Accounting Standards Update
Financial Accounting Update with a specific focus on “IFRS 15 and IFRS 16”
An overview will be given of the key accounting standards currently in issue.
Delegates will be introduced to the principles contained in the new standard on Leasing – IFRS 16. IAS 17 is being replaced and the new methodologies are quite different from the way leases are accounted for at the moment. Liam will review the changes and give practical examples for the implementation of IFRS 16 from transition to ongoing application. The course will also review the main principles of IFRS 15 ‘Revenue from contracts with customers’ and concentrate on some specific areas that tend to cause the most difficulty in practice.
Accountants in public practice, finance managers in industry or indeed anyone involved in the preparation of financial statements will benefit from attending this course.
Overview of the key accounting standards
Specific focus on IFRS 15 and IFRS 16
- What’s a lease?
- Right of use asset and lease obligations
- Determining the variables and using the appropriate discount rates
- Changes to original estimates and lease modifications
- Sale and lease back
- Accounting by lessors
- The 5 steps to recognising revenue
- What’s a contract?
- How to determine performance obligations – what’s distinct?
- Transaction price – variable consideration, significant financing components etc…
- Allocating value to the performance obligations
- Recording revenue – when and how?
Worked examples with practical work by delegates
Date: Thursday 12th April
Venue: AccountancySchool.ie, 5 Lad Lane, Dublin 2
Duration: 1.30pm to 4.30pm (3 hours)
Register for this course
Presenter – Liam Doran FCCA, MBS (Finance)
Liam is a Director at AccountancySchool.ie and specialises in the area of Corporate Reporting. He has extensive experience in lecturing on financial reporting topics having taught students preparing for the professional exams (ACCA, CPA, CIMA and ACA) for the past 22 years. In addition, he advises on practical application of the more complex accounting standards to accountants working in industry and practice.