With the introduction of IFRS 16 (effective 1 January 2019), in principle, lessees were most affected as they should recognise leases in the statement of financial position by capitalising right of use assets and lease liabilities. The purpose is to ensure visibility of all leases. This enable investors to make better investment decisions.

This short online course has been designed to provide the learner with a basic understanding of the key principles in respect of the accounting for Lease contracts under IFRS 16.

This course also discusses what the accounting for leases under IFRS 16 means from an income tax and value-added tax perspective.

To provide practical relief to lessees in accounting for rent concessions arising as a result of COVID-19 the International Accounting Standards Board (IASB) amended IFRS 16 in ED/2020/2 Covid-19 Related Rent Concessions. The course will briefly discuss this practical expedient.

We also discuss the impact of COVID-19 on the financial reporting of leases and in particular focus on the accounting treatment of rent concessions.

After successfully completing the course, you will receive a certificate of completion (1.5 hours CPD/CPE).

The cost for this Online Training Course is 

R474.38 (inclusive of VAT) / R412.50 (exclusive of VAT)

IFRS 15 replaced the previous Revenue standards IAS 18 (Revenue) and Construction contracts (IAS 11) and their related guidance effective 1 January 2018. For financial reporting, revenue recognition is arguably one of the most important and controversial topics.

This online course has been designed to provide the learner with a basic understanding of the key principles in respect of the accounting for Revenue under IFRS 15.

The business disruptions associated with the COVID-19 pandemic and impact of financial difficulties experienced by entities and their customers, may require entities to consider other facts that normally would not when assessing revenue from contracts with customers. This session will also discuss impact of COVID-19 on revenue recognition.

 

After completion of this online course, you will:

  • Be able to identify a contract or part of a contract within the scope of IFRS 15;
  • Understand the five-step approach to recognise and measure revenue;
  • Understand the key tax adjustments and deferred tax implications with regards to revenue;
  • Be able to apply the theory to practical examples; and
  • Be able to describe the factors to consider when assessing revenue from contracts with customers as a result of COVID-19.

 

After successfully completing the course, you will receive a certificate of completion (2 hours CPD/CPE).

IFRS 9 became effective on 1 January 2018. Included in the changes brought in by IFRS 9 is a logical model for classification and measurement of financial assets, a single, forward looking ‘expected loss’ impairment model and a substantially reformed approach to hedge accounting. The financial reporting of any entity, not just financial institutions, has been significantly impacted by these changes.

This online course has been designed to provide the learner with a basic understanding of the key principles in respect of the accounting for Financial instruments under IFRS 9.

The challenges and uncertainties caused by COVID-19 has also had a profound impact on management’s ability to estimate expected credit losses under the IFRS 9 impairment model. This online course will also discuss the COVID-19 considerations with regards to financial reporting of financial instruments.

 

After completion of this online course, you will:

  • Know when to recognise a financial instrument;
  • Be able to classify a financial instrument as a financial asset, financial liability and/or equity instrument;
  • Understand the classification and measurement of a financial asset including the impairment thereof (i.e. expected credit losses);
  • Understand the classification and measurement of a financial liability;
  • Understand the potential deferred tax implications in respect of financial instruments;
  • Be able to apply the theory to practical examples; and
  • Be aware of the impact of COVID-19 on financial reporting under IFRS 9.

 Please note that this online course does not cover hedge accounting.

 After successfully completing the course, you will receive a certificate of completion (3 hours CPD/CPE).

 Cost is R862.50 (inclusive of VAT) / R750 (exclusive of VAT).