Essential Update for 2009 Financial Statements!

IFRS 2009 Update

International Financial Reporting Standards
the cours If you are interested e to you!!! in saving to 40% b up y tailorin g this co to run in urse -house, p lease call Spencer Keyw +44 (0)207 orth on 017 7254

SA 1 Re VE st M gist up ay 20 er by to 09 & 2 00 !!

The World's Premier IFRS Training Course for Both New & Existing Filers!
SAVE MON IN-HOUSEEY ! Let us bri ng
Featuring guidance on: New and revised IFRS for 2009 Financial Statements Fair Value accounting in IFRS Financial Statements Operating Segments Presentation of IFRS Financial Statements - a new approach Service Concession Arrangements Financial Instruments - measurement - hedge accounting - debt v equity Course Leader: - disclosure David Cairns - reducing complexity Secretary General of the Business Combinations - a fundamental change IASC from 1985 to 1994 Impairment of Assets - impact of economic climate Featuring guest Capitalisation of borrowing costs presentations from: Revenue Recognition - application to different contracts and transactions John Alton Improvements to IFRS Shn Kennedy IFRIC Issues This course can be used to qualify for professional development points/hours for: - ACCA - ICAEW IFRS 09 Updated Course Dates: - CIMA - Law Society
UK Switzerland

PLUS!
Post-Course Workshop

IAS 32/39 & IFRS 7: Financial Instruments & More

UK 21 May 09 18 September 09 13 November 09 Switzerland 11 June 09 4 December 09

"The mixture of topics and speakers makes the event a must for IFRS preparers!"
Organised by:

19-20 May 09 16-17 September 09 11-12 November 09

9-10 June 09 2-3 December 09

IIR Financial Training

Catherine Manum Advisor GAAP/Group Controller DNO ASA

Paper sourced from sustainable forests

Elemental Chlorine Free (ECF)

Register Today: Call +44 (0) 20 7017 7790 or Fax +44 (0) 20 7017 7824 Visit our website: www.iir-events.com/ifrs Email us at: kmregistration@informa.com

e- ww fo Sig m w. ai iir on r e- n u l: -c o m p op on u ail TO tin fe r e up D @ ren ve da AY iir c nt t -co es s. es nf .co .. er m en / ce op s. tin co m

IFRS 200
DAY ONE
Disposals of Businesses
Disposals (IAS 27 and IFRS 5) Planned disposals (IFRS 5) Disposals and planned disposals of non-controlling interests Distributions of businesses and subsidiaries to owners (IFRIC 17) Examples from company financial statements

Registration will be at 8.30 on day one. The course will begin at 9.00 on both days and close at approximately 17.15. Breaks will be taken for coffee and lunch at suitable points throughout the day.

Whats New for IFRS Financial Statements?

New and revised IFRS and IFRIC interpretations for 2009 and 2010 financial statements - new IFRIC Interpretations - EU endorsement status The IASBs work programme The significance of 2011

The Implications of the Financial Crisis

Going concern assessments Recognition and measurement issues Classification of asset and liabilities Forecast transactions Discount rates

Impairment of Non-current, Non-Financial Assets

Applying the principles of IAS 36 in the current economic climate - more impairment tests - sensitivity analysis - difficulties in forecasting cash flows - changes to the cost of capital Frequency of tests and indicators of impairment Recoverable amount - difference between fair value less costs to sell and value in use - identifying the quickest approach for impairment tests - measuring fair value less costs to sell - measuring value in use - cash flow forecasting guidance and restrictions on projections - discount rates and impact of tax - performing a sensitivity analysis Identifying cash-generating units and allocating goodwill to them Disclosure Reversals of impairment Examples from company financial statements

Fair Values in IFRS Financial Statements

When do IFRS require or allow the use of fair values The use of transaction date fair values in IFRS financial statements: The use of current fair values at each balance sheet date - subsequent measurement of assets and liabilities - impairment of assets - disclosure Determining fair value and the fair value hierarchy Examples from company financial statements

Revenue
The IASBs preliminary views - a single, contract based model Which standard IAS 11 or IAS 18? - sale of goods - services - construction contracts - agreements for the construction of real estate (IFRIC 15) Compound transactions - using fair values to split revenue between different components (IAS 18) - customer loyalty programmes (IFRIC 13) Using fair values to determine revenue - service concession arrangements (IFRIC 12) - assets transferred from customers (IFRIC 18) Issues from 2007 and 2008 IFRS financial statements Writing entity specific accounting policies

Employee Benefits
Applying IAS 19 in the current economic climate Actuarial gains and losses (IAS 19) - current options - examples of current practice The asset ceiling test (IFRIC 14) - refunds - reduced contributions - minimum funding requirements Minimum funding requirements and onerous contracts (IAS 37 and IFRIC 14) The IASBs preliminary views on further changes

Business Combinations & Intangible Assets

Revisions to IFRS 3 and requirements from 2009 onwards - what remains the same - the fundamental changes Economic entity approach - interaction with revisions to IAS 27 - non-controlling (minority) interest - goodwill in the non-controlling (minority) stake Purchase consideration - use of fair values - business combinations achieved in stages - changes to treatment of contingent consideration and acquisition costs Goodwill - business combinations achieved in stages Acquired assets and liabilities Intangible assets arising on an acquisition (IAS 38)- finite and indefinite lives and amortisation - customer contracts and customer relationships - the tax amortisation benefit or TAB - valuation guidance and valuation methods used in practice - dealing with valuation advisers and auditors - Fair Value Measurement Discussion Paper and link to US GAAP SFAS 157 The likely impact on company financial statements

Share-based Payment
A reminder of the key principles of IFRS 2 Amendments to IFRS 2 What have we learnt from four years implementation? Implementation issues - equity-settled employee reward schemes - cash-settled employee reward schemes - when is an equity-settled scheme actually cash-settled? Vesting conditions and forfeitures Service conditions and performance conditions Market and non-market performance conditions Non-vesting conditions Cancellations and amendments Companies with unlisted equity The option pricing models and when to use which model Special considerations during the financial crisis - modifications to schems - options out of the money Group schemes and accounting in individual company accounts (IFRIC 11) Accounting for the exercise of options and settlement of award (IAS 32) 17:15 End of Day One

Register Today: Call +44 (0) 20 7017 7790 or Fax +44 (0) 20 7017 7824 Visit our website: www.iir-events.com/ifrs Email us at: kmregistration@informa.com

09 Update
Financial Instruments Key Principles
Definitions - financial instruments - financial assets - financial liabilities Classifications Measurement The use and determination of fair value when accounting for financial instruments - fair value measurement hierarchy - the fair value option when to use it The use and determination of amortised cost when accounting for financial instruments - impairment of financial assets Recognition/derecognition Derivatives

LONDON 19-20 May 09 (KM2075) 16-17 September 09 (KM2077) 11-12 November '09 (KM2078)

ZURICH 9-10 June 09 (KM2076) 2-3 December 09 (KM2079)

DAY TWO
Borrowing Costs
Planning for the capitalisation of borrowing costs under the revised IAS 23 Making the transition from expensing all borrowing costs What are qualifying assets What are borrowing costs Capitalisation methods - specific borrowings/general borrowings - central treasury functions - same entity or different entity - foreign currency differences Commencement, cessation and suspension of borrowings

The New Approach to the Presentation of IFRS Financial Statements

Statement of comprehensive income - one statement or two? - what is comprehensive income? - what is other comprehensive income? - recycling between other comprehensive income and profit or loss - transactions with owners as owners Statement of financial position The IASBs preliminary views on the next steps Non-IFRS GAAP performance measures

Financial Instruments Hedge Accounting

Putting the IAS 39 requirements on hedge accounting into practice - fair value hedges - cash flow hedges, including hedges of forecast intra-group transactions - hedges of net investments in foreign operations (IFRIC 16) - hedge effectiveness Using the fair value option to ease the burden of hedge accounting Common pitfalls on hedge accounting

IFRS 8 Operating Segments

Applying the new approach to segment reporting - who is the chief operating decision maker? - identification of operating segments - identification of reporting segments - segment accounting policies - disclosures Entity-wide disclosures - products and services - geographical information - products and services - customer information Examples from IFRS financial statements

Financial Instruments - Presentation

Presentation in the income statement and balance sheet Applying the distinction between debt and equity Compound Financial Instruments Puttable instruments and obligations arising on liquidation (amendment to IAS 32) Interest, dividends, losses and gains Offsetting financial assets and financial liabilities

Financial Instruments Disclosure

Putting the IFRS 7 requirements into practice The significance of financial instruments: corporates versus financial institutions The impact of financial instruments on financial position The impact of financial instruments on the income statement and comprehensive income Disclosure of accounting policies, hedge accounting and fair value The nature and extent of risks arising from financial instruments - qualitative disclosures - quantitative disclosures about credit risk, liquidity risk and market risk Examples of best practice

Other Improvements to IFRS

Government loans (IAS 20 and IAS 39) Investment property in the course of construction (IAS 40) Advertising and promotion costs (IAS 38) Sale of property, plant and equipment held for rental (IAS 16)

IFRIC Issues
Hedges of net investments in foreign operations (IFRIC 16) Transfer of assets to owners (IFRIC 17) Current IFRIC issues Issues not taken on to the IFRIC agenda

Financial Instruments Next Steps

Improvements to IFRS The IASBs proposals for reducing complexity IFRIC issues

IFRS Accounting Policies

Hierarchy (IAS 8) Fair presentation override (IAS 1) Examples from company financial statements Close of Course & Champagne Draw

Service Concession Arrangements

What is, and what is not, a service concession arrangement? Applying IFRIC 12 - financial asset model - intangible asset model - construction revenue and construction costs Examples of the application of IFRIC 12 Planning for the implementation of IFRIC 12

"Really good presentations based on the solid experience of the presenters"

Yerzhan Dossymbekov, Finance Controller, SAFC

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IAS 32/39 & IFRS 7 Financial Instruments & More!

21 May 09 LONDON 18 September 09 ZURICH 13 November '09 11 June 09 4 December 09

Programme
08.30
09.00

Registration

12.45 14.00

Lunch

Background & Recent Developments

Amendments project - impact of recent changes to IAS 32 and IAS 39 IAS 39 implementation guidance Future developments

Hedge Accounting
Hedging dilemma Fair value hedges Cash flow hedges Foreign currency hedges Hedging requirements: - documentation - effectiveness measurement

09.20

IAS 39 Summary
Definitions Categories of financial instruments Measurement rules - Transaction costs - The effective interest method - Reclassifications
15:00

IFRS 7 - Meeting the Challenge

Significance of financial instruments Application dates and transitional requirements Determnining the appropriate levels of disclosure

09:50

Recognition
Initial recognition Day '1' profits Trade date versus settlement date Amortised cost and fair value measurement principles Measurement difficulties - Held to maturity investments

15:30

Afternoon Coffee

15:45

IFRS 7 - Detailed Analysis & Examples

Nature and extent of risks arising from financial instruments Market risk, liquidity risk and creidt risk disclosures Sensitivity analysis Difficulties in applying IFRS Review of what companies have done to date

10.30 10.45

Morning Coffee

Other Application Issues

Impairment and uncollectability Tainting rules
16:45

11.20

Presentation
Liability or equity classifications Compound financial instruments Early redemption Treatment of dividends and interest Offsetting financial assets and financial liabilities Practical examples

Financial Instruments - Final Application Guidance

Wider business issues Dealing with recent changes IAS 39 Applicationm guidance Fair value project Summation and questions

12.00

Derivatives & Embedded Derivatives

Definition of a derivative Normal contracts Practical examples

17: 00

Final Remarks, Close of Workshop & Champagne Draw

Cost-Effective Tailored Training for your Company

SAVE UP TO 40%!
We will: Tailor the course to your exact specifications & requirements You can then decide: When and where the course is held Who will attend What the course will specifically cover Which means that you: Save up to 40% when compared to usual training costs Save more on participants' travel & accomodation costs Minimise time out of the office Get training focused on your specific business needs

Call Spencer Keyworth on +44 (0)20 7017 7254 for more information or a free consultation.
IIR B.V.2009

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IFRS 2009 Update

International Financial Reporting Standards
The World's Premier IFRS Training Course for New & Existing Filers!
Good morning!
I am delighted to announce the latest dates for IIRs landmark IFRS Update course. This is a course not to be missed. The course provides you with up-to-date and practical guidance on all new and revised IFRS and IFRIC interpretations issued by the IASB that affect 2010 and later financial statements. It offers excellent planning strategies for 2009. It also shows how you can reduce complexity in your IFRS financial statements and avoid common IFRS pitfalls. IFRS require an increased use of fair values and fair value accounting. This course will provide a detailed guidance on fair value accounting, including: what is fair value what is fair value accounting when you need to use transaction date fair values in IFRS financial statements when you need to use current balance sheet date fair values in IFRS financial statements how you should determine fair values how to apply fair value measurement to different assets and liabilities New areas to be covered in the course programme include: new and revised IFRS on business combinations, segment reporting, the presentation of financial statements and borrowing costs new IFRIC interpretations and issues under consideration by IFRIC the impact of economic change on IFRS financial statements The course will also help you learn from the implementation and compliance issues in 2006, 2007, and 2008 IFRS financial statements. It draws on reports and surveys issued by regulators and others in order to help you avoid potential pitfalls and problems in the application of IFRS in your financial statements.

About Your Course Leaders

David Cairns is a Chartered Accountant who has specialised in international financial reporting since 1978. He advises companies, accounting firms, government agencies and standard setting bodies on the application of IFRS and provides extensive IFRS training. He is a member of the UKs Financial Reporting Review Panel. He was the director of the project on the evaluation of IFRS financial statements of EU companies which the ICAEW carried out on behalf of the European Commission. He was the secretary general of the International Accounting Standards Committee from 1985 to 1994. He has recently served on advisory groups for the International Valuation Standards Committee and the Institute of Chartered Accountants of Scotland. David Cairns is Visiting Professor in Accounting at the London School of Economics and Political Science where he teaches a post graduate course on international accounting. Shn Kennedy is an independent consultant who advises on IFRS and valuation matters. She has more than 20 years experience working in the Big 4 accounting firms. Shn spent four years working at the Accounting Standards Board as the Project Director responsible for Goodwill and Intangible Assets accounting in this rle, she researched and put together the proposals underlying UK GAAPs FRS 10 Goodwill and Intangible Assets and FRS 11 Impairment of Fixed Assets and Goodwill. Shn has advised both ABN Amro and Lloyds TSB on their transition to IFRS. She is a Council Member of the Society of Share & Business Valuers, SSBV, and has recently written a Discussion Paper on the Valuation of Intangible Assets for the International Valuation Standards Committee. She has undertaken numerous valuation exercises of shares and share options for IFRS 2, Share-based Payment, reporting purposes and of intangible assets for IFRS 3, Business Combinations, reporting purposes. John Alton, (Zurich dates) - Is a senior manager with Ernst & Young in Zurich. He has a number of years experience dealing with financial instruments on major financial services and industrial companies. In addition to this, John is a member of Ernst & Youngs Swiss and Global technical groups dealing with the accounting for financial instruments under IFRS.

Course Structure
The IFRS Update course assumes you are familiar with IFRS reporting. It provides a valuable and practical insight into recent and proposed changes to IFRS that will apply to 2009 and later financial statements. It deals with both the principles of each new and revised Standard and the application of those principles to current business transactions and events.

Interactive Format
This interactive and informal course provides a valuable and practical insight into both the principles and application of all IFRS. It includes: examples of IFRS practice in listed company financial statements; and frequent opportunities to exchange views with speakers and peers

Who Should Attend?

This course is for people who are familiar with IFRS reporting and who want the latest information about the application of IFRS that will apply to their 2009 and later financial statements. To fully consolidate and update your IFRS expertise you have the opportunity to register on to our separately bookable workshops, enabling you to tailor your learning experience to your exact specifications.

Post-course workshop:

IAS 32/39 & IFRS 7: Financial Instruments & More

In-depth guidance on the complexities of IAS 32 & 39! I look forward to meeting you and your reporting colleagues at this essential IFRS event in the near future. Best regards,

P.S. Be sure to register by 1st May 2009 to SAVE up to 200!!

David Cairns

IFRS 2009 Update

LONDON 19-20 May 09 (KM2075) 11-12 November '09 (KM2078) ZURICH 9-10 June 09 (KM2076) 16-17 September '09 (KM2077) 2-3 December 09 (KM2079)
Please quote the below VIP code when registering

IAS 32 / 39 Financial Instruments & More

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WHEN AND WHERE

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