€150 - €290
Live Online
7 CPD Units | 7 Hours
HRDA Subsidised
The EIMF Live Online Learning Experience
Participants will receive access to the recorded sessions of the course.
EIMF subject-matter experts deliver engaging and interactive courses across a broad spectrum of areas, that can be enjoyed in the comfort of your own chosen environment. Read more
Course Overview
The global financial reporting environment is complex and in a state of perpetual change, which can place a heavy burden on businesses to comply with the reporting requirements. A big challenge facing businesses is ensuring that the right people within the organisation understand the relevant accounting requirements in order to achieve compliance with the accounting standards.
This training program aims to update the participants on the application of the most recent changes to the financial reporting standards.
Training Objectives
By the end of the programme, participants will be able to:
Describe the context and purpose of financial reporting.
Describe the main changes incurred and will be incurred to the IFRSs.
Outline and analyse the reporting requirements emanating under the main financial standards.
Describe the accounting for assets requirements.
Outline and analyse the requirements for the calculation of the fair value of specific assets.
List the financial statements’ presentation requirements as per the applicable standards.
Outline and analyse the liabilities and equity reporting requirements.
List the reporting options available.
Explain the importance of adhering to the accounting principles and standards to maintain the consistency and integrity of financial information.
Apply the requirements of IFRS and their applicable changes.
Establish the need to deploy tools to support the application of changes in IFRS’s requirements.
Apply the changes to the reporting requirements.
Perform the measurement methods to calculate the fair value of assets.
Prepare the financial statements according to the changes of IAS1.
Apply the options available emanating from IFRSs.
Manage stakeholder’s expectations
Assess the readiness of the organisation to apply the requirements of the standards
Recommend solutions to address the changes to the standards
Adopt a formal policy to be followed when addressing IFRS requirements
Justify the importance of applying the IFRSs requirements
Justify the need of a company to apply the requirements of the standards
Training Outline
World View of IFRS
Introductions
Course overview
Adoptions of IFRS around the world
Recent IFRS Changes – What’s New?
Applying IFRS 9: Financial Instruments
IFRS 9’s classifications of financial assets
Business models and contractual cash flow characteristics
Impairment of receivables
Applying IFRS 15: Revenue Recognition
IFRS 15’s 5-step approach
Practical examples of recognition of revenue over time
Contract assets and contract liabilities
IFRS 16: Applying the leasing standard
Summary of the new approach
Overview of the consequences
Revised definition of a lease
Optional exemptions of leases
How a lessee should initially recognise a lease
Accounting for Assets: How much fair value is there now in IFRS?
Different types of use of fair value: initial measurement, subsequent measurement, and impairment
How much fair value was already in IASs?
How much fair value has IASB added by 2022?
Under the options, how much fair value is chosen by companies?
Presentation of Financial Statements; and why are there two income statements?
Amendments to IAS 1 in recent years
Changes to IAS 1 and IAS 7 (new standards expected, resulting from ED of 2019)
Preparing the Statement of Changes in Equity
Why are there two income statements?
Examples of contents of Other Comprehensive Income
When and why are items reclassified out of OCI?
Liabilities and equity: What exactly is the dividing line, and why does it matter?
The IASB’s exposure draft (expected 2022) on ‘Financial Instruments with Characteristics of Equity
How this will affect practice
Practical problems with ‘liabilities’ in IFRS: Definition, recognition, and measurement
Why certain things are not liabilities (e.g., most share-based payments, proposed dividends, restructuring provisions, non-controlling interests)
When to recognise law cases against the company
How the various liabilities are measured under IFRS
Options remaining in IFRS in 2022: Which should your company choose?
Options on presentation in IAS 1 and IAS 7
Options on asset measurement: inventories, PPE, investment property, and intangibles
Other IFRS options available to companies
Who Should Attend
Accountants
Financial analysts
Financial Controllers
Internal and External Auditors
Lawyers
Bankers
Business owners
Non-financial professionals and managers
Training Style
Illustration of key terms and concepts
Preparation and discussion of practical examples, including mini cases
The course will have both a theoretical and practical framework with real examples drawn from actual companies, local and international
Activities and Break-out groups
CPD Recognition
This programme may be approved for up to 7 CPD units in Accounting and Auditing. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
In-house Training
For groups within the same organisation, this course may be customized to meet any specific needs and delivered in-house.
Marios Mortis
Marios Mortis holds a Bachelor's degree in Business Administration with a focus on Accounting, as well as a Master's degree in Banking and Finance. He is a qualified member of the Association of Certified Chartered Accountants (ACCA). Marios has accumulated valuable experience working in various positions and companies within Cyprus's accounting, audit, advisory, assurance, and banking sectors. In the past seven years, Marios has embarked on a new and fulfilling career path in the field of education, which he finds both challenging and fascinating. He served as a Visitor Academic at a local university in Cyprus, where he taught several courses, including corporate governance and business ethics, corporate finance, corporate risk management, and audit and assurance. Currently, Marios holds the position of Trainer and Accountancy Programmes Leader at EIMF (European Institute of Management and Finance). In this role, he oversees the management of both professional and academic accounting and finance programmes. Marios has successfully designed and delivered professional training courses covering topics such as corporate reporting, tax, AML (Anti-Money Laundering), funds, forensic accounting, financial analysis, auditing, and financial workshops. Furthermore, Marios is entrusted with leading the Department of Accounting & Finance within EIMF's Academic School. He actively engages in research within the domains of finance and accounting, contributing to both academic and professional endeavors in these fields.
The invoice is issued on the day the course starts.
Payments can be made by bank transfer, cheque, or credit card.
Certificates are issued within 7–10 days after the course has been completed, provided that the invoice has been paid.
Once your certificate has been issued, you will receive an automated email from Cademy notifying you that it is available.
Click the Get Your Certificate button in the email to download your certificate.
You can also access it from your Cademy account:
To access the course materials, such as presentations and recordings:
The Human Resource Development Authority (HRDA) of Cyprus is a semi-government governmental organisation that supports the development of workforce skills through training and development initiatives. Eligible training programmes approved by the HRDA may qualify for a subsidy, reducing the participation cost for eligible organisations and individuals, subject to the HRDA's terms and conditions.
The HRDA subsidy is available to:
To receive the subsidy, eligible persons must attend at least 75% of the course.
ERMIS is the online platform of the Human Resource Development Authority (HRDA) of Cyprus, used for managing training programme registrations, participant details, subsidy applications, and attendance records. All participants attending HRDA-approved courses must have an ERMIS profile and use the platform’s attendance register to check in and check out during each course session. https://ermis.anad.org.cy/
To attend an HRDA-approved course, you must:
See the FAQs below for detailed instructions.
Yes. ALL participants attending HRDA-approved courses must have an ERMIS profile, whether applying for the subsidy or not.
You can create or access your ERMIS profile here: https://ermis.anad.org.cy/
After booking your course through the EIMF website, you must also register through ERMIS, provided that the required profile(s) have already been created.
You must register through your personal ERMIS profile.
For example: If your organisation includes multiple companies, make sure each participant is registered under the correct company profile.
Around one week before the course starts (or immediately after booking if you register less than one week before the course), we will email you the HRDA course details and instructions on how to complete your ERMIS registration.
When registering for the course through ERMIS, you must upload both of the following documents obtained from the Public Employment Service:
You must update your ERMIS profile:
When submitting your request, you must upload one of the following:
Yes. All participants must log onto the ERMIS system and check onto the attendance register when they join a course session and check out when they leave a course session, as HRDA records attendance.
To receive the subsidy, eligible persons must attend at least 75% of the course. Check-ins and check-outs reflect actual attendance.
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