatingthe move in the future, you will leave this timely course with the knowledge and tools you needto have an up-to-date working knowledge of IFRS.Day 1The IASB and its IFRS• IFRS for 2011• The IASB’s work programIFRS Framework• IFRS principled-based standards– Asset and liability recognition andmeasurement– Income and expense recognition• Compliance with IFRS• Researching IFRS issuesPresentation of IFRS Financial Statements(IAS 1)• Statement of financial position• Statement of comprehensive income• Statement of changes in equity• Statement of cash flows (IAS 7)Update and discussion: Exposure draft onfinancial statement presentationCourse Director Bobbe Barnes, CPA, CMA, CGFMMs. Barnes is an educator and consultant with over 35 years of professional experienceproviding IFRS and US GAAP training around the world. Most recently, Ms. Barnes developedthe Certified International Professional Accounting certificate programs, including its trainingcourses and examinations. Recent international work includes assignments in Africa, Europe,Russia, Ukraine, China, Indonesia, Mongolia, and South Korea. In China, she analyzed theexisting environment for Chinese Professional Certification (CPA) and continuing professionaleducation against international education standards both for accounting and auditing.Accounting Policies (IAS 8)• Changes in accounting policies• Retrospective/prospective application• Corrections of errors• Changes in estimatesDisclosure• Earnings per share (IAS 33)• Operating segments (IFRS 8)• Events after the reporting period (IAS 10)Previously, Ms. Barnes was a faculty member at the University of Texas at Austin and theUniversity of Colorado. She started her career with PwC in their Toronto office, where she wasa prize winner on the Chartered Accountant’s examinations. She holds a Master of ProfessionalAccounting (MPA) degree from University of Texas at Austin and a B.A. in Economics from theUniversity of Rochester. Ms. Barnes currently serves on the Advisory Board of IMA’s LeadershipAcademy, after serving a two-year term as a member of the Global Board of Directors of theInstitute of Management Accountants.SAVE TIME AND MONEY WITH IN-HOUSE TRAININGMIS Training Institute provides specific, tailor-made in-house training on a wide variety of internal audit, IT audit and information security topics. Clients areable to determine the content, duration, and level of expertise of the course, creating a unique and customised programme. Our in-house consultants areprofessional trainers and draw on many years of practical experience in the audit and information security area.To find out more about the special benefits of in-house training, please contact:Hayleigh Davies, Division Manager, Asia PacificTel: +852 2111 6634 Email: hayleigh.davies@euromoneyasia.com

Day 2Inventories (IAS 2)• Determining cost• Abnormal costs• Revaluation model• Lower of cost or net realizable value• Reversal of impairment lossesProperty, Plant, and Equipment (IAS 16)• Acquisition• Cost or revaluation model• DepreciationLeases (IAS 17)• Finance and operating leases• Lease accounting by lessees• Lease accounting by lessors• Sale and leaseback transactionsUpdate and discussion: Exposure draft onleasesIntangible Assets (IAS 38)• What can and cannot be recognized• Research and development cost• Cost or revaluation model• AmortizationInvestment Property (IAS 40)• Definition of investment property• Cost or fair value modelNon-Current Assets Held for Sale (IFRS 5)• Sales and intended sales of non-currentassets held for sale• Disposal groupsImpairment of Assets (IAS 36)• Impairment indicators• Recoverable amounts– Value in use– Fair value less selling costs• Cash-generating units: applying losses toassets• Reversal of impairment lossesProvisions, Contingent Liabilities,Contingent Assets (IAS 37)• Provisions– Legal and constructive obligations– What can and cannot be recognized• Decommissioning and environmentalcosts• Onerous contracts• Restructurings• Contingent assets and liabilitiesUpdate and discussion: Exposure draft onliabilitiesDay 3Financial Assets and Liabilities (IAS 32 & 39,IFRS 7, IFRS 9, 13)• Recognizing and measuring financialassets and liabilities: initial recognition• Measuring financial assets• Classification issues• Measuring financial liabilities: fair value vs.amortized costs• Determining an effective interest rate• Gains and losses: income statement orcomprehensive income• Derecognizing financial assets andliabilities• Impairment testing of financial assets• Fair value measurement (IFRS 13)Update and discussion: Financial instrumentproject including any recent exposure draftsBusiness Combinations (IFRS 3)• Acquisition method– Identifying the acquirer– Cost of acquisition– Acquired assets and liabilities– Acquired intangible assets– Acquired in-process research andevelopment– Determination of goodwillConsolidated Financial Statements (IAS 27,IFRS 10, 11, 12)• Consolidation principles• Issues of control– Subsidiaries (IAS 27, IFRS 10)– Associates (IAS 28)– Joint ventures (IAS 31, IFRS 11)Update and discussion: ConsolidationsprojectDay 4Revenue• Sale of goods• Services• Interest, royalties, and dividendsUpdate and discussion: Revenue recognitionproject including any recent exposure draftsForeign Currency Transactions andBalances (IAS 21)• Functional and presentation currency• Foreign currency transactions: current ratevs. forward rate• Monetary assets and liabilities: closing ratevs. forward rate• Translation of foreign currency financialstatementsFirst-Time Adoption of IFRS (IFRS 1)• The transition process• Financial reporting implications• The wider implications• Optional exemptions and mandatoryexceptions• Reconciliation to previous accountingmethodsXBRL• What is XBRL?• XBRL benefits• Transfers of financial data© Copyright Euromoney Training 2011Register before 8 August 2011 to secure your place!Web: www.mistiasia.com Email: misasia@misti.com Tel: +852 2520 1481

Global Leader inAudit, Risk, Fraudand Security TrainingPlease ensure you enter your registration code when registering and you will beentered into our monthly prize draw to win Amazon vouchers.Registration code:To enquire about this course please contact us:Tel: +852 2520 1481Email: misasia@misti.comMembership discountIIA Hong Kong members save 15%Other IIA members save 10%ISACA Hong Kong members save 15%Other ISACA members save 10%This discount cannot be used in conjunctionwith any other offer.Group booking discountWhen two colleagues from one institutionbook together on the same course, there is a5% discount on the second booking. Furtherdiscounts are available for larger groups.VenueAll of our courses are held in 4 – 5 star hotels,chosen for their location, facilities and level ofservice. You can be assured of a comfortable,convenient learning environment throughoutthe duration of the course. Due to the variationin delegate numbers, we will send confirmationof the venue to you approximately 2 weeksbefore the start of the course.Please tick which best describes your company: Accountancy - 0005 Bank and Financial Institution - 0020 Corporate - 01495 easy ways toregisterPlease quote reference WEB1. Webwww.mistiasia.com2. Emailmisasia@misti.com3. Telephone+852 2520 14814. Facsimile+852 2866 73405. MailGPO Box 11886, Hong Kong Energy Company - 0193 OtherRegistration form Yes, please register me for:IFRS for Professional Accountants and Auditors (MH4815)on 5-8 September 2011, Hong KongCan’t make this date? We schedule our courses throughout the year. Please contact us to check foralternative dates and locations.Course fee: US$3,950All fees are net of withholding, business and local taxes.Seat is confirmed only upon receipt of payment.Delegate details (all of the following is required to process your registration)SurnameFirst nameMr/Mrs/MsPayment details (please tick as appropriate) Cheque Invoice Credit card ## To make this payment by credit card, please call +852 2520 1481.PositionCompanyAddressTelephoneEmailIIA Membership No.:ISACA Membership No.:DepartmentFaxI have read and understood the booking terms and conditionsSignatureHow did you hear about the course?DateI prefer course updates by email.My email address is .Please fax back to +852 2866 7340 or email your details to update@euromoneyasia.com.Please include the code that appears on top of the address label above in your email.DisclaimerMIS Training reserves the right to alter anypart of the published programme or faculty.In the event of course cancellation by MISTraining due to unforeseen circumstances,MIS Training limits its liabilities to refundingthe tuition fee of the course.Fee includes tuition, documentation, lunchand refreshments. Delegates are responsiblefor their own flights and accommodation.An invoice will be sent upon receipt ofregistration form.A Euromoney Institutional Investorgroup companyData protectionThe information you provide on this form willbe used by Euromoney Institutional InvestorPLC and its group companies (“we” or “us”)to process your order and deliver the relevantproducts/services. We may also monitor youruse of the website(s) relating to your order,including information you post and actionsyou take, to improve our services and trackcompliance with our terms of use. Except tothe extent you indicate your objection below,we may also use your data (including dataobtained from monitoring) (a) to keep youinformed of our products and services; (b)occasionally to allow companies outside ourgroup to contact you with details of theirproducts/services; or (c) for our journaliststo contact you for research purposes. Asan international group, we may transferyour data on a global basis for the purposesindicated above, including to countries whichmay not provide the same level of protectionto personal data as within the EuropeanUnion. By submitting this order, you willbe indicating your consent to the use ofyour data as identified above. Further detailon our use of your personal data is set outin our privacy policy, which is available atwww.euromoneyplc.com or can be provided toyou separately upon request.If you object to contact by telephone ,fax , or email , or post , please tick therelevant box. If you do not want us to shareyour information with our journalists , orother companies please tick the relevantbox.Cancellation policyIf any registered delegate cannot attend ourcourse, a replacement is always welcome forthe course. Cancellations must be made inwriting (letter or fax) with MIS Training’sacknowledgement. Written cancellationsmust reach this office 30 days before theprogramme commences. A full refundless an administration charge of US$150will be given. For any written cancellationrequests that reach us less than 30 daysbefore the event, no refunds will be given.However, if you wish to attend another MISTraining course in the Asia-Pacific region,a 75% discount voucher which values notmore than 75% of the initial payment willbe issued. Please note that the subsequentcourse must take place within 1 year of theinitial registration. Discount vouchers aretransferable within the same organisation, butnot to be used in conjunction with any otherdiscount schemes. Discount vouchers will notbe issued for no-shows without cancellation.MIS Training reserves the right to the finaldecision if any dispute arises.Incorrect mailingPlease accept our apologies for mail whichis incorrectly addressed. Should you wish toamend the address/addressee details, pleasesend or fax us a copy of the relevant mailinglabel (on the envelope or brochure) and wewill update our records accordingly.© Copyright Euromoney Training 2011