You Can’t Live Without It: Essential IFRS Update 2022
You Can’t Live Without It: Essential IFRS Update 2022

You Can’t Live Without It: Essential IFRS Update 2022

There are certain things you can’t live without – air, water, food… And if you are an accountant, annual accounting update training! For accountants, it is crucial to stay abreast of current developments from standard setters and regulatory agencies. Our “Essential IFRS Update for 2022” will fulfil that fundamental training need providing you with knowledge on new standards from the IASB, as well as practice issues from the IFRIC and ESMA.

This course includes a vital dose of interactivity, combined with indispensable application-based examples. The course fulfils that requisite training need for both professionals working at accounting firms responsible for auditing financial statements in accordance with IFRS, and accountants working at companies who apply IFRS. Let’s take a closer look.

Relaxed Woman Spreading Arms Out

The Details

Program Description

We always start our annual update courses with a look at recent hot topics to get learners in the mood for IFRS before we jump into new pronouncements. It’s interactive and application-based, with plenty of examples to illustrate key learning points. This year our focus is on inflation, war and ESG. Who’s down with ESG? Yeah, you know me.

Next up, accounting updates from the IASB. They are a necessary evil, but that doesn’t mean they have to be mind-numbingly boring! Experience the GAAP Dynamics difference in this section where we discuss new standards and amendments from the IASB that are effective in 2022. Once we’ve covered what you really need to know for this year, we will focus on new standards and amendments that are effective in 2023 and beyond. Interestingly, the IASB hasn’t issued any big, comprehensive new standards since the last wave which included financial instruments, revenue recognition and leases, all of which are now effective. The focus recently has been on smaller amendments that are meant to clarify, and even simplify, the application of IFRS. This year’s update covers a wide variety of topics from onerous contracts to classification of liabilities as current or non-current.

To round out the course, we’ll spend some time looking at a variety of interesting practice issues including ones that are the focus of recent IFRIC agenda decisions and others that are the result of regulatory reviews of financial statements. You can learn a lot from the mistakes of others!

Learning Objectives

By the end of this course, you should be able to:

  • Describe the proper accounting and reporting under IFRS for issues arising from recent economic events and regulatory findings
  • Recall recently issued IFRS standards and amendments effective in 2022 and beyond
  • Describe issues clarified by the IFRIC regarding the application of IFRS standards

Agenda

  • Introduction and recent hot topics
    • Impact of recent economic and political events and overview of potential accounting issues
      • Inflation
      • Rising interest rates
      • War in Ukraine
    • ESG Reporting
      • Latest IASB developments and best practices
  • IFRS standards and amendments effective in 2022
    • Modifications of financial instruments (amendments to IFRS 9)
    • Fulfillment costs on onerous contracts (amendments to IAS 37)
    • Proceeds on PPE before intended use (amendments to IAS 16)
    • Other amendments effective in 2022
  • IFRS standards and amendments effective in 2023 and beyond
    • Classification of liabilities as current or non-current (amendments to IAS 1)
    • Definition of accounting estimates (amendments to IAS 8)
    • Deferred tax related to assets and liabilities arising from a single transaction (amendments to IAS 12)
    • Other amendments effective in 2023 and beyond
  • IFRIC activities and practice issues
    • A look at select IFRIC agenda decisions and other practice issues that have wide-spread applicability to a variety of entities
  • ESMA and regulatory issues
    •  Highlights of wide-spread application issues identified through regulatory reviews of IFRS filers

The cost

Can you really put a price on something so essential as an IFRS Update? Yes ,you can! Your ultimate investment will depend on how you plan to take this Essential IFRS Update.

  1. Live, open-enrollment webinar on Thursday, October 20, 2022 – Are you free from 10:00 AM – 12:00 PM ET? Join us for a live, CPE-eligible webinar facilitated by Bob Laffler and myself! The cost is just $99 and group discounts do apply. Enroll today!
  2. Schedule a 2-hour webinar for your firm or company – If you’d like to schedule a 2-hour live webinar for your firm or company, prices start at $5,000 for up to 100 people.
  3. Complete a 2-hour self-study eLearning –Keep an eye out! We’ll be adding eLearning equivalents to the Revolution, our online learning platform, later this fall! This self-study version of the course will be priced at $210 per person. Planning to enroll your team? Contact us for group discounts.

 

About GAAP Dynamics  

We’re a DIFFERENT type of accounting training firm. We don’t think of training as a “tick the box” exercise, but rather an opportunity to empower your people to help them make the right decisions at the right time. Whether it’s U.S. GAAP training, IFRS training, or audit training, we’ve helped thousands of professionals since 2001. Our clients include some of the largest accounting firms and companies in the world. As lifelong learners, we believe training is important. As CPAs, we believe great training is vital to doing your job well and maintaining the public trust. We want to help you understand complex accounting matters and we believe you deserve the best training in the world, regardless of whether you work for a large, multinational company or a small, regional accounting firm. We passionately create high-quality training that we would want to take. This means it is accurate, relevant, engaging, visually appealing, and fun. That’s our brand promise. Want to learn more about how GAAP Dynamics can help you? Let’s talk!

Disclaimer  

This post is published to spread the love of GAAP and provided for informational purposes only. Although we are CPAs and have made every effort to ensure the factual accuracy of the post as of the date it was published, we are not responsible for your ultimate compliance with accounting or auditing standards and you agree not to hold us responsible for such. In addition, we take no responsibility for updating old posts, but may do so from time to time.


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