IFRS 9 & Other New Standards

Training

IFRS 9 & Other New Standards Training

IFRS 9 is an International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board (IASB) that deals with the classification and measurement of financial assets and liabilities, as well as the impairment of financial assets. It replaces the previous standard, IAS 39, and was effective for annual periods beginning on or after January 1, 2018.

IFRS 9 brings significant changes to the accounting for financial instruments, including the introduction of a new expected credit loss model for the impairment of financial assets. The new model aims to provide more timely recognition of credit losses, by recognizing expected credit losses at an earlier stage, rather than waiting for credit events to occur.

Other new standards include:

• IFRS 15 Revenue from Contracts with Customers: This standard provides a single, comprehensive model for recognizing revenue from contracts with customers. It replaces the previous revenue recognition standards, IAS 18 and IAS 11.
• IFRS 16 Leases: This standard replaces IAS 17 and brings leases on-balance sheet, requiring lessees to recognize a lease liability and a right-of-use asset for all leases with a term of more than 12 months.
• IFRS 17 Insurance Contracts: This standard replaces IFRS 4 and provides a consistent and comprehensive framework for the accounting of insurance contracts.
• IFRS 9 and IFRS 15 were issued by the International Accounting Standards Board (IASB) and are effective for annual periods beginning on or after January 1, 2018. IFRS 16 & IFRS 17 were issued by the IASB and are effective for annual periods beginning on or after January 1, 2019

All of these new standards are designed to improve the transparency and comparability of financial reporting and to provide better information to investors and other users of financial statements. They are intended to reflect the economic substance of transactions and other events and to provide more relevant and reliable information to users of financial statements.

“IFRS 9 is a major step forward in the ongoing effort to improve the financial reporting of banks and other financial institutions.” - Hans Hoogervorst, Chairman of the International Accounting Standards Board (IASB)

What we offer in this Training

During an IFRS 9 & Other New Standards Training session, participants expect to learn about the new standards and their impact on financial reporting. The training typically covers the following topics:

• Overview of IFRS 9 and other new standards.
• Understanding the classification and measurement of financial instruments under IFRS 9.
• Impairment of financial assets under IFRS 9.
• Hedge accounting under IFRS 9.
• Overview of IFRS 15 and its impact on revenue recognition.
• Overview of IFRS 16 and its impact on leases.
• Overview of IFRS 17 and its impact on insurance contracts.
• Case studies and practical examples of implementing the new standards.
• Best practices and recommendations for successful implementation.

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