NEW! IIA General Letterhead



IFRS 9: Post-implementation challenges for Internal Auditors, Risk Managers and Compliance professionalsDate 18 – 19 March 2019 Time: 09:00 – 17:00 Location – Tirana (to be defined)Course director: Nicholas ChristodoulouIntroductionIFRS 9 is having significant impact on the financial statements of banks and other financial institutions. It stands high on the agenda of many internal teams given its wider implications across governance, risks, controls and processes.Application of IFRS 9 requires a great degree of judgement and this is a significant impediment for internal auditors in a financial institution. For example, big banks will typically apply more sophisticated modelling methodologies than small credit institutions, in order to fulfil the same requirement of IFRS 9 related to the estimation of future expected losses. As a result, implementations will differ across institutions. Assessment then of the quality of IFRS 9 implementation will require from internal audit teams not only profound knowledge of the standard as such, but also the ability to put the standard’s requirement in the context of the institution and its risk management environment. This two-day seminar provides a comprehensive overview of the new financial reporting requirements contained in IFRS 9, which has become mandatory for accounting periods beginning on or after 1 January 2018. It is specifically tailored to the needs of Internal Auditors and other non-accounting banking professionals, to sufficiently equip them with a thorough understanding of the new standard for them to factor the implications of IFRS 9 in their activities. It also aims to assist the internal teams to compare the current skill set with an ideal skill set (modelling, credit risk, and accounting).Course objectiveThe course aims to analyze and demystify the main principles and requirements of IFRS 9, with emphasis on practical application issues and potential problems in auditing and controlling processes and solutions developed in the process of IFRS 9 implementation.Target audienceInternal Audit, Risk Management, Compliance, Business Analysts.Content IntroductionIFRS 9 development process and reason behind substituting IAS 39 with a new standard on financial instruments accountingThe foundations of IFRS 9 Classification and measurementReview of key changes to classification of financial assets and financial liabilities as compared with IAS 39New categories of financial assets under IFRS 9 (AC, FVPL, FVOCI) IFRS 9 classification criteria:Business modelSPPI criterionTypes of financial assets, which will and will not pass the SPPI testModified time value of money and benchmark testsAccounting treatment of equity investmentsFinancial liabilities designated to presentation at fair value through profit or loss and presentation of entity’s own riskAllowed reclassifications between categoriesEmbedded derivatives under IFRS 9Impairment of financial assetsThe scope of the impairment requirements is now much broader. Previously, under IAS 39, loss allowances were only recorded for impaired exposures. Now, entities are required to record loss allowances for all credit exposures not measured at fair value through profit or loss.The new standard outlines a ‘three-stage’ model (‘general model’) for impairment based on changes in credit quality since initial recognition The new requirements are designed to result in earlier recognition of credit losses, by necessitating a 12-month ECL allowance for all credit exposures. In addition, the recognition of lifetime ECLs is expected to be earlier and larger for all credit exposures that have significantly deteriorated (as compared to the recognition of individual incurred losses under IAS 39 today).The scope of application of impairment requirementsMain differences between the “expected loss model” featured by IFRS 9 and the previously effective “incurred loss model” required by IS 39The concept of expected lossesThe “general approach” and its logic12-month and lifetime expected lossesSignificant deterioration of credit riskAccounting treatment of assets in all stages of the general approachRisk scenarios and forward-looking informationAccounting for credit risk allowances and impairment interest on stages 1, 2, and 3Definition of “default”Rebuttable presumptions, practical expedients and simplificationsThe “simplified approach” and assets eligible for simplified treatmentPOCI assets and their accounting treatmentAsset modifications and their accounting treatmentCase studies and teamwork exercises will be supporting all the sessions. INSTRUCTOR BIONicholas Christodoulou is an accomplished Senior Executive with over 19 years of experience in Finance & Banking, Auditing & Tax, Sales Management, Negotiation, Business Development and Senior Training. Throughout his experience he has proven to be a high performing executive with a long track record of accomplishments in setting up successful business and creating an environment with a winning mentality.Nicholas assignments include the development and introduction of an internally generated credit rating software system with statistical models, many years ago, at times where credit rating systems in Cyprus were unknown. He also successfully introduced and set up an efficient and effective corporate governance environment in the banking sector. Nicholas even managed to establish a small cooperative bank to one of the biggest in the island of Cyprus and certainly the best one in terms of organisation and performance. Currently he is offering his services as a Senior Consultant and a Manager Business Control of the Iacovou Group of Companies, the biggest Construction Group in Cyprus.As per his academic background, Nicholas is an experienced professional Senior Trainer with a practical approach, who constantly receives excellent ratings and reviews from the training evaluations. He is a noted business developer of EY Training academies in a number of countries worldwide. Nicholas has been preparing professionals for professional qualifications such as ACA, ACCA, CIA for a number of academic institutes, such as the EY Academy in Poland and the MENA region, the Cyprus Institute of Marketing, Cyprus College and the Pro Seminars Academy in Greece. He delivers professional training in IFRS, Basel II requirements, Risk Bank Indicators, AML, auditing, accounting as well as a variety of other business topics to corporate audiences in many countries including Poland, Hungary, Greece, Cyprus, Kuwait, Bahrain, Saudi Arabia, Dubai, Abu Dhabi etc. To finalize his entire track of achievements, Nicholas is a great motivator and leader with the ability to build a working environment based on integrity, trust, hard work and loyalty. He makes sure to deliver such values in all of his training courses. The award of the Investors in People accreditation in 2014 was one of the highlights of his career in relation to the management of human personnel. IMPORTANT FINANCIAL DATA -696982272780Cost per participant: AIIA Members 320 € (VAT included) Non-members 375 € (VAT included) Price includes course attendance, educational material, lunch and coffee breaks. Payment* can be made by bank transfer or direct deposit by using the following account info: Account Holder: Albanian Institute of Internal Auditors Nr.llog: 0010039700 Swift: SGSBALTX IBAN: AL43 2021 1123 0000 0000 1003 9700 Raiffeisen Bank Albania Contact us for quotes related to more than two participants from the same organization or other information: info@aiia.al * Important: The transferred amount must include the entire amount as stated above. No shortfalls due to exchange fee/or other administration charges may arise. Albanian Institute of Internal Auditors has to receive the amount that is stated in your invoice. REGISTRATION FORMForIFRS 9: Post-implementation challenges for Internal Auditors, Risk Managers and Compliance professionals18 – 19 March 2019, Tiran?, Albania.Full namePositionCompany nameVAT No.Contact Tel.EmailAddressCancellation Policy: Places on AIIA Training courses are limited so we therefore operate a cancellation policy regarding refund. 1. In case of cancellation of a training event by AIIA or related partner, we will endeavour to inform all participants 10 days before the course is due to take place, although please be aware that this is not always possible. All course fees paid will be reimbursed in full, but we are unable to reimburse any other costs that may have been incurred, including flights, accommodation etc. 2. No refund will be made for: a. Bookings cancelled less than three weeks before the event, except in exceptional circumstances and then only at the discretion of Albanian Institute of Internal Auditors. b. Non-attendance on the course. 3. For bookings cancelled three or more weeks before a course is due to start, 100% per cent of course fees paid will be refunded to the applicant. ? I confirm all the data I provided is true and accurate. ? I confirm that I read the training program and I agree to have such content delivered during the course. Name Surname Signature -673102514600Date, location273052654300388493026733500 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download