IFRSs Update & Comparison of PRC GAAP

Who Should Attend

CFO/CEO/CIO

Finance Director/Manager/Controller

Auditing Manager

Accounting Manager

Investment/Financial/Equity Analysts

Greatchangeswilltakeplacein2012forIFRS,inthiscriticalyear,whatkeymilestonescanhelpyoutoensureyouwillbewellpreparedforfilingyourfirstinterimIFRSfinancialstatements2011willbediscussedinthistraining.

InthecontextofincreasingglobalusageofIFRSandexpectedconvergenceofPRCGAAPwithIFRSoverthecomingyears,wewilldiscussboththecurrentdifferencesbetweenPRCGAAPandIFRSaswellashighlightingsomeofthedevelopmentsinIFRSthatarecurrentlyunderdiscussion.ThistrainingisappropriateforboththenoviceinIFRSfinancialreportingwhoneedstobeup-to-datequickly,andtheveteranfinancialprofessionalwhoislookingforarefreshercoursewhichincludingcurrentissuesandprojects.InthiscoursewewillhighlightIFRSVSPRCGAAPwithdetailstohelpyouonapplyingthesetwostandardsintoyourrealbusiness.

WhyYouCanNotMiss

Understandingthataccountingstandardsarenotjustamatterforspecialists

CementingyourknowledgeofIFRSwithhands-oncasestudiesandexamples

RecognizingandgoingbeyondthedifferencebetweenIFRSandChineseGAAP

TechnicalanalysisanddiscussiononthelateststrategicupdatesandfuturedirectionofIFRS

ImplementingIFRSaccountingforassets,liabilitiesandownersequity

Revisitingbasicconceptssuchasleaseaccounting,impairment,fairvalue,revenuerecognition,contingencies,financialinstruments,businesscombinations…

ProvidingrecentupdatesandtheirconsequencesincludingIFRSforsmallandmedium-sizedentities

Guidanceonthechallengestofacewhenfirsttimeadoptionorimplementingnew/orsomespecificstandards

WhoShouldAttend

CFO/CEO/CIO

FinanceDirector/Manager/Controller

AuditingManager

AccountingManager

Investment/Financial/EquityAnalysts

ThisGoldenFinancetrainingisappropriateforboththenoviceinIFRSfinancialreportingwhoneedstobeup-to-datequickly,andtheveteranfinancialprofessionalwhoislookingforarefreshercoursewhichincludingcurrentissuesandprojects.InthiscoursewewilltakeacloselookattherecentreleaseforprivatecompaniesofIFRSforSmallandMedium-sizedEnterprises(SMEs).Inaddition,thetrainingwillprovideupdatesonthemostrecentIFRSdevelopmentsaswellasdetailedguidanceontheimplementationofseveralspecificIFRSstandards.ItwillequiptheparticipantstomoreeffectivelytransitiontoIFRSin2011orthereafter.

TopicsWillbeCovered

Day1

A.IntroductiontoIFRS

-LatestDevelopmentsattheIASB

-ConvergencewithUSGAAP

-ConvergencewithChineseGAAP

-IFRS–aprinciplebasedframeworkofaccounting

-SummaryofIFRS2009-2011updates

-IFRSandfairvalueconsiderations,IFRS13Fairvaluemeasurement

B.Assets

-Currentassets,IAS2Inventories/CAS1Inventories

-Tangiblefixedassets,IAS16Property,PlantandEquipment/CAS4Property,PlantandEquipment

-Currentupdateofleaseaccounting,IAS17Leases;ED/2010/9Leases/CAS21Leasing

-Intangibleassets–intellectualpropertyanddevelopmentcosts,IAS38Intangibleassets/CAS6Intangibleassets

-Borrowingcosts,IAS23Borrowingcosts/CAS17Borrowingcosts

-Impairment,IAS36Impairmentofassets/CAS8Impairmentofassets

C.Liabilities

-Contingencies,IAS37Provisions,ContingentLiabilitiesandContingentAssets/CAS,13Contingencies

-Retirementbenefits,IAS19EmployeeBenefits/CAS9EmployeeBenefits

-Updateoffinancialinstrumentsandhedgeaccounting,IFRS7FinancialInstruments:Disclosures/CAS37Financial,Instruments:PresentationandDisclosures,IFRS9FinancialInstruments/CAS12Debtrestructuring;CAS22FinancialInstruments:RecognitionandMeasurement,CAS23TransferofFinancialAssets;CAS24Hedging

D.Incomeandexpenditure

-Revenuerecognition,IAS11Constructioncontracts/CAS15Constructioncontracts,IAS18Revenue;ED/2010/6Revenuefromcontractswith,customers/CAS14Revenue

-Taxes,IAS12IncomeTaxes/CAS18IncomeTaxes

-OtherIncomestatementtopics,IAS20AccountingforGovernmentgrantsandDisclosureofGovernmentAssistance/CAS16GovernmentGrants,IAS21Theeffectsofchangesinforeignexchangerates/CAS19ForeignCurrencyTranslation,IFRS2Shared-basedPayment/CAS11Share-basedpayment,IFRS8OperatingSegments/CAS35SegmentalReporting

Day2

E.Consolidationandbusinesscombinations

-Whatconstitutesabusinesscombinations,IFRS3Businesscombinations/CAS20Businesscombinations

-Inclusionofinvestmentswithdifferinglevelsofcontrol,IFRS10Consolidatedfinancialstatements/CAS33,Consolidatedfinancialstatements,IFRS11Jointarrangements/CAS2Longtermequityinvestments,IFRS12Disclosureofinterestinotherentities

F.Financialstatementsandfirsttimeadoption

-Disclosurerequirements,IAS1Presentationoffinancialstatements/CAS30Presentationoffinancialstatements,IAS7Statementsofcash-flows/CAS31Cashflowstatements,IAS8Accountingpolicies,changesinaccountingestimatesanderrors/CAS28Changesinaccountingpoliciesandestimatesandcorrectionoferrors,IAS10Eventsafterthereporting

period/CAS29Eventsafterthebalancesheetdate,IAS24Relatedpartydisclosures/CAS36Relatedpartydisclosures,IAS33Earningspershare/CAS34Earningspershare,IAS34InterimFinancialReporting/CAS32Interimfinancialreporting,IFRS5Non-currentassetsheldforsaleanddiscontinuedoperations

-Firsttimeapplicationissues,IFRS1First-timeadoptionofInternationalFinancialReportingStandards/CAS38FirstTimeAdoptionofAccountingStandardsforBusinessEnterprises

G.SummaryofASBE/CAS/IFRSdifferences

-RecapthedifferencesbetweenoldandnewChineseGAAPwithIFRS

H.IFRSforSMEs(SmallandMediumSizedEnterprises)

-Towhomdoesitapply?

-DifferencesBetween“Full”IFRSand“IFRSforSMEs”

沈老师

Why You Can Not Miss

Understanding that accounting standards are not just a matter for specialists

Cementing your knowledge of IFRS with hands-on case studies and examples

Recognizing and going beyond the difference between IFRS and Chinese GAAP

Technical analysis and discussion on the latest strategic updates and future direction of IFRS

Implementing IFRS accounting for assets, liabilities and owners equity

Revisiting basic concepts such as lease accounting, impairment, fair value, revenue recognition,contingencies, financial instruments, business combinations…

Providing recent updates and their consequences including IFRS for small and medium-sized entities

Guidance on the challenges to face when first time adoption or implementing new/or some specific standards