Accounting for Financial Instruments under IFRS Standards

Speaker:  Robert Phelps BA FCA  |  CPD Hours: 6

Price £575 plus VAT

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OBJECTIVES

The course will include extensive coverage of IFRS 9 Financial Instruments.

This is a large topic embracing the content of three standards. Its significance depends on the significance of financial instruments to the reporting entity. Banks and financial institutions are obviously greatly impacted by these rules but it is true to say that most non-financial service entities will have some financial instruments on their books especially derivatives.

There will be a focus on case studies and numerical exercises which will be worked through interactively with the participants.

Course content

  • Introduction to the relevant IFRS standards (IFRS 9, 7 and IAS 32) and how they fit together to provide a comprehensive framework governing how to account for and report financial instruments.
  • Definitions, scope and scope exclusions.
  • The IAS 32 rules on presentation of financial instruments.

CONTENT

  • A thorough understanding of what financial instruments are and the need for robust accounting rules and disclosure in this area;
  • Be able to perform an analysis of transactions and apply an understanding of the IAS 32 definitions in order to determine which assets and liabilities are financial instruments;
  • Be able to articulate why some capital instruments are financial liabilities and others are equity instruments;
  • Have gained a working knowledge of the basic recognition and measurement rules for financial assets and liabilities;
  • Be able to describe the hedge accounting exception to the basic recognition and measurement rules and explain the accounting rules governing the different type of hedge;
  • Have gained an understanding of the financial asset and liability derecognition rules; and
  • Be able to describe the disclosure regime applied by IFRS 7.

WHO SHOULD ATTEND

This course is designed for those with some familiarity with IFRS who would like to deepen their knowledge about how financial instruments are accounted for and reported following the rules applied in this area by IFRS standards.

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