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Impact of Coronavirus on IFRS Financial Statements

  • All levels
  • 18 and older
  • $2,915.75
  • Virtual Classroom
  • 16 hours over 4 sessions

Start Dates (0)

  • $2,915.75
  • Virtual Classroom
  • 16 hours over 4 sessions
  • Price includes tax.
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Class Description

Description

What you'll learn in this ifrs training:

The spread of coronavirus continues to affect lives and economies across the world. Many national governments have introduced a range of different measures to control the virus and to mitigate its effects on individuals and corporations. Lockdowns, supported by travel bans and quarantine restrictions, have resulted in disruption and lost revenue which threaten the survival of operators in different sectors. Governments have responded by establishing and promoting temporary schemes including employment protection subsidies, loan guarantees, deferral of payments of costs such as taxes and rents, as well as cash grants, with the objective of preserving capacity to accelerate recovery.

All interim and annual IFRS financial statements ending in 2020 are affected by the consequences of the pandemic. How exactly an entity is affected depends on a combination of factors including industry sector, location and financial strength. But all preparers must exercise new judgements and estimates, draft relevant disclosures and apply IFRSs in these changed circumstances.

This 4 session virtual online course reviews in detail the approaches to accounting for, and disclosing the effects of, coronavirus in interim and annual IFRS financial statements. It includes reminders of those accounting standards most affected, illustrative financial statements, examples and interactive participation from delegates.

This program answers questions such as:

  • How to determine whether to apply the going concern basis?
  • How to account for government emergency support schemes?
  • Which disclosures concerning coronavirus are appropriate?

Learning Objectives

  • Identify which specific standards require consideration by your organisation for the impact of coronavirus when preparing IFRS financial statements for 2020
  • Set out the process for establishing whether the going concern basis of accounting is appropriate and draft relevant disclosures for material uncertainties identified
  • Specify the accounting and disclosure requirements for coronavirus support schemes
  • Apply the requirements for testing financial and other assets for impairment
  • Apply IFRS to provisioning for closure and reorganisation costs, onerous contracts and possible insurance recoveries 

Who Should Attend

  • Accountants in finance and reporting teams that prepare IFRS financial statements
  • External and internal auditors
  • Financial and credit analysts who review financial statements

Prerequisites

  • A reasonable prior knowledge of the technical requirements of IFRSs. No advance preparation is required for this course.
  • All attendees must have a stable internet connection and web cam. Attendees will be live on camera with the instructors and other participants for the duration of each session.


Topics

  • Going Concern Basis
    • Assessment of going concern status and treatment of material uncertainties (IAS 1)
    • Events after the reporting period (IAS 10)
  • IFRS Financial Statements
    • Presentation (IAS 1) – significant judgements and critical accounting estimates
    • Accounting policies, changes in accounting estimates and errors (IAS 8)
    • Fair value measurement (IFRS 13)
    • Interim financial reporting (IAS 34)
  • Valuation and Impairment of Assets
    • Goodwill, intangibles, property, plant & equipment and associates (IAS 36)
    • Property values (IAS 40 and IAS 16)
    • Inventories (IAS 2)
  • Liabilities
    • Leases (IFRS 16) – rent concessions
    • Employee benefits (IAS 19) – employment support, holiday entitlement, termination benefits
    • Provisions for reorganisation costs, onerous contracts, insurance recoveries (IAS 37)
    • Covenant Breaches
  • Financial Instruments
    • Financial assets - classification, expected credit losses (IFRS 9)
    • Financial liabilities – modifications of contracts (IFRS 9)
    • Hedge accounting (IFRS 9)
    • Disclosures (IFRS 7)
  • Government Emergency Support
    • Government grants and assistance (IAS 20)
    • Income taxes (IAS 12)
  • Revenue
    • Revenue from Contracts with Customers (IFRS 15) – variable consideration, contract modifications

Refund Policy

Cancellation/Refund Policies:
  • Provider reserves the right in its sole discretion to cancel or reschedule an Event, or to change the instructor without notice. You will be entitled to no compensation or damages in such a case.

  • If Provider cancels an Event (or reschedules it to a date inconvenient to you), we will provide a full refund within 30 days upon your written request, or at your option you may transfer the credit to another Provider Event or to another person.
     
  • If you cancel your registration in writing to Provider at least 14 days before the start of the Event, we will provide an 80% refund - the remaining 20% represents our administration fee. Alternatively, you are welcome to transfer the full credit to another course or to another person at no extra charge.
     
  • If you cancel your registration with less than 14 days prior written notice to Provider, or do not attend the Event for any reason whatsoever, no refund will be made and no Provider Content will be distributed to you. A transfer of the credit to another course or to another person may be possible, in Provider's sole discretion, at an extra charge equal to 20% of the original registration fee.

  • No refunds will be made after you have attended the Event. Nonetheless, the Provider is proud of its reputation in the marketplace and also of its level of customer service, and will always seek to address any concerns that you may have before, during or after the course.

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IASeminars

Whatever your requirements are for training in international accounting, you can be assured that IASeminars are ready to deliver. Offering topics such as IFRS, US GAAP, IPSAS, Management Accounting and Banking Regulation, here at IASeminars we are passionate about helping you progress your professional...

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