IFRS: Sector Specific Standards

by Wayne Bartlett
access120 days access
cpd hours4 CPD hours
price£75+vat

This course will enable you to:

  • Understand the strange and unique provisions of IAS 41 Agriculture, including the recognition and measurement of biological assets
  • Account for the massive cost and potential benefits of exploration and evaluation of mineral resources under IFRS 6
  • Discover why IFRS 17 Insurance Contracts came into existence and its application to financial statements
  • Learn about IFRS 14 Regulatory Deferral Accounts and its application

Some of the most interesting and curious of the IFRS standards concern specific sectors. Understanding them not only ensures we know about the special provisions, but also shines a light on our practices elsewhere.

IAS 41 deals with agriculture, the only sector where new assets are literally born! IFRS 6 deals with an issue specifically excluded by several other standards the exploration and exploitation of mineral resources. The new standard, IFRS 17 Insurance Contracts, has clarified a particularly tricky area, and IFRS 14 Regulatory Deferral Accounts is critical for first time adopters of IFRS who are subject to rate regulation, such as the public utilities. Discover more about these specific standards, their objectives and disclosure requirements.

Agriculture

  • IAS 41 Overview
  • Objectives and scope
  • Key definitions
  • Recognising and measuring biological assets
  • IAS 41 Q&A
  • Reliable measurement and government grants
  • How to reap your rewards
  • Disclosures
  • Additional disclosures
  • Grants in practice
  • A question of gains and losses

Mineral resources

  • IFRS 6 Overview
  • Objective and scope
  • Measurement and recognition
  • Classifying tangibility
  • Identifying exploration assets
  • Impairment
  • Looking for loss
  • Disclosures
  • The end of exploration

Insurance contracts

  • IFRS 17 Overview
  • A complicated history
  • A significant step forward
  • Recognition and measurement
  • Initial recognition of an onerous contract
  • Modification, derecognition and presentation
  • Releasing profit over the life of a contract
  • Disclosures
  • IFRS 17 and financial statements in practice
  • Insurance contracts and revenue

Regulatory deferral accounts

  • IFRS 14 Overview
  • Objective and scope
  • Key definitions
  • IFRS 14 and GAAP
  • Presentation
  • Disclosures
  • Energy for change
  • State-Owned Enterprises providing utilities
  • IFRS 14 and you

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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