IFRS 9: Financial Instruments

4.5 (4)

Michel Morley

Mike Morley

Monday, December 21, 2020 | 04:00 PM EST

  • CPA
  • CMA

Credits: 2 CPE

$20

Subject Area

Accounting

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Additional Dates

Jan 22, 2021 | 11:30 AM EST Register

Course Description

IFRS 9 introduces new requirements for how an entity should classify and measure financial assets, replaces the current rules for impairment of financial assets and amends the requirements for hedge accounting.  The standard also requires entities to provide users of financial statements with more informative and relevant disclosures. 

This webinar on new IFRS 9 will delve into the details of the fundamental changes, with a specific focus on hedge accounting, to enable you to effectively implement the new requirements. IFRS 9 identifies three types of hedging relationships and prescribes special accounting provisions for each: Fair value hedge, Cash flow hedge and Hedge of a net investment in a foreign operation. 

IFRS 9 requires that you be aware of its effect in order to implement it. Although IFRS 9 is very detailed oriented, you still must know all the areas it covers, You need to know and understand the implications of IFRS 9. Auditors look specifically for the correct application of this standard. It can have a serious impact on some entities, perhaps altering their balance sheet more than they dared to believe. It affects many large entities in the financial industry as well as entities that depend on financial instruments. 

IFRS 9 applies in many areas, including such as how financial assets and liabilities are recognized, de-recognized, and valued, as well as imposing substantial disclosure requirements. Auditors need to understand the obligations of IFRS 9, and management has to base decisions on knowledge of this standard to maximize benefits from using financial instruments. In addition, IFRS 9 has specific rules about insurance contracts, which means that the interaction between IFRS 4 and IFRS 9 will have to be considered. 

Major Topics Covered: 

  • The initial measurement of financial instruments
  • Subsequent measurement of financial assets and liabilities
  • Debt instruments and Equity instruments
  • Fair value option
  • Other comprehensive income option
  • Measurement guidance
  • De-recognition of financial assets and liabilities
  • Derivatives as well as embedded derivatives
  • Overview of Hedge accounting
  • Impairment
  • Presentation and Disclosures
  • Interaction with IFRS 4
  • Although hedge accounting is optional, there are qualifying criteria in IFRS 9 to be able to apply hedge accounting

Learning Objectives

  • Be able to initially measure financial instruments and the subsequent measurement of financial assets and liabilities
  • Record correctly debt instruments as well as equity instruments
  • Know how to apply the fair value option
  • Understand when and how to apply the other comprehensive income option
  • Implement the de-recognition of financial assets, liabilities, derivatives, and embedded derivatives
  • Comprehend the criteria for using hedge accounting,
  • Be aware of the requirements for presentation and disclosures

Who Should Attend?

  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • CPA (Industry)
  • Young CPA
  • Senior Accountant
  • Accounting Managers
  • Staff of Accounting Firm
  • Bookkeepers & Accountants & Tax Preparers

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