This update will be invaluable for all financial directors, managers and their finance teams - whatever their area of business.
It is a great opportunity to build your technical skills in the areas of Financial Reporting and Tax.
Featuring practical sessions presented by specialists in international financial reporting, this IFRS update provides a detailed overview of specific IFRS standards and insights into current audit issues resulting from the implementation of these standards and the impact thereof on finance directors and managers.
The specific standards that this workshop will focus on are:
1) IFRS 15 Revenue from Contracts with Customers
IFRS 15 replaced the previous Revenue standards IAS 18 (Revenue) and IAS 11 (Construction Contracts) and their related guidance. For financial reporting, revenue recognition is arguably one of the most important and controversial topics. IFRS 15 is intended to be an improved standard for revenue recognition. IFRS 15 is effective for periods beginning on or after 1 January 2018.
This session will provide as a refresher of the requirements of IFRS 15 to be able to apply the changes in tax treatment arising from IFRS 15.
2) IFRS 16 Leases
With the introduction of IFRS 16, lessees will be most affected, as they will recognise their leases in the statement of financial position by capitalising the leases to the balance a right of use asset and recording a lease liability. The purpose is to ensure visibility of all leases. This will enable investors to make better investment decisions. IFRS 16 is effective for annual periods beginning on or after 1 January 2019.
This session will discuss the above changes and specifically also address the practical expedient introduced by the IASB as a result of COVId-19 on rent concessions awarded by lessors and obtained by lessees.
3) IFRS 9 Financial Instruments
IFRS 9 has been in effect for a few years and it has been duly adopted and implemented by entities. IFRS 9 specifically addressed the classification criteria of financial assets and liabilities and introduced an expected credit loss model vs an incurred loss model under IAS 39.
The session will serve as a refresher for the principles underlying IFRS 9 to assist with the correct tax treatment.
The National Treasury and the South African Revenue Service (SARS) published on 31 July 2020, for public comment, among other drafts, the 2020 draft Taxation Laws Amendment Bill and the 2020 draft Tax Administration Laws Amendment Bill. These draft Tax Bills contain tax proposals made in the 2020 Budget on 26 February 2020.
The purpose of this session is to create an awareness of the key proposed amendments in terms of these Draft Bills and their impact and to assist the finance teams to note which particular amendments could affect their business.
The workshop is not a detailed technical dive into each of the proposed amendments covered, but will cover the following selected key information;
- high-level discussion on the background of the section or paragraph discussed,
- reason for the amendment,
- impact of the amendment,
- effective date of the amendment, as well as
- any particular insight or comment we have on the amendment.
The following amendments will be covered:
1) Income Tax: Individuals, Savings and Employment
- Reimbursing employees for business travel
- Addressing an anomaly in the tax exemption of employer provided bursaries
- Clarifying deductions in respect of contributions to retirement funds
- Addressing an anomaly in the rollover of amounts claimable under the employment tax incentive
- Par 13 of the 4th Schedule: Alignment of Act with the modernised process of employees tax
2) Value Added Tax
- Clarifying the VAT treatment of irrecoverable debts
3) Tax Administration Act
- Section 187: Interest on late payment
- Section 190: Refunds
- Section 234: Non-compliance with Tax Acts re the use of the term wilfully
4) Income Tax: Business – General
- Addressing anomalies on the acquisition of assets in exchange for debt issued
5) Income Tax: Business – Financial Institutions and Products
- Clarifying the tax treatment of secured non IFRS 9 doubtful debt
This webinar will contribute 3 CPD hours