CONFERENZ.CO.NZ/IFRS

masterclassIFRS16

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l 13-14 Nov 2017 Cliftons

Auckland

LEARN MORE ABOUT

• Transition to IFRS 15• Impact of IFRS 16• Disclosures and integrated reporting• Accounting for goodwill, intangibles

and fair value

WITH PRACTICAL INSIGHTS FROM THE IFRS EXPERTS

LOG UP TO 15 CPD hours

on the conference+ 3.5 CPD hours

on each workshop

APPLYING IFRS TO ADD VALUE BEYOND THE BALANCE SHEET

FEATURED TOPICS

• Gain practical insights into the IFRS 15 transition

• Understand the far-reaching impact of IFRS 16

• Examine the practicalities of working with goodwill, fair value and intangibles

• Manage investor communications through disclosures and integrated reporting

THE ESSENTIAL AND COMPREHENSIVE IFRS UPDATE FOR 2017/18This is your chance to understand the finer details on critical updates, and confirm that you are on-track to implement upcoming changes to IFRS.

The 16th Annual NZ IFRS Masterclass 2017 brings together some of NZ’s top experts in financial reporting to deliver timely updates and help minimise complexity involved in technical accounting standards.

As the premier IFRS event within the country, this conference is attended by a niche, loyal group of 40-50 mid to senior level accountants in practice, academia and industry, in addition to anyone passionate about IFRS.

WHY YOU CANNOT AFFORD TO MISS THE 2017 NZ IFRS MASTERCLASS

• Hear presentations from the IASB and NZ’s IFRS experts

• Explore the practical aspects of financial reporting in a digital age

• Gain industry insights via case studies, panel discussions and IFRS in practice quick-fires

• Delve into the practicalities of implementing new standards and working with old ones

• Go beyond the balance sheet through integrated reporting, managing disclosures and strategic investor communication

• Log up to 15 CPD hours on the conference plus 3.5 CPD hours on each workshop attended

• Discuss your IFRS issues and solutions with your peers over lunch and networking drinks

• Deep-dive into IFRS 15 and IFRS 16 through 2 separately bookable post-conference workshops

15 CPD hrs on the conference + 3.5 CPD hrs on each workshop CONFERENZ.CO.NZ/IFRS

8.30 Registration and coffee

8.50 Opening remarks from the ChairRichard Smyth, Deputy CFO, SKYCITY Entertainment Group

REGULATOR AND STANDARD-SETTER’S PERSPECTIVES

9.00 Regulator’s Update: Enforcing IFRS in an evolving financial reporting environment As companies in NZ gear up to take on board IFRS with a major impact on the financials, executing this transition is key. Through this session, gain insights into the FMA’s initiatives to help enforce a smooth transition to these IFRS. FMA under invitation

9.50 Update from the XRB - the NZ perspective on projects in the pipeline Gain insights into the latest NZ’s standard-setting scene including a quick overview of the new auditor’s report and the changes it brings in as well as the NZ progress on revenue, leases, heritage assets and financial instruments. XRB under invitation

10.40 Morning break

THE PRACTICALITIES OF APPLYING IFRS 15

11.10 Implementing IFRS 15 - key questions that you should be asking now• Impact of key changes brought on by

IFRS 15 on various industries• Examining the timeline behind transitioning

to the new standard• Beyond the financials - how IFRS 15 will

change business going forwardJackie Russell Green, Technical Associate, BDO New Zealand

12.00 Case Study - The story behind the transition to the new IFRS 15Gain insights into Vodafone’s transition behind mobilising systems, processes and of course, accounts to the new IFRS. Understand the impact of moving to the new standard. Jan Lam, Finance Lead - IFRS 15 Program Vodafone NZ

12.40 Lunch break

GETTING AN EARLY START ON LEASES

1.40 Exploring key transition issues under the new IFRS 16 • Calculating lease liability for operating

leases brought into the balance sheet • Determining subsequent future lease

payments in lessee and lessor accounts• Examining the impact of IFRS 16 within sale

and lease-back sub-leases, among othersDavid Pacey, Executive Director - Financial Accounting Advisory Services, EY

2.20 Panel Discussion - Why you need to start giving importance to IFRS 16 now• Analyse how the new IFRS 16 changes

the structure of the balance sheet • Manging the impact of IFRS 16 on company

performance metrics • Examine stakeholder communication

and IT systems and controls under the transitory phase

David Pacey, Executive Director - Financial Accounting Advisory Services, EY Panellists to be announced Panel facilitated by Richard Smyth, Deputy CFO, SKYCITY Entertainment Group

3.00 Afternoon break

FINANCIAL INSTRUMENTS, RISK AND TECHNOLOGY

3.20 Understanding IFRS 9 from a preparer’s point of view• Classifying and recognising financial

instruments correctly• Decoding the impairment process

for financial instruments• Treatment of estimated credit losses

due to impairment

4.10 Considering emerging risks in financial reporting • The associated risks of changing

technology and the impact on financial reporting

• Errors in translating financial statements across industries and geographies

• Issuing IFRS governance statements through a risk-reporting framework

5.00 Summary from the Chair and Networking Drinks

8.55 Welcome back from the Chair

Richard Smyth, Deputy CFO, SKYCITY Entertainment Group

UPDATE FROM THE IASB

9.00 IASB Update - Examining what’s on the horizon Gain first-hand insights into the IASB and their latest initiatives to lead effective financial reporting:• Tracking progress on the IASB

disclosure project • Status update of IASB’s projects in

the pipeline • Key IFRS and amendments to directly

affect NZ Sue Lloyd, Vice-Chair, IASB (Via Videolink from the UK)

10.00 Q&A with Sue Lloyd, Vice-Chair, IASB (Via Videolink from the UK) Facilitated by Richard Smyth, Deputy CFO, SKYCITY Entertainment Group

10.40 Morning break

IFRS IN PRACTICE QUICK FIRES

11.10 #1: Cleaning up the balance sheet - measuring the goodwill effect on growth by acquisitions As companies merge and acquire others it leads to inflated goodwill heralding potential large impairment losses in the future. This session looks at Pfizer’s case and examines this issue at the time of:• Initial recognition of goodwill in case

of change in group structures • Occurrence of an event to signify

impairment of goodwillJason Stinchcombe, Audit Partner, RSM NZ

11.40 #2: Examining the importance of intangibles • Monetising data and brands - key

considerations from an IFRS perspective • Selecting the right cut-off date when R&D

expenses become IP under the IAS 38Nigel De Frere, Partner - Audit and Assurance Services, Staples Rodway

12.10 Lunch break

1.10 #3: Closer to home - applying IFRS 13 in the NZ perspective Understand the Kiwi take on calculating fair value we explore:• Alternatives to calculating fair value in

the absence of an active market• Peeling back the layers - ascertaining

fair value in a market surrounded by inflated prices

1.40 #4: Considering the potential impact of IFRS 17Examine the key changes brought on by IFRS 17 and the practical considerations on managing the transition from IFRS 4 to IFRS 17.

2.10 Afternoon break

REPORTING ON DISCLOSURES & NON-FINANCIAL INFORMATION

2.40 Adopting new IFRS in an age of reduced disclosures - balancing strategic investor communicationsThis session examines the impact of increased disclosures brought on by new IFRS in the face of the RDR and IASB’s disclosure project:• Re-visiting the concept of materiality in

light of increased / reduced disclosures • Lessons from the IASB’s Principles

of Disclosure discussion paper• Covering the investor’s mind - making

decisions in the absence of information versus too much information

• Managing digital reporting in the information age

Jackie Russell Green, Technical Associate, BDO New ZealandRichard Smyth, Deputy CFO, SKYCITY Entertainment Group

3.20 Integrated Reporting - the challenges it presents to organisations• Are Annual Reports properly satisfying

the needs of users?• How should the capitals that are present

within an organisation be represented?• What did the post implementation reviews

of <IR> around the world reveal?• What level of commitment is required to get

<IR> embedded within an organisation?Mark Hucklesby, National Technical Director, Grant Thornton

4.10 Summary remarks from the Chair and close of conference

Wednesday 15 November 2017: 1.30 pm - 5.00 pm

Understanding leasesThis workshop digs deeper into the new leases standard, IFRS 16, to gain an understanding of the new requirements that the standard will introduce and the implications of these requirements. Topics to be covered include: • What the new standard requires and how

that differs from current requirements• The implications of the new standard

for lessors • The implications of the new standard

for lessees

• Practical examples of accounting for leases

under the new requirements

• The impact of the new requirements on key

financial ratios

• Making the transition to the new standard

Jackie Russell Green, Technical Associate, BDO New ZealandJackie is a Technical Associate at BDO New Zealand and is responsible for assisting clients to comply with financial reporting requirements. Jackie has extensive experience in reporting under New Zealand equivalents to International Financial Reporting Standards, working with clients across a range of industries including manufacturing, property management, utilities, tourism, financial services and construction. Jackie also publishes technical updates, and provides staff and client training, on financial reporting issues.

Wednesday 15 November 2017: 9.00 am - 12.30 pm Getting to grips with revenue - are you ready to transition to the new NZ IFRS 15?This half-day workshop provides more detail and background into applying the new revenue standard, and where you should be on your adoption timeline. The basics:• A short background to the 5-step model

to recognise revenue• Refresher on key concepts and terms

used within the new standard• Overview impact of IFRS 15 on various

industries and sectors• Applying the new standard:• First time application - transition options,

implications and practical expedients - which to choose!

• Disclosure impacts in the first year of application for Tier 1 and Tier 2 reporters

• Data points needed: What information points and reporting will you need to implement NZ IFRS 15?

• Exploring practical case studies on the new revenue standard:

• Calculation and allocation of transaction price to multiple performance obligations

• Sales and right of return• Warranties transactions and interactions

with other standards• Sale and repurchase transactions• Principal and agent transactions

2 HALF-DAY WORKSHOPS* *Separately Bookable3.5 CPD hrs each

Jason Stinchcombe, Audit Partner, RSM New ZealandAs an audit and technical partner at RSM, Jason provides his clients, other accounting professionals and the RSM group with practical advice and training on external reporting and NZ IFRS.

Alexa Bayes, Manager - Technical, RSM New ZealandAlexa Bayes advises RSM’s clients on the implementation and use of NZ IFRS and PBE standards. Alexa has significant expertise in providing technical opinions and performing technical reviews.

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Agenda Updates: Conferenz Ltd reserves the right to make any amendments deemed to be in the best interest of the conference. Agenda is correct at time of printing, please check online for any updates.

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LOG UP TO 15 CPD hours on the conference+ 3.5 CPD hours on each workshop

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