IFRS / Financial Reporting and Governance

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IFRS Immersion 1 Course (core topics)

 IFRS Immersion 2 Course
  • April 16-19, 2012, Hilton Toronto Hotel, Toronto, ON
  • August 13-16, 2012, Delta Barrington, Halifax, NS

Session materials will be distributed on site.

Session times and titles are correct at time of posting, but are subject to change.

TIME

DAY 1
7:30 - 8:30 a.m.
ON-SITE REGISTRATION OPENS / CONTINENTAL BREAKFAST
8:30 - 10:30 a.m.
Module 1:
Lecture - Standards Update

Overview

This lecture reviews all IFRS with comparison to Canadian GAAP. A brief description of the standard, its status and basic differences between Canadian GAAP will be provided for those standards not covered during the course.
10:30 - 10:45 a.m.
BREAK
10:45 - 12:15 p.m.
Module 2:
Lecture - Financial Statement Presentation

Overview

Understand significant differences between IFRS and Canadian GAAP related to financial statement presentation and learn to prepare financial statements under IFRS:

  • Statement of Financial Position
  • Statement of comprehensive income
  • Statement of changes in equity
  • Statement of cash flows

12:15 - 1:15 p.m.
LUNCH
1:15 - 2:45 p.m.
Module 2:
Workshop - Financial Statement Presentation

Overview

Case Studies covering:

  • Preparation of financial statements emphasizing key differences with respect to presentation
  • Significant differences between IFRS and Canadian standards for offsetting and reporting of long-term liabilities as current liabilities under IFRS

2:45 - 3:00 p.m.
BREAK
3:00 - 4:30 p.m.
Module 3:
Lecture – Revenue Recognition

Overview

IAS 18: sale of goods, provision of services, multiple element arrangements, interest, royalties & dividends, non-monetary exchanges, non-refundable upfront fees, gross versus net, financial statement disclosures, role of professional judgment and current developments.
4:30 - 5:30 p.m.
RECEPTION

TIME

DAY 2
7:30 - 8:30 a.m.
CONTINENTAL BREAKFAST
8:30 - 10:00 a.m.
Module 3:
Workshop – Revenue Recognition

Overview

Case Studies include:
  • Separately identifiable components of a transaction
  • Multiple element arrangements
  • Reliable evidence of fair value
  • Non-refundable upfront fees and professional judgment
  • Rights of return
  • Asset/liability view of revenue recognition
10:00 - 10:15 a.m.
BREAK
10:15 - 11:30 a.m.
Module 4:
Lecture - Provisions

Overview

Understanding IAS 37 and how it provides a general basis for accounting for liabilities under IFRS including: definitions, recognition, measurement, reimbursements, changes in provision, disclosures, operating losses, onerous contracts, restructuring, termination benefits, decommissioning provisions and current developments.
11:30 - 12:30 p.m.
LUNCH
12:30 - 2:00 p.m.
Module 4:
Workshop - Provisions

Overview

Case Studies include:
  • Accounting and reporting for provision related scenarios
  • Onerous contracts
  • Restructuring
  • Decomissioning liability
2:00 - 2:15 p.m.
BREAK
2:15 - 3:30 p.m.
Module 5:
Lecture - Impairments

Overview

Major sources of IFRS dealing with asset impairment and assets held for sale; distinguishing between the nature and frequency of impairment tests based on type of asset.
3:30 - 3:45 p.m.
BREAK
3:45 - 5:15 p.m.
Module 5:
Workshop - Impairments

Overview

Case Studies include:
  • Asset impairment
  • Identification of cash-generating units
  • Goodwill impairment test
  • Subsequent measurement

TIME

DAY 3
7:30 - 9:00 a.m.
CONTINENTAL BREAKFAST AND NETWORKING
9:00 - 10:15 p.m.
Module 6:
Lecture - Financial Instruments

Overview

IFRS 7 - principles and scope, classes of financial instruments, disclosures, nature and extent of risks.
 
IAS 39 - derecognition of financial assets and liabilities, recent
amendments, exposure drafts and compliance considerations.
10:15 - 10:30 a.m.
BREAK
10:30 - 12:00 p.m.
Module 6:
Workshop - Financial Instruments

Overview

Case Studies include:
  • Classification of financial instruments
  • Credit Exposure
  • Liquidity
  • Market Risk
  • Derecognition of a liability
12:00 - 1:00
LUNCH
1:00 - 2:30 p.m.
Module 7:
Lecture - Fair Value Measurement

Overview

  • Content of FAS 157 and points challenged by the IASB
  • Understand how current IFRS guidance differs from FAS 157
  • Different present value techniques and how to apply them
2:30 - 2:45 p.m.
BREAK
2:45 - 4:30 p.m.
Module 7:
Workshop - Fair Value Measurement

Overview

Case Studies covering:
  • Content of FAS 157 and points challenged by the IASB
  • Understand how current IFRS guidance differs from FAS 157
  • Different present value techniques and how to apply them

TIME

DAY 4
7:30 - 8:30 a.m.
CONTINENTAL BREAKFAST AND NETWORKING
8:30 - 10:00 a.m.
Module 8:
Lecture - Property, Plant and Equipment and Intangibles
10:00 - 10:15 a.m.
BREAK
10:15 - 12:00 p.m.
Module 8:
Workshop - Property, Plant and Equipment and Intangibles
12:00 - 1:00 p.m.
LUNCH
1:00 - 2:00 p.m.
Module 9:
Lecture - Income Taxes

Overview

This module includes: measurement of income taxes, terminology and policy choices, temporary differences, tax base versus carrying amount, measurement of DITAs and DITLs, presentation, disclosure, compound financial instruments, tax filings, current developments and uncertain tax positions.
2:00 - 2:15 p.m.
BREAK
2:15 - 4:00 p.m.
Module 9:
Workshop - Income Taxes

Overview

Case studies include:
  • Land with impairment
  • Land with ARO
  • Income taxes and a convertible loan
  • Income taxes disclosure