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IFRS vs. GAAP FOR FINANCIAL SERVICES (1 DAY)

Accounting in the financial services industry has unique considerations in IFRS (International Financial Reporting Standards) just as it does under Canadian GAAP. Bankers and other financial service professionals are often exposed to accounting concepts related to more typical industries in their training programs, such as manufacturing, wholesaling, and retailing, and then have to learn the standards related to their industry on their own. To add to the complexity, the financial services industry deals with many complex financial instruments which present challenges in accounting.

This course is intended for accountants working within the financial services industry who want to improve their knowledge of IFRS.

At the end of this workshop, participants should be able to:

  • Increase their confidence and readiness for dealing with IFRS
  • Understand the similarities between IFRS and Canadian GAAP
  • Learn the main differences between IFRS and Canadian GAAP
  • Feel comfortable with the journal entries required under IFRS
  • Know where to look for more information on IFRS as it becomes available

Topics covered

  • Overview of IFRS Who, what, where, when, and why
  • Major differences between IFRS and Canadian GAAP
  • Key areas of concern to financial services:
    • Financial Instruments (IAS 39)
    • Effective interest method (IAS 39)
    • Accounting for loans (IAS 39)
    • Accounting for loan impairments (IAS 36)
    • Securitization and consolidation (IAS 39)
  • Fixed assets (IAS 16)
  • Investment property (IAS 40)
  • Presentation format of financial statements under IFRS
    • Statement of Financial Position
    • Statement of Comprehensive Income
    • Statement of Cash Flows
    • Statement of Changes in Equity
    • Reconciliation Schedule (Cash flows to Comp. Income)
    • New financial statement note disclosures
  • IFRS 1 adoption of IFRS standards
  • Current topics in IFRS
    • IFRS in the Insurance industry (IFRS 4)
    • Update on changes to Insurance IFRS expected by 2012
    • Other standards in process of changing
    • The status of US adoption of IFRS
  • Where to stay updated on IFRS and get more information

Workshop format

This workshop is highly interactive. Participants will see the impact of the new accounting standards first hand by working through exercises and reviewing statements prepared using different accounting standards.

Who will benefit

This course is intended for individuals working within the financial services industry and has a strong orientation to the banking industry in particular, although it covers areas of concern to other parts of the financial services industry, such as mutual funds and insurance. It is designed for financial professionals who are familiar with Canadian GAAP for this industry. It will also benefit accountants who are newly involved with the financial services industry.

Price: $649

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