IFRS Refresher – Breaking through financial frontiers

Stay ahead of the curve in the fast-evolving world of finance with our comprehensive seminar focused on the latest developments in International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS).

• Explore recent amendments and interpretations that are reshaping the landscape of global accounting standards.
• Examine the real-world implications of these standards, which will empower you to tackle practical challenges with confidence.
• Learn from industry leaders who will guide you through the complex technical aspects, ensuring you grasp the underlying concepts and objectives.

With the increasing demand for expertise in these areas, this seminar is vital for financial and corporate professionals looking to update their knowledge, mitigate compliance risks and optimise financial reporting practices. Don’t miss this opportunity to enhance your skills and stay compliant in a dynamic regulatory environment. 

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

• Formulate the 5-step model of revenue recognition from contracts with customers (IFRS 15 Revenue from Contracts with Customers);
• Define leases and identify when a contract is, or contains a lease, under IFRS 16 Leases, and applicable lessor / lessee treatment;
• Identify whether a contract is an insurance contract and appropriate accounting treatment including aggregating and onerous contracts;
• Demonstrate their understanding of recognition, classification, measurement and presentation requirements for financial instruments as well as disclosing them (IFRS 9 Financial Instruments, IFRS 7 Financial Instruments: Disclosures);
• Describe the new ESG requirements based on the CSRD and the ISSB’s S1 and S2;
• Demonstrate a core understanding of the technical requirements of the aforementioned accounting standards;
• Implement the latest amendments in these IFRSs in the preparation of entities’ financial statements;
• Support the process of preparing accurate financial statements.

The seminar is addressed to C-suite executives, upper and middle management such as financial directors, controllers, finance managers, lead accountants and auditors seeking comprehensive knowledge of the latest IFRS requirements. It offers invaluable insights to professionals involved in financial statements preparation and compliance, ensuring they stay informed and equipped to navigate the complexities of recent IFRS developments and break through financial frontiers with cutting edge knowledge and expertise.

All participants should be currently employed.

*The number of participants is restricted to 28.

1. IFRS 15 Revenue from Contracts with Customers (1 hr)

• 5-step model overview and analysis
• Contract modifications and costs
• Amortization and impairment
• Presentation and disclosure

2. IFRS 16 Leases (1hr)

• Definition
• Exemptions
• Lessee and lessor accounting
• Other lease accounting topics

3. IFRS 17 Insurance Contracts (1 hr)

• Identifying an insurance contract
• Separating components from an insurance contract
• Level of aggregation and onerous contracts
• Recognition and derecognition, contract modification
• Reinsurance contracts
• Presentation and disclosures

4. IFRS 9 Financial Instruments (1 hr & 30 min)

• Financial instrument classification
• Recognition and derecognition
• Measurement, impairment and expected credit losses

IFRS 7 Financial Instruments: Disclosures

• Disclosures 

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

Introduction to ESRSs as mandated by the CSRD. ESRSs 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.

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.), snacks and a buffet lunch.
• A fully equipped training room.
• 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 how to proceed with your HRDA registration through the Ermis platform. Upon completion of this step, you will receive a confirmation email which will include 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

€160 net investment after the HRDA subsidy (€120) for all eligible participants.

€280 + VAT (19%) for all participants who are non-eligible for the HRDA subsidy.

Last Date for 10% Early Bird Discount: 18/02/2025

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

All individuals who wish to attend our HRDA approved training courses should not only fill out our registration form, but also complete the registration process through the ERMIS platform. Regardless of whether they are claiming the HRDA subsidy or not, each participant will need to complete their registration through ERMIS as a physical person and then register to our training in order to be able to attend (either as an employee whose company is claiming the subsidy or as an individual who is not claiming the subsidy). Please reach out to the HRDA Ermis officers on 22 390 300 for more details regarding the registration as a physical person.

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).

Panayiotis Peleties
Board Member, Audit, KPMG in Cyprus

Panayiotis is a Board Member and Head of Banking at KPMG in Cyprus as well as a member of the Executive Committee of the firm. He is also the Chairman of the KPMG Cyprus Audit Committee Institute.  He holds a Bachelor of Arts (Honours) in Accounting & Economics from Lancaster University and is a Fellow member of the Institute of Chartered Accountants in England and Wales, as well as a member of the Institute of Certified Public Accountants of Cyprus. He has been the Chairman of the Listed Entities and PIE Auditors Committee of ICPAC for the past three years. Panayiotis joined KPMG in 1993 and became a Partner in 2005.

He is a technical expert on IFRS requirements with more than 30 years of experience. As the leader of KPMG’s Department of Professional Practice-Accounting team, he provides technical support and specialist advice on applying the IFRS framework to both in-house staff and external stakeholders. He is also the co-head of the Accounting Advisory Services which specialises in IFRS, IPSAS and other frameworks’ interpretation and implementation for external clients, with a focus on grey areas and complex transactions.

His extensive audit portfolio includes multinational clients in industries such as banking, investment firms, insurance, tourism, real estate, and media.

Panayiotis is certified by the Human Resource Development Authority as a “Trainer of Vocational Training”.

Pangratios Vanezis
Board Member, Audit, IFRS 9 and IFRS 17 Implementation Lead, Fintech Business Lead, Enterprise and Startups Lead, KPMG Cyprus

Pangratios Vanezis graduated from Lancaster University with a Bachelor of Arts in Accounting & Finance. He is a Fellow member of the Institute of Chartered Accountants in England and Wales. He has been with KPMG in Cyprus for over two decades, starting in 2003 and rising to the role of Board Member in 2017.

Pangratios possesses a versatile industry experience across sectors such as financial services, fintech, technology, FMCG, and aviation. He is committed to excellence and stakeholder value creation and is deeply engaged in innovative and high-impact deal transactions.

He is the KPMG Enterprise and Startups team leader having played a pivotal role in its establishment. Pangratios actively supports entrepreneurs in transforming ideas into successful enterprises. He is actively involved in mentoring startups with business model development, go-to-market strategies, assisting in fundraising rounds and exits, and arranging thematic hackathons.

He is the fintech and audit technology business leader and actively participates in numerous forums and publications. He is also part of the crowdfunding initiative of Cyprus.

Pangratios brings vast experience in innovation and leads the technology and innovation transformation of the audit function within KPMG, as well as co-leading Accounting Advisory Services and partaking in the IFRS Helpdesk as a subject matter expert.

He is currently chairman of the financial services committee of the Institute of Certified Public Accountants in Cyprus (ICPAC). Previously, he served as chairman of the Accounting Committee (2018-2022) and the Financial Services Committee (2022-2024) of ICPAC. Pangratios is certified by the Human Resource Development Authority as a “Trainer of Vocational Training”.
 

Christos Miltiadous
Manager, Accounting Advisory Services, KPMG in Cyprus

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

He possesses versatile industry experience spanning across several sectors including financial services, shipping, real estate, and food and beverages.

He is currently part of the Accounting Advisory Services, providing technical accounting guidance on the appropriate interpretation and application of accounting frameworks including IFRSs, with a focus on particularly complex transactions. Furthermore, he has been involved in the delivery of several presentations to in-house KPMG staff and external clients on IFRS matters such as recurring IFRS updates and IFRS 17.