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MFRS 9 / IFRS 9 Financial Instruments : A Practical Guide to Adopting the New Standard Effective 1 January 2018

Expert Speaker Danny Tan Boon Wooi

MYR901.00 (including GST)

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Overview

MFRS 9 Financial Instruments replaces MFRS 39 for annual periods beginning on or after 1 January 2018. The new Standard uses a highly structured format consisting of 7 chapters dealing with specific issues in the accounting for financial instruments.

The new Standards made significant changes by introducing a logical, single classification and measurement approach for financial assets that reflects the business management and their cash flow characteristics. Impairment of financial assets is built on a forward-looking expected credit loss model instead of the existing ‘incurred model’. The new impairment model will result in a more timely recognition of loan losses and is a single model that is applicable to all financial instruments subject to impairment provision. The new Standards also improved the hedge accounting model to better link the economics of risk management with its accounting treatment.

This comprehensive workshop provides a practical guide to applying the principles of the new Standard and examines the technical changes from the existing practice under the old Standard to the new Standard.

What You Will Learn

At the end of the workshop, you will:

  • Understand the similarities and salient differences between old Standard and the new Standard
  • Gain insights on impairment of financial assets
  • Have a practical understanding of the differences between hedge accounting under the old Standard and the new Standard
  • Be able to analyse the transiting provisions in the new Standard

Who Should Attend

This workshop is suitable for:

• Personnel in accounting department
• Accountants
• Auditors (internal and external)
• Finance Directors
• Regulators
• Directors & Partners
• Financial Controllers & Finance Managers
• Fund Managers & Investment Analysts

Programme Outline

Chapter 1 Objectives

  • A quick brief on the objectives of accounting for financial instruments

Chapter 2 Scope

  • How to handle subsidiaries, associates and jointly controlled entities
  • Leases: lesser and lessee scope
  • Issuer of equity instruments
  • Insurance contracts vs. Financial guarantee contracts
  • Contract in business combination
  • Loan commitments
  • Provisions
  • Share-based-payments
  • Contract to buy or sell non-financial items
  • Commodity derivative contracts to be settled net in cash vs. physical delivery

Chapter 3 Recognition and Derecognition

  • Recognition of financial assets and financial liabilities
  • Derecognition of financial assets and financial liabilities

Chapter 4 Classification

  • Changing the mindset on classification and reclassification of financial assets and financial liabilities
  • How to determine ‘business model’ and the ‘contractual cash flows’
  • When to apply fair value option
  • A brief on accounting for holders of embedded derivatives

Chapter 5 Measurement

  • Examine the measurement methods and accounting models
  • Impairment of financial assets

Chapter 6 Hedge Accounting

  • Overview of accounting for the three types of hedges (cash flow, fair value, and net investment)
  • Hedge accounting documentation requirements

Chapter 7 Effective Date and Transition

How to transit from the old Standard to the new Standard

Expert Speaker

Danny Tan Boon Wooi has over 30 years of working experience in public practice, commerce and industry as a professional accountant and auditor. In the last 18 years, he is a partner of a consulting firm providing technical training and consultancy in IFRS and IPSAS (Accrual Accounting). He is currently a project manager with the Malaysian Accounting Standards Board in several projects. He is a member of Government Accounting Standards Advisory Committee working on the implementation of Malaysia Public Sector Accounting Standards. 

Danny holds an Honours Degree in Economics from England, an MBA in Finance from Scotland and a Master in Advanced Business Practice from Australia. He is a member of CIMA (UK), ACCA (UK), ISCA, MIA and CTIM.

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