IFRS 9 Financial Instruments will replace IAS 39 Financial Instruments: Recognition and Measurement. This Standard will be completed in three phases:
1. Classification and measurement of financial assets (IFRS 9 issued in November 2009)
2. Impairment methodology for financial assets (exposure draft issued in November 2009)
3. Hedge accounting (development stage)
The Knowledge Group is assembling a panel of key thought leaders and experts to help you get a sense of what these important developments have to offer for your business. Joining this webcast will allow you to assist your clients better. Reserve your slot now and have the chance to ask your questions to our panel, live.
Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Group, LLC
Recommended CLE/CPE Hours: 1.75 - 2.0
Important Note: Your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date or you will not be able to obtain CLE credit.
Advance Preparation: Print and review course materials
Course Code:103988
Louis Fanzini
Director of Technical Accounting and Research
Vincent T. Papa, CFA
Director, Financial Reporting Policy
Simon Gealy
Partner, Capital Markets Group
Andrew Spooner
Lead Financial Instruments Partner
- The new standard will replace IAS 39 "Financial Instruments
- ongoing proposal on the final piece on hedge accounting continue to be developed.
- IFRS 9 uses a single approach to determine whether a financial asset is measured at amortized cost or fair value, replacing the many different rules in IAS 39
- The approach in IFRS 9 is based on how an entity manages its financial instruments (its business model) and the contractual cash flow characteristics of the financial assets
- The new standard also requires a single impairment method to be used, replacing the many different impairment methods in IAS 39. Thus IFRS 9 improves comparability and makes financial statements easier to understand for investors and other users.
- IFRS 9 requires the business model of an entity to be assessed first to avoid the need to consider the contractual cash flow characteristics of every individual asset
- It requires reclassification of assets if the business model of an entity changes.
- Business model drill down and governance
- Products susceptible to reclassification
- Transition issues
- Comparison of IFRS 9 with the newly issued FASB Exposure Draft on financial instruments. Will one lead to amendments to the other?
- Performing a business model assessment for amortised cost measurement.
- Does the contractual cash flows assessment differ to the current requirement in IAS 39 to separate out non-closely related embedded derivatives?
- Hedge accounting development. Implications of inconsistencies in scope between FASB and IASB. Comment on direction of IASB, namely shift in mechanics of fair value hedge accounting mechanics. Necessary disclosure regime
- Asymmetrical treatment of financial liabilities- The own credit risk question
- Survey Feedback from CFA Institute members on classification and measurement approaches
- CPAs
- CFOs
- Financial Auditors
- Comptrollers
- Tax Attorneys
- Legal Auditors
- Audit Partners/Consultants
- Management Accountants
- Heads of Finance
- Heads of Accounting and Admin
- Portfolio Managers
- Financial Analyst
- Financial Accounts Manager
- Corporate Senior Management
This is a must attend event to anyone interested in hearing the latest developments and updates of the implementation of IFRS.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A