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Interest Capitalization on Investment Property Canada - PDF

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					CMA Workshop Series

Understanding IFRS In-depth
November 24-25, 2009
Halifax, Nova Scotia



Overview:

International Financial Reporting Standards          At the end of this workshop, participants will
(IFRS) is coming to Canada.                          be able to:
                                                     •	 Increase their confidence and state of
By 2011, all publicly accountable companies             readiness for dealing with IFRS,
will be required to report their financial results   •	 Understand the similarities between IFRS
                                        .
using IFRS instead of Canadian GAAP These               and GAAP,
requirements include reporting a 2010 balance
                                                     •	 Understand the major differences between
sheet (the opening balance sheet for 2011)
                                                        IFRS and GAAP ,
under IFRS.
                                                     •	 Feel comfortable with the journal entries
                                                        required under IFRS, and,
Other companies, such as private enterprises
or not-for-profit organizations, will not be         •	 Know where to look for more information
required to use IFRS immediately, but it is             on IFRS as it becomes available.
highly likely that many of these organizations
                                                     The format for this workshop will be one that
will opt to switch to IFRS as well.
                                                     is highly interactive. Participants will learn the
                                                     international financial reporting standards by
It is imperative that anyone working within          working through exercises and examples that
the accounting field needs to be just as             compare journal entries under GAAP to the
comfortable with IFRS as they are with GAAP .        journal entries under IFRS. This workshop will
                                                     also present financial information from public
The objective of this seminar is to teach            companies that shows the impact on
participants about the major differences             the financial statements from using different
between IFRS and GAAP particularly the key
                          ,                          accounting standards.
principles and logic that form the basis of its
rules and guidelines.
Understanding IFRS In-depth (cont...)

(cont...)

Many IFRS workshops and conferences focus           5. “IFRS 1” – adoption of international
on high-level overviews. This workshop is           financial reporting standards
different in that it goes into depth and provides
participants with the information they need to      •	 General requirements
understand the new standards.                       •	 Optional exemptions from adopting IFRS
                                                    •	 Mandatory exceptions to adopting IFRS
WORKSHOP AGENDA
                                                    6. Presentation of financial statements under
1. Overview of IFRS
•	 Who, what, where, when, and why                  IFRS
                                                    •	 Statement of Financial Position
2. Major differences between IFRS and               •	 Statement of Comprehensive Income
Canadian GAAP                                       •	 Statement of Cash Flows
                                                    •	 Statement of Changes in Equity
3. Balance sheet - key areas
                                                    •	 Reconciliation Schedule (Cash flows to
Assets:                                                Comprehensive Income)
•	 Fixed assets (plant, property, and equipment)    •	 New information in financial statement notes
•	 Revaluation of assets
•	 Component accounting
                                                    7. Current topics in IFRS
•	 Interest capitalization
•	 Depreciation                                     •	 Standards and projects that are changing
•	 Inventories                                      •	 The status of US adoption of IFRS
•	 Investment property and fair value model
•	 Intangible assets                                8. Where to stay updated on IFRS and where
•	 Impairment of assets
                                                    to get more information
•	 Impairment reversals
•	 Cash-generating units

Liabilities:                                        Who Should Attend?
•	 Borrowing costs
•	 Leases
•	 Contingent liabilities and provisions
                                                    This workshop is designed for individuals who
•	 Financial instruments                            have an understanding of Canadian GAAP and
•	 Income taxes                                     would like to understand the major differences
•	 Other liabilities                                that IFRS will bring to Canada.

Equity:
•	 Revaluation surplus                              •	 Accountants
•	 Profit/loss passing through equity               •	 Financial managers and directors
•	 Other equity                                     •	 Anyone else who prepares or relies on
                                                       financial statements
4. Income statement - key areas
•	 Revenues
•	 Expenses
•	 Profit/loss (those not impacting the income
   statement)
                                                     Date
About the presenter:
                                                     This is a two-day session:
                                                     November 24 and 25, 2009, 8:30 am to 4:30 pm
Karine Benzacar, MBA, CMA, CPA (Del)
                                                     (Note: Calculators are required)

Karine Benzacar is Managing Director of              Location
Knowledge Plus Corp., an organization that
                                                     Halifax, Nova Scotia
specializes both in business training and in         (Room to be announced)
providing financial, accounting, and management
information services. As a professional              Cost
accountant, certified both in Canada and in the
                                                     The full, two-day session (including meals and
U.S., Karine’s practice has involved both Canadian   required materials):
and U.S. organizations. Her clients include both     CMA member rate - $695 plus HST
large companies, such as the Bank of Nova Scotia,
                                                     Regular rate - $895 plus HST
Magna, and IBM, start-up firms and the public
sector, such as the Government of Canada. She        This event qualifies for 16 CPLD credits under the
                                                     related CMA policy.
has been working with IFRS since 2005 with
selected clients.                                    Registration


Karine has held senior management positions          Register online at www.cma-ns.com/events
at three major Canadian Banks – Royal Bank
of Canada, Bank of Nova Scotia, and Bank of
Montreal and taught undergraduate and MBA            “Excellent course to understand the background of
                                                                            .
                                                     IFRS vs. Canadian GAAP I would highly recommend
courses at several leading universities including    to anybody who anticipates implementing IFRS in the
University of Toronto, Concordia University, and     near future”

Ryerson University.                                  Vani Visuci, Director of Finance

                                                     “Karine was a great speaker. She really understands
She is a highly acclaimed industry expert, having    the material and can explain it in everyday language.
presented at numerous industry conferences           I’d recommend this course to everyone wanting to
                                                     understand IFRS. She didn’t preach to us, she helped
and has been facilitating Strategic Leadership
                                                     us learn it!”
seminars for the Society of Management
                                                     Jennifer Kendall, Controller
Accountants for the past 10 years.

				
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