2020-21 Update: IFRS

by Wayne Bartlett
access120 days access
cpd hours4 CPD hours

This course will enable you to:

  • Identify the areas of risk in your supply chain from suppliers unable to honour commitments to customers unable to pay
  • Evaluate subjective issues such as the collectability of revenue and accounting for provisions
  • Identify exposures to asset and goodwill impairments, from present and past acquisitions
  • Decide what disclosures are necessary and how to make them without spooking the market
  • Use the interim report to share information with investors and other stakeholders at the appropriate time
  • Understand the proposals of the recent exposure draft on General Presentation and Disclosures and have your say with the standard setters

The coronavirus pandemic has transformed the financial performance of many companies and the financial reporting implications of this are deep and far reaching. This year's IFRS updates course focuses on three areas that are particularly affected by the crisis: the increased risk the pandemic has created for long term projects; the critical issue of interim reporting, what to include and when; and the balance sheet exposure caused by the valuation of assets and goodwill in current and past acquisitions.

The final module looks an area where change is on the horizon. The recent exposure draft on General Presentation and Disclosures proposes some pretty fundamental changes to IAS 1, a founding statement in the IFRS framework, and the way in which financial statements are presented and it is still open for comment, so you can have your say.

Accounting for major projects

  • The importance of major projects
  • Potential issues with major projects
  • Accounting for revenue
  • Accounting for provisions
  • The HS2 Railway contract
  • Collectability of revenues
  • Practical considerations
  • Showing responsibility
  • Projecting into the future

Interim reporting

  • The importance of interim reporting
  • Interim reporting in turbulent times
  • IAS 34 Interim Financial Reporting
  • Contents of an interim financial report
  • Disclosures
  • Comparative information and materiality
  • GlaxoSmithKline and Q1 reports
  • Recognition and measurement

Business combinations

  • Company valuations in turbulent times
  • The value of business combinations
  • Disclosures
  • The goodwill impairment test
  • Managing the message
  • Amortisation of goodwill
  • Intangible assets
  • GlaxoSmithKline and goodwill
  • Assessing the proposals

General presentation and disclosures

  • Exposure Draft ED/2019/7
  • Improving the structure of statements
  • Changing the statement of profit or loss
  • Operating and investing categories
  • The operating category
  • The investing category
  • Integral and non-integral associates and joint ventures
  • Management performance measures
  • GlaxoSmithKline and joint ventures
  • Joint ventures and you
  • Measuring your performance

Dr Wayne Bartlett specialises in public sector financial management and budgeting and has worked as a consultant and lecturer throughout the world. After 7 years in the NHS in the UK, he joined the Home Office as Head of Accountancy Advice. He has worked closely with a number of Supreme Audit Institutions and has become an expert of the implementation of international accounting standards.

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