CAACM - IFRS WORKSHOP.pptVIP

CAACM - IFRS WORKSHOP Presented by Andrea St. Rose Associates Presenter Andrea St. Rose – LL.B(Hons),FCIS,CFE, MBA, CGA, CA IFRS PRESENTATION ISSUE OF CREDITS/Acknowledgements Deloitt’s IAS Plus PricewaterhouseCoopers Other Sources: Reference is made to the 2008 IFRS manual issued by the IASB ECFH Annual Report IFRS Workshop IFRS Training Seminar CAACM IFRS Worshop INTRODUCTION Introduction LEARNING OBJECTIVES Highlight critical aspects of the standards Enhance general understanding Introduction Quick Recap Why International Financial reporting Standards? Status of Application globally Role of Audit Committee regarding IFRS Introduction – Quick Recap Why IFRS ? Consistency/global Comparability High quality /inv Introduction Quick Recap Status of Application Globally Total IFRSs permitted 25 IFRSs required 81 (for all domestic companies) IFRS required 3 (for some domestic companies) ____ 109 Source: Sir David Tweedie, IASB Chairman Quick Recap Role of Audit Committee Regarding IFRS Ensure the accuracy and reliability of financial reporting – implies ….. For this reason – at least on financial expert on committee IFRS 7 IFRS 7 History: July 22, 2004 - Exposure Draft issued August 18, 2005 - IFRS 7 issued Jan 1, 2007 - Effective date of application (source: IASB and Deloittes - IAS Plus ) IFRS 7 How did it Evolve? Replaced Disclosures Require by IAS 30 – Disclosure in Financial Statements of Banks and Similar FI’s Added some new disclosures to those required by IAS 32 – simplified some disclosures about risk – credit etc Placed all those disclosures in one new standard - IFRS 7 – Financial Instruments : Disclosures. IFRS 7 THE END RESULT IAS 32 now deal only with financial instruments presentation matters – disclosures are now dealt with under IFRS 7. IFRS 7 now supers