ΠΕΡΙΓΡΑΦΗ

A Board Member and his team will present through practical examples all key aspects of IFRS 9, as well as possible challenges that the non-financial sector is expected to face during 2021. During this webinar, participants will receive guidance and gain knowledge which will facilitate their day-to-day interactions with their accounting and reporting functions.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

Seminar’s goals

By the end of the seminar, participants will be able to:

• Enumerate the classification and measurement requirements of financial instruments
• Explain the new impairment model for financial assets
• Define accounting requirements for derivatives, embedded derivatives and their special treatments
• List the requirements for disclosures in accordance with IFRS 9 and IFRS 7
• Apply the classification and measurement requirements of financial instruments
• Demonstrate the ability to interpret impairment ECL issues at stage 3
• Complete an ECL impairment calculation
• Support the reasonable selection of assumptions for impairment (ECL approach)
• Support the classification cases through market practices and examples
• Accept the correct application of IFRS 9 standard and the prescribed accounting treatment.

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

This training is essential for professionals operating within the non-financial sector who would like to be informed of the new requirements and latest interpretations of IFRS 9, as well as the practical impact on their business. It will also provide insights to professionals who are involved in the financial statements’ preparation process and/or the provision of compliance services. Furthermore, this webinar is essential for CEOs, financial controllers, finance managers and directors, accountants and auditors who would like to be informed of the latest IFRS 9 interpretations.

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Trainers

Vanezis Pangratios

Board Member, IFRS 9 and IFRS 17 implementation leader, Audit, KPMG in Cyprus

Pangratios joined KPMG in Cyprus in 2003 and became a Board Member in 2017. He holds a BA in Accounting & Finance from Lancaster University and is an Associate member of the Institute of Chartered Accountants in England and Wales.

Pangratios possesses versatile industry experience deriving from sectors such as the financial services, consumer products, airline transport industry, agriculture and food and beverages. In 2014, he was pivotal in the creation of the KPMG Enterprise and Startups team of KPMG in Cyprus, for which he acts as the team leader.

He is actively involved in the group which offers training and support within KPMG in Cyprus, as well as in the DPP (Accounting) of KPMG in Cyprus, which provides insights, consultation and training on financial reporting issues both internally and externally. Pangratios is the implementation leader and contact person on IFRS 17 and IFRS 9 matters of KPMG Cyprus IFRS Helpdesk team. In addition, he is currently the Chairman of the Accounting Committee of the Institute of Certified Public Accountants of Cyprus.

Agenta

1. Introduction (30 min)

Overview of IFRS 9 development

Introduction to important definitions

2. IFRS 9 Classification & Measurement – Non-financial sector (1 hr)

Describe the criteria for classification of financial instruments

Analyse the measurement bases for financial instruments

Describe, at a high level, the impact of classification and measurement requirements for companies in the financial sector

3. IFRS 9 Impairment – Non-financial sector (3hrs & 30 min)

Impairment: Dual measurement approach

Assessment of significant increases in credit risk

Measurement of expected credit losses

Debt financial assets at FVOCI (Fair Value through other Comprehensive Income)

Special and simplified approaches

Interest recognition

Practical implementation issues and examples:

                    o Trade receivables

                    o Intercompany balances

                    o Cash at bank

                    o Loans receivable from related/unrelated parties

                    o Debt instruments at FVOCI (Fair Value through Other Comprehensive Income)

                    o Financial guarantee contracts

Examples and practical application via a relevant tool

4. Presentation and disclosure (20 min)

Overview of transition disclosures on adoption of IFRS 9

Explain the key disclosures requirements under IFRS 7 and in relation to IFRS 9 for non-financial sector entities

Examples and practical application via a relevant tool

5. Revisions of cash flows (30 min)

Calculating gain (loss) on revision of cash flows that does not result in derecognition 

Determining EIR (Effective Interest Rate) for subsequent calculation of amortised cost

6. Stage 3 ECL (expected credit loss) (30 min)

Calculations of GCA (Gross Carrying Amount)/loss allowances 

Subsequent cash recover

Moving back to stage 2

Write-off and subsequent calculations.

7. Questions and answers (10 min)