IFRS – The Ever Changing Global Financial Language

IFRS were made mandatory for the listed companies in the European Union in 2005. Since then these global standards have been adopted by more than 100 countries. In addition to bringing transparency, accountability and efficiency to the world economy, research has shown that it has reduced the cost of capital and cost of reporting.

The key issue at the moment for preparers and users is that IFRSs are a moving goal post. We have new standards (replacing existing standards) in the next two years:

IFRS 9 Financial instruments (effective from 1 January 2018)
IFRS 15 Revenue from Contracts with Customers (effective from 1 January 2018)
IFRS 16 Leases (effective from 1 January 2019)

The extent of impact of these standards on the business decisions and performance may vary from one organisation to another hence it is essential to assess the impact. In addition, the existing standards can often be complex to apply and analyse. This makes it essential for both preparers and users to have a thorough understanding of the standards and its impact on financial statements.

The one day course on “IFRS for Controllers” in Zagreb (03.03.2017.) covers the key topics – IFRS financial statements, financial instruments, revenue recognition, tangible fixed assets (including leases) and consolidation which would be applicable to controllers in corporate and financial institutions.

Saket Modi, CFA has spent considerable time working, advising and training on IFRS, in particular financial instruments. He has worked with delegates from over 50 countries in Europe, Africa, Middle East and Asia, and has been invited by the International Auditing and Assurance Standards Board® (IAASB®) to present on IFRS 9 at their board meeting in New York. He is a qualified accountant and CFA® charterholder.