Changing seasons - A PFRS seminar

Like the changing of the seasons in several parts of the world, accounting standards continue to evolve. These changes, while geared towards enhancing transparency in financial reporting, increase the complexity of preparing and utilizing financial information.

This year, we, at Isla Lipana & Co., will present PFRS updates and bring you back to the basics as we revisit the fundamental principles underlying our current accounting standards. This aims to provide you with implementation guidance to strengthen your foundation on PFRS to prepare you for the changes that lie ahead.

In this seminar, we will provide you with both update and refresher courses covering these topics:

Spring

Business combinations, consolidation and joint arrangements

• Is it an acquisition of a business or an acquisition of assets?
• A closer look at control
• A closer look at classification of joint arrangements

Summer

Financial instruments

• IFRS 9 - a refresher
• Introduction to derivatives

Autumn

Revenue recognition

• Basic principles of revenue recognition - a refresher
• A closer look at principal vs. agent
• Customer loyalty programmes - a refresher

Winter

Financial statement presentation

• FS presentation and disclosures
• 2011 Annual Improvements to PFRS
• 2011 PIC Q&As

In addition, “Deferred Tax Made Easy” and “The Basics of Pension Accounting” will be discussed as “bonus” topics.