IFRS - Keeping Up-to-Date
Cost for BPP PD Members: £248 + VAT 3 CPD Hours
(£310.00 + VAT for non BPP PD Members Click Here for details of our membership scheme).
This course is designed to bring you up-to-date with the latest developments and proposals and is therefore suitable for delegates with some existing knowledge of IFRS.
The IASB and the US FASB have recently affirmed their commitment to developing a common set of high-quality standards. This has resulted in significant changes for many IFRS adopters, with many old standards on the verge of being superseded.
On 28 May 2014, the IASB issued the new standard on recognizing revenue, IFRS 15 – Revenue from Contracts with Customers. It will replace all existing standards and interpretations which dictate the accounting treatment for recognizing revenue. This will create significant challenges for many entities in various sectors, some of whom will find that their revenue is recognized differently from how it was done previously.
On 24 July 2014, the IASB issued IFRS 9 – Financial Instruments, which is their replacement of IAS 39 – Financial Instruments: Recognition and Measurement. The standard includes requirements for recognition and measurement, impairment, derecognition and general hedge accounting. Again these changes may significantly impact the accounting treatment currently used.
On 13 January 2016, the IASB issued the new leases standard, IFRS 16 – Leases. This standard replaces accounting requirements which were introduced over thirty years ago, and is a major revision of the way entities account for leases. The proposals are likely to have a major impact on entities which lease significant high value items such as the airline, transport and retail sectors.
On 30 January 2014, the IASB issued IFRS 14 – Regulatory Deferral Accounts. This standard permits an entity which is a first time adopter of IFRS to continue to account, with some limited changes, for ‘regulatory deferral account balances’ in accordance with its previous GAAP, both on initial adoption of IFRS and in the subsequent financial statements.
Learning outcomes include obtaining a greater understanding of:
- Convergence of new standards to US GAAP
- IFRS 15 – Revenue from Contracts with Customers
- IFRS 16 – Leases
- IFRS 14 – Regulatory Deferral Accounts
- An update on any other significant ongoing IASB projects.
"A CPD certificate of completion will be provided by BPP Professional Education Limited upon request, following attendance."