Navigating through the latest updates in IFRS

By the end of the training, participants will be able to:

• Distinguish changes in accounting policies from accounting estimates
  
• Identify whether a contract is an insurance contract
• Demonstrate the ability to interpret the definition of significant insurance risk
• Explain on a high level the requirements of IFRS S1 and IFRS S2
• Apply the requirements of ESRS regarding the disclosures of sustainability-related information
• Apply the four-step process under IFRS 17 for identifying an insurance contract
• Adopt and implement the requirements of IFRS 17 for insurance contracts
• Implement the latest amendments in IFRS in the preparation of financial statements
• Support the process of preparing accurate financial statements.

This seminar is addressed to CEOs, financial controllers, finance managers, finance directors, accountants and auditors seeking comprehensive knowledge of the latest IFRS requirements. It offers valuable insights to professionals involved in financial statements’ preparation and compliance services, ensuring they stay informed and equipped to navigate the complexities of recent IFRS adoptions/amendments.

All participants should be currently employed.

*The number of participants is restricted to 28.

1. European Sustainability Reporting Standards (ESRS) (1 hr & 30 min)

• Introduction to ESRS which will have a significant impact on the scope, volume and granularity of sustainability-related information to be collected and disclosed by companies

IFRS S1: General Requirements for Disclosure of Sustainability-related financial information & IFRS S2: Climate-related Disclosures

• Introduction to IFRS S1 and S2. The aim is to mandate entities to provide relevant information concerning their sustainability-related risks and opportunities that is useful to the users of the financial statements
  
• Identifying sustainability and climate related risks and opportunities
• Identifying applicable disclosure requirements (quantitative and qualitative information)
• Strategy and decision-making
• Timing of reporting.

2. Amendments in IFRS effective from 1 January 2023 (55 min)

• IAS 1 Presentation of Financial Statements
  

Disclosures of Accounting Policies

These amendments help entities provide useful accounting policy disclosures by requiring entities to disclose their material accounting policies instead of their significant accounting policies, clarifying that accounting policies related to immaterial transactions, other events or conditions, are themselves immaterial and do not need to be disclosed. They also clarify that not all accounting policies relating to material transactions other events or conditions are themselves material.

• IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
  

Definition of Accounting Estimates

The trainers will present the changes in this standard, which explains how entities distinguish between changes in accounting policies and changes in accounting estimates, with a primary focus on the definition and guidance related to accounting estimates.

• IAS 12 Income Taxes

Deferred Tax related to Assets and Liabilities arising from a Single Transaction

The trainers will cover the amendments of this standard which describes how entities account for deferred taxes on certain transactions, such as leases and decommissioning obligations, with a focus on reducing diversity in practice.

3. Amendments in IFRS effective from 1 January 2024 (45 min)

• IFRS 16 Leases

Lease Liability in a Sale-and-Leaseback

The trainers will outline the changes in this standard which clarifies how a seller-lessee will account for variable lease payments that arise in a sale-and-leaseback transaction.

• IAS 1 Presentation of Financial Statements

Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants.

The trainers will cover the relevant amendments of this standard which clarifies that the classification of liabilities as current or non-current is based solely on an entity’s right to defer settlement for at least 12 months at the reporting date.

• IAS 7 Statements of Cash Flows and IFRS 7 Financial Instruments Disclosures

Supplier Finance Arrangements

The trainers will explain the changes in this standard which requires an entity to disclose qualitative and quantitative information about its supplier finance arrangements.

4. Amendments in IFRS effective from 1 January 2025 (20 min)

• IAS 21 The effects of Changes in Foreign Exchange Rates

Lack of exchangeability

The trainers will refer to changes that will soon be effective. More specifically, they will cover the amendments relevant to this standard, which applies when one currency cannot be exchanged for another. The amendments introduce new disclosures to help financial statement users assess the impact of using an estimated exchange rate.

5. IFRS 17 Insurance contracts for non-insurers (1 hr)

• Identifying a contract
• Compensating for a specified uncertain future event
• Assessment whether the event adversely affects the counterparty
• Transfer of significant insurance risk
• Case Study: Applying the four-step process.

6. Future Updates and Amendments (1 hr)

• This section is dedicated for any future developments or amendments may arise until the delivery date of the seminar (i.e., IFRS 18).
  

7. Q & A session (30 min).

Our services include:

• Handouts, including the hard copy presentation, examples, case studies, exercises, and additional notes, if applicable.
• Stationery, such as pads, pens, and files.
• Drinks (coffee, tea, etc.) and a buffet lunch.
• A fully equipped training room with WiFi access.
• Certificate of completion.

If you wish to register for the seminar, please complete the registration form.

Once your registration is submitted, you will receive an email stating the participation fee, including any discounts, if applicable. Kindly note that the payment should be settled at least two days prior to the seminar’s date for your registration to be confirmed.

The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. Please note that there are limited seats available, therefore enroll in this seminar as soon as possible.

If you do not receive our confirmation e-mail regarding your registration, your participation cannot be guaranteed.

Cost

€264 Net investment after subsidy from the HRDA of €120: €144 for all eligible participants*

€264 + VAT (19%) for all participants who are non-eligible for the HRDA subsidy.

*Last Date for 10% Early Bird Discount: 04/11/2024

 

Note

We do not provide a soft copy of the presentation for face-to-face seminars. However, if you would like to request one, please contact us. We may be able to provide it, subject to approval. In this case, the cost of the soft copy will be €50 for participants who have already attended the relevant training, or €100 for those who have not.
 

HRDA Note

For HRDA approved trainings, all individuals who wish to attend our training courses should not only fill out our registration form, but also complete the registration process through the ERMIS platform in order to be approved by the HRDA. Please reach out to the HRDA Ermis officers on 22 390 300 for more details regarding this process. Kindly also note that each participant regardless if they are claiming the HRDA subsidy or not, will need to complete their registration through ERMIS as a physical person and choose our training in order to be able to attend (either as an employee whose company is claiming the subsidy or as an individual not claiming the subsidy).
 

Discounts available

• For more than two (3+) participants from the same company a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for participants who enroll in the same seminar, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
• For individuals/legal entities who/which register in more than two (3+) seminars during the same semester (January-June & July-December), a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for individuals/legal entities who/which enroll in more than two (3+) seminars during the same semester, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
• There is a 10% discount for alumni members. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the early bird discount and the HRDA subsidy, when applicable. For more information on our alumni scheme, click here.
• There is a 10% early bird discount on selected seminars for participants who enroll in a training course until a specific date which is stated above. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the HRDA subsidy, when applicable.
• HRDA subsidy for all HRDA approved seminars. 
• Please note that while participants may qualify for multiple discounts, a maximum of two discounts, up to a total of 20%, can be applied per registration.

Contact

For any queries, please contact Vasiliki Sioziou on +357 22 207 460 or at academy@kpmg.com.cy

 

CPD

This seminar may contribute to Continuing Professional Development requirements. At the end of the seminar participants will be given a certificate of attendance confirming the total number of training hours (6 CPD).

Pangratios Vanezis
Board Member, IFRS 9 and IFRS 17 implementation leader, Audit, KPMG in Cyprus

Pangratios joined KPMG in Cyprus in 2003 and became a Board Member in 2017. He holds a BA in Accounting & Finance from Lancaster University and is an Associate member of the Institute of Chartered Accountants in England and Wales.

Pangratios possesses versatile industry experience across sectors such as the financial services (banking and insurance), consumer products, airline transport industry, agriculture and food and beverages. In 2014, he was pivotal in the creation of the KPMG Enterprise and Startups team of KPMG in Cyprus, for which he serves as the team leader.

He is the co-leader of the Accounting Advisory Services at KPMG and he is actively involved in providing advice for complex accounting issues for both eternal clients and internally as well. Pangratios is the implementation leader and contact person on IFRS 17 and IFRS 9 matters of KPMG Cyprus IFRS Helpdesk team.

He is currently the chairman of the Financial Services committee of the Institute of Certified Public Accountants in Cyprus (“ICPAC”). He has also served as the chairman of the Accounting Committee from 2018 to 2022. Pangratios is certified by the HRDA as a “Trainer of Vocational Training”.

 

Peleties Panayiotis
Board Member, Audit Services, KPMG in Cyprus

Panayiotis is a Board Member and Head of Banking at KPMG in Cyprus.  He is also the Chairman of the KPMG Cyprus Audit Committee Institute.  He holds a BA (Hons) in Accounting and Economics from Lancaster University in the UK, is a Fellow Associate member of the Institute of Chartered Accountants in England and Wales and a member of the Institute of Certified Public Accountants of Cyprus.  He joined KPMG in Cyprus in 1993 and was admitted to partnership in 2005.

He is a technical expert on IFRSs requirements, and heads the KPMG Cyprus DPP-Accounting team, providing technical support and specialist advice on the correct application of IFRSs requirements to the technical staff of KPMG, including training on IFRSs.  He is also the co-head of KPMG in Cyprus, Accounting Advisory Services department offering IFRS and IPSAS implementation and technical advice to clients.  Additionally, he has been certified by the Human Resources Development Authority as a “Trainer of Vocational Training”.

His audit portfolio includes major clients operating in the industries of banking, insurance, other financial institutions, tourism, construction and publication.  

 

Christos Miltiadous
Manager, Accounting Advisory Services department, KPMG in Cyprus

Christos joined KPMG in Cyprus in 2022. He holds a BSc in Accounting and Finance from Lancaster University in the UK, and he has been a member of the Institute of Chartered Accountants in England and Wales since 2019. Christos also holds an MBA from the University of Limassol (formerly Cyprus International Institute of Management).

Christos possesses versatile industry experience deriving from several sectors, such as the financial services, shipping industry, rental properties, and food and beverages.

Christos is currently at the Accounting Advisory Services department, providing technical accounting guidance on the correct application of IFRSs requirements for complex transactions. Furthermore, Christos has been involved in the delivery of various presentations to KPMG staff and clients on IFRS matters such as IFRS Updates and IFRS 17.

 

Faye Loizou
Assistant Manager, Accounting Advisory Services, KPMG in Cyprus

Faye joined KPMG in Cyprus in 2024 as an Assistant Manager. She holds an LLB (Hons) in Law from Exeter University, the Cyprus Securities and Exchange Commission’s Advanced Certificate, and she is a member of the Institute of Chartered Accountants in England and Wales. 

Faye has gained experience primarily within financial services including a leading stock exchange and by auditing asset managers and hedge funds. Shehe has also led projects for mining and renewables clients, FMCG and manufacturing.

Faye is currently a member of the Accounting Advisory Services department, providing advice regarding IFRS implementations with a focus on IFRS 9 Financial Instruments, IFRS 17 Insurance Contracts and ESG.