The Financial Reporting Update
Registering for CPD Fest 2023 couldn’t be more straightforward. We have three packages for you to choose from – 8 hours, 16 hours and 24 hours of CPD – allowing you to customise the event to your own specific needs. Once purchased, pick ‘n’ mix the topics of most interest and relevance to you from any of the sessions running across the week of CPD Fest 2023.
CPD Fest Packages:
The 12 Gifts Of CPD Fest
Over the coming weeks we are going to give you advance access to hugely valuable extracts from the note packs The CPD Fest & The Essential Advisors’ Mix.
With The 12 Gifts of CPD Fest you will get guides, financial statements, checklists, tools, tax papers, letters of engagement and reports all the way up to and including the kitchen sink!
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Event Details:
Session 1: FRS 102 Update - Part 1
Time: 09:00 – 10:40
Speaker: Professor Robert J Kirk – Consultant
Major revisions are being proposed to FRS 102 and 105 with an expected introduction date from 1st January 2025. This will impact the preparation of financial statements for all non-listed companies in Ireland. Some of the changes are fundamental (particularly on leasing) and this could impact the ability of companies to meet bank covenants.
The key topics that will be covered in the session include the following:
- The incorporation of the recognition and measurement rules of IFRS 16 Leases into FRS 102
- The abolition of operating leases for lessees
- Understanding the distinction between a lease agreement and a service contract
- The implementation of IFRS 15 Revenue from contracts with customers
- The approach adopted by the 5 step model for reporting revenue
By attending this session, it should enable delegates to kickstart their clients well in advance to understand the likely impact the changes will have in preparing their financial statements under the proposed new rules.
The session will be of most interest to preparers of financial statements under FRS 102 as well as their auditors.
Course Level: Intermediate
The entry level subject would be at an intermediate level as delegates should have a reasonable understanding of the existing requirements in FRS 102 and 105. It also represents knowledge that all financial accountants need to know.
Session 2: FRS 102 Update - Part 2
Time: 11:00 – 12:40
This session is a follow on from Part 1 and so the other remaining major revisions being proposed to FRS 102 and 105 with an expected introduction date from 1st January 2025 will be discussed. This will impact the preparation of financial statements for all non-listed companies in Ireland. Some of the changes are fundamental particularly on new definitions of assets and liabilities and how they are recognised in the financial statements.
The key topics that will be covered in the session include the following:
- Revised concepts and pervasive principles including new definitions of assets and liabilities and new recognition principles
- The changes to financial instruments
- New definition of a business in relation to business combinations
- The incorporation of IFRIC 23 into FRS 102 on tax uncertainty
- Changes caused by developments in international reporting
By attending this session, it should enable delegates to kickstart their clients well in advance to understand the likely impact the changes will have in preparing their financial statements under the proposed new rules.
The session will be of most interest to preparers of financial statements under FRS 102 and 105 as well as their auditors.
Course Level: Intermediate
The entry level subject would be at an intermediate level as delegates should have a reasonable understanding of the existing requirements in FRS 102 and 105. It also represents knowledge that all financial accountants need to know.
Session 3: Developments in Sustainability Reporting
Time: 13:40 – 15:20
Speaker: Professor Robert J Kirk – Consultant
Environmental, Social and Governance (ESG) reporting has become the key societal issue facing the world in the twenty first century. A new International Sustainability Standards Board (ISSB) has been set up to develop specific standards for listed companies. These will undoubtedly be implemented in a simplified form into FRS 102. The session course should help those accountants preparing financial statements better understand the likely impact of ESG standards in their annual reporting.
Professor Robert J Kirk will cover the following topics during this session:
- Climate essentials for accountants (August 2023)
- The development of the ISSB
- The two new IFRS S1 and S2 standards
- The development of European Sustainability Reporting Standards
- The implementation of the Corporate Sustainability Reporting Directive
By attending this session, it will be easier for delegates to understand how this important new topic can be implemented in practice.
The session will be of most interest to preparers of financial statements under IFRS but also be useful for those preparing FRS 102 as the sustainability standards undoubtedly will be implemented in a simplified from for SMEs.
Course Level: Foundation
The entry level subject would be at a foundation level as delegates will be assumed to have little or only basic knowledge of the impact of ESG reporting. It also represents knowledge that all financial accountants need to know.
Session 4: Financial Reporting – The Latest Developments in IFRS
Time: 15:40 – 17:20
Financial accountants need to constantly be aware of the most recent developments in financial reporting so that they can advise their clients on the likely impact of any likely changes on their financial statements. This session will cover the most recent and future major changes to IFRS.
The major changes likely to impact the current and future preparation of financial reporting under IFRS will include:
- IFRS 17 Insurance contracts
- Supplier finance arrangements
- Non current liabilities with covenants
- Financial instruments with characteristics of equity
- International tax reform Pillar 2 model rules
In addition, a brief coverage of IAASA’s financial reporting decisions (Jan 2023) and its key observations for December 2023 reporting will be covered in the session.
By attending this session delegates will be made aware of the likely changes arising from the most recent developments in financial reporting and will be able to advise their clients on the probable impact the changes will have on their financial statements.
The session will be of most interest to preparers of financial statements under IFRS as well as their auditors.
Course Level: Intermediate
The entry level subject would be at an intermediate level as delegates will be assumed to have a reasonable knowledge of the content of existing IFRS. It also represents knowledge that all financial accountants need to know.
CPD Course Speaker
Professor Robert J Kirk - Consultant
Robert qualified in first place in 1975 as an Irish Chartered Accountant after graduating in Economics from Queens University. He trained in practice with Price Waterhouse and later worked in industry with a subsidiary of Shell (UK). His teaching career started with Business and Accounting Training (now Griffith College) in Dublin where he taught mainly on the professional examination courses for ICAI, CPA, CIMA and ACCA in Belfast and Dublin. In 1984 he was appointed a full time lecturer in Queens University and later moved to Ulster University in 1992 as a Senior Lecturer. In 1994 he was appointed to the Chair in Financial Reporting at Ulster.
Robert specialises in the teaching of and research into the development of accounting standards in the United Kingdom. He has published 18 books and numerous articles in both academic and professional journals. His latest publication (co authored with Stephen McNamee) is the second edition of ‘A practical guide to UK and Irish Gaap’ (May 2020) (552pp) published by Chartered Accountants Ireland.
He has lectured extensively within Ireland and Great Britain on the subject of accounting standards to such diverse organisations as British Gas Plc, The Post Office, British Aerospace Plc, East Midlands Electricity, The Prison Service, the Department of Enterprise and Employment, Sheffield Teaching Hospital, NATO, Royal Bank of Scotland, Bank of Ireland, John Laing Plc, Barclays Bank, Deloitte & Touche (Dublin) and Reed International Plc and has become one of the main CPD speakers in that field over the last fifteen years for The Institute of Chartered Accountants in Ireland (ICAI), The Chartered Institute of Management Accountants (CIMA) and the Institute of Certified Public Accountants in Ireland (CPA). He also lectured on several occasions for The Chartered Institute of Public and Finance Accountants (CIPFA) and The Chartered Association of Certified Accountants (ACCA).
In the last few years he has lectured on international financial reporting standards to major companies in Cyprus, United States, Bahrain, South Africa, Zambia and Ghana.
CPD Fest is brought to you in association with Swoop for Advisors.
