International Financial Reporting Standards Masterclass

About

There are a number of proposals for changes to existing International Financial Reporting Standards in NZ and across the rest of the world.  These amendments need to be taken into account and adhered to when undertaking financial reporting and must be clearly understood.  

The 9th Annual International Financial Reporting Standards Masterclass will allow you to partake in two days of intensive learning about the latest changes occurring in the IFRS landscape as well as provide you with in-depth information on some of the most complex standards.

Keep up-to-date with the latest reviews and standard changes:
•   Learn about the latest occurring at the IASB from Alan Teixeira, Director of Technical Activities, International Accounting Standards Board
•   Understand the results from the latest Cycle reviews and changes to corporate governance reporting from Alastair Boult,
Chief Accountant, Securities Commission

Make the most of this opportunity to work through the technical aspects of IFRS from experienced practitioners and experts from Ernst & Young, KPMG, PricewaterhouseCoopers, Deloitte, Grant Thornton and Staples Rodway. Specific standards and issues to be covered at this yearís event include:
•   Revenue Recognition - discussing the Exposure Drafts propsals and their impacts
•   Fair Value Measurement - the progress of simplifying fair value guidance across IFRSs
•   Related Parties Disclosures - issues arising from amendments
•   Financial Instruments - learn the latest about IFRS 7, IFRS 9 and Hedge Accounting
•   Leases - understanding the complex issues and work through practical examples
•   Joint Venture Accounting - understanding the proposals in the Exposure Draft

Do not miss out on your opportunity to increase your technical skills and knowledge of IFRS through expert presentations and interactive clinics and log up to 12 CPD Hours.

Agenda

Agenda: Day 1

8.30

Registration and coffee

9.00

Opening remarks from the Chair

Richard Smyth, General Manager Group Finance, SKYCITY Entertainment Group

9.10

International interactive video-link: The latest from the IASB

Alan Teixeira will discuss the latest from the IASB and will outline what changes are going to be occurring in the near future and the issues which are likely to arise upon their implementation.
• Convergence with the US GAAP – what stage are we at; are we on track for the June 2011 completion date?
• Lessons learnt from the IASB on recent amendments to IFRS
Discussion of new outreach initiatives

Alan Teixeira, Director of Technical Activities
International Accounting Standards Board

9.55

Question and answer session with Alan Teixeira

Your chance to put your burning questions to Alan Teixeira about IFRS and the IASB

10.20

Snapshot of the 2010 Budget: Impacts on IFRS and tax

The Budget announcements in May have introduced a range of changes such as lowering the company tax rate and changing rules relating to depreciation which will affect the way we report under IFRS. This session will look at specific changes and the impact that these will have on reporting under IFRS.
• How are the new issues stemming from changes to the Budget being reported in interim reports and financial statements as at 30 June 2010?
• An insight into how different organisations and sectors are reporting
• Our perspective on the Budget changes and their influence on financial reporting

Kathryn Hall, Financial Controller, Oceania Group

10.50

Morning tea

11.15

Update on the Financial Reporting Framework Review in New Zealand

The ASRB is conducting a review of the financial reporting framework in New Zealand; the Board aims to have high quality financial reporting and they also monitor and review financial reporting developments in NZ. This session will outline what the Financial Reporting Framework Review has covered and what changes will be occurring in the future.
• Update on the Financial Reporting Framework Review
• Outcomes from the MED and ASRB discussion documents from September 2009 – what does this mean for the financial reporting framework in NZ?
• The implications of applicable convergence with Australia

Michele Embling, Auckland Managing Partner, PricewaterhouseCoopers; Deputy Chair
Accounting Standards Review Board

12.05

Securities Commission Address: Results from recent financial reporting and corporate governance reviews, and the Commission’s latest views on corporate governance reporting

The Securities Commission has recently conducted several Cycle reviews of financial statements and has also reviewed corporate governance reporting. The Securities Commission will discuss the results from these reviews.
Recent IFRS findings from the Commission’s Surveillance Programme – results from the latest reviews regarding technical breaches and other issues
What will the next Cycle review encompass?
Findings from the latest review of corporate governance reporting – the need to improve disclosures

Alastair Boult, Chief Accountant, Securities Commission

12.55

Lunch

1.55

Discussing changes in the structure of financial statements

This session will discuss how financial statements are currently structured and changes which will be occurring in the future. There will be room for debate and discussion surrounding financial statements and where we should be heading so to best report the essential information included in financial statements in the most effective way.

Lyn Hunt, Director, PricewaterhouseCoopers

2.55

Revenue Recognition: Understanding the Exposure Draft

Revenue is a key number for most users of financial statements. A joint project between the IASB and the FASB has resulted in the recent release of the Exposure Draft Revenue from Contracts with Customers. The Exposure Draft proposes a single revenue recognition model in which an entity recognises revenue as it satisfies a performance obligation by transferring a promised good or service to a customer. This session will discuss:
• Key proposals contained in the Exposure Draft
• Key impacts of the Exposure Draft’s proposals
• Examples showing what the proposed model would look like in practice

Jackie Russell-Green, National Technical Manager
Staples Rodway

3.55

Afternoon tea

4.25

Intensive IFRS Clinics and Roundtable Discussions:

Make the most of this opportunity to discuss some of your key IFRS challenges with NZ’s top experts in IFRS. You will get the chance to breakout into separate groups and learn more about your chosen topic with your expert facilitator through discussion and examples.

Clinic 1: Fair Value Measurement
Although fair value measurement appears in many IFRSs, it is not always consistent. This clinic will examine the progress of work being done to simplify fair value guidance across IFRSs and the key implications of that work.
Jackie Russell-Green, National Technical Manager,
Staples Rodway

Clinic 2: Amendments to Related Parties Disclosures
Current amendments to IAS 24 Related Parties Disclosures will simplify the disclosure requirements for government related entities and will clarify the definition of a related party. This clinic will look at the issues arising from amendments and will work through practical examples.
Simon Lee, National Technical Director, KPMG

Clinic 3: The business of reporting media friendly financial results
There is an art to reporting business news so that it is clear and engaging to its audience. At this clinic you will learn how financial results are reported in mainstream media and how to conduct corporate reporting and press releases.

5.25

End of day one & networking drinks


Agenda: Day 2

9.00

Opening remarks from the Chair

Richard Smyth, General Manager Group Finance,
SKYCITY Entertainment Group

9.05

Uncovering Financial Instruments and their complexities

There are a number of issues which arise from reporting Financial Instruments; this technically rich session will attempt to demystify some of the common problems and will work through practical examples which will help you when you next have to deal with reporting Financial Instruments.
• IFRS 9 – the introduction of new requirements for classifying and measuring financial assets that must be applied starting 1 January 2013
• The issues of early adoption with IFRS 9 and the links it has with other Standards
• IFRS 7 – uncovering disclosures which entities are finding hard to meet.
• Hedge accounting – latest proposals from the IASB on hedge accounting

Ceri Horwill, Director - Treasury and Financial Risk Advisory, KPMG

10.05

Panel Discussion: What will the latest amendments to Financial Instruments mean in practice? (Panel)

This panel discussion, led by leading experts, will delve into the latest amendments occurring in the IFRS landscape and will pay a particular focus on changes to Financial Instruments. The panel will discuss how the latest and proposed amendments are likely to be implemented in practice.
• Changes to Financial Instruments – IFRS 7, IFRS 9 and IAS 39
• What are the biggest technical difficulties at the moment?
• Working through the technical difficulties with practical examples and ideas
• Looking towards the next 12 months – what are the biggest issues in IFRS right now that need to be addressed?

Ceri Horwill, Director - Treasury and Financial Risk Advisory, KPMG
Mark Hucklesby, National Technical Director, Grant Thornton
Long Huynh, Treasury Accountant, Fletcher Building

10.50

Morning tea

11.10

Commenting on issues surrounding PBEs that have emerged from recent NZ IFRSs

There has been criticism that there is not enough focus on Public Benefit Entity Reporting Standards under IFRS; therefore, the ASRB has proposed the adoption of IPSAS. This session will look at some of the key issues facing PBEs.
• Identifying the problem – what are the current issues facing PBEs?
• If NZ does adopt IPSAS, what are the major implications?
• If we don’t adopt IPSAS, what needs to change in how IFRSs are modified for PBEs
• Where is the future likely to head for PBEs?

Kimberley Crook, Partner, Ernst & Young

12.00

Discussing current issues in implementing changes to IAS 17: Leases

Although IAS 17: Leases is still an exposure draft, the amendments to this Standard need to be understood as there are unlikely to be any major differences between the exposure draft and the finalised Standard. Mark will address the complex issues surrounding Leases and will work through a range of mechanisms and examples which will help you to understand and grasp the Standard further.

Mark Hucklesby, National Technical Director, Grant Thornton

1.00

Lunch

2.00

Changes to IAS 31: Interests in Joint Ventures

Joint Venture Accounting under IFRS is about to change. The aim is to enhance accounting for and the quality of information being reported about joint arrangements. The aim is to align the different methods of accounting for joint ventures, subsidiaries and associates.
• Understanding the proposals in the exposure draft
• Discussing the two accounting treatments possible for jointly controlled entities; the equity method or proportionate consolidation
• Examples of joint accounting in joint ventures

Victoria Turner, Senior Manager - National Technical, Deloitte

3.00

Afternoon tea

3.15

New Zealand in the International Reporting Landscape

New Zealand is represented in financial reporting matters by the NZ Financial Reporting Standards Board. This session will look at the latest lessons and observations that have been learnt in representing NZ at the FSRB.
• Understanding the process which is undertaken when dealing with the Board
• When regional issues come into play i.e. US vs. Europe – what does this mean for NZ and the Asia Pacific region?
• What is expected to come from meetings with the FRSB and ASRB?

4.00

Closing remarks from the Chair and end of conference

Sponsors/Partners

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