International Financial Reporting Standard Masterclass

About

New Zealand’s financial reporting community has endured a raft of changes in recent years. Over the past decade, it has seen the adoption of NZ IFRS and a slew of amended and brand new IFRSs. With the introduction of new regulatory and standard setting bodies as well as further changes to IFRSs on the horizon, this trend shows no signs of slowing down.

Conferenz has been proud to bring you comprehensive coverage of the latest developments in financial reporting with the annual International Financial Reporting Standards Masterclasses. This year’s event aims explore the implications of recent developments whilst acknowledging just how far New Zealand has come.

Featuring the Big 4, Grant Thornton, Staples Rodway and Hayes Knight, our CA speakers have returned to lend their knowledge and expertise to the analysis of IFRSs 9-12, IASs 17 & 18, and further issues such as the level of detail necessary in financial statement disclosure.

To mark the 10 year milestone of NZ IFRS, we are proud to bring you our most impressive speaker line up yet, led by:
• International Accounting Standards Board
• Hedge Trackers
• External Reporting Board & NZ Accounting Standards Board
• Financial Markets Authority

We are also going the extra mile for this occasion by hosting a Networking Evening from 4.50-7.00pm on 28 November. Opened by an international keynote from our IASB speakers, this is your chance to meet, share ideas with your peers and learn how the IASB is looking towards the future of finance reporting.

This year’s Masterclass promises to be the biggest yet. Make sure you secure your place by taking advantage of our Early Bird offer – delegates registering on or before 17 October 2011 will receive a $300 discount off the standard registration price. 

Networking Evening

The past ten years have been a great period of change for New Zealand’s financial reporting landscape, as well as being a hectic time for the standard setters themselves. To mark the 10th Anniversary of IFRS in New Zealand, Dr. Alan Teixiera and Sue Lloyd, Senior Directors of the IASB’s Technical Activities will open our networking drinks with a keynote address. This is your opportunity to hear first hand how the newly appointed IASB will lead the community into a new and dynamic future.
Entry to this event for conference delegates is covered by their registration fee. Those wishing to attending the networking evening only will be charged a $65+ GST registration fee. Please see registration page for more details. We are proud to announce that CNS Treasury will sponsor and host the evening function. www.cnstreasury.com 

Agenda

Agenda: Day 1

8.30

Registration & Coffee

9.00

Opening remarks from the Chair

Richard Smyth, General Manager Group Finance, SKYCITY Entertainment Group

9.10

International keynote: Progress report from the IASB

Alan Teixeira will bring you up to speed on the latest developments in IFRS and the implications for the financial reporting community. This international keynote will focus on:
• The IASB’s work plan
• Convergence with US GAAP: Progression and thoughts on the condorsement approach
• Lessons learnt from the early adopters of amended and new IFRSs
• Hot off the press: The latest from the IFRS Conference in Asia-Oceania

Dr. Alan Teixeira, Senior Director - Technical Activities, IASB
Sue Lloyd, Senior Director - Technical Activities, IASB

10.30

Question and answer session with IASB

Due to popular demand, we have brought back and extended last year’s Q&A session to ensure Alan has enough time to answer all your questions.

Dr. Alan Teixeira, Senior Director - Technical Activities, IASB
Sue Lloyd, Senior Director - Technical Activities, IASB

10.50

Morning tea

11.10

Setting the standards: Introducing the XRB

Operational since 1st July, the XRB has taken over the responsibility of New Zealand’s financial reporting and audit and assurance standard setting. Here Michele Embling gives you an insight into the roles and responsibilities of the XRB and its Subsidiary Boards.
• ASRB vs. XRB: How do their responsibilities differ?
• The roles and organisational structure
• Government appointment vs. election by the profession: How will the XRB maintain stakeholder dialogue?

Tony Dale, Chief Executive, XRB

11.50

Playing by the rules: Breaking down the proposed private entity reporting framework

In their discussion papers, the XRB has put forward two reporting frameworks with the hopes of ensuring the needs of for profit and public benefit entities are properly catered to. This session gives you insight into:
• The proposed NZ IFRS framework and the rationale behind it
• The implications of this framework for the financial reporting community
• A debrief of the for profit reporting framework

Michele Embling, Auckland Managing Partner, PricewaterhouseCoopers; Member, XRB

12.30

Lunch

1.30

Regulating the standards: An insight into the FMA’s monitoring procedures

One of the FMA’s many responsibilities is monitoring entities’ compliance with the Financial Reporting Act 1993. This FMA address gives you the chance to learn more about the regulator’s powers in relation to financial reporting and just how this is to be monitored.
• Succeeding the Financial Reporting Surveillance Programme
• Given the current environment, what aspects of reporting should be prioritised by the financial reporting community?
• The FMA’s relationship with the XRB

Elaine Campbell, Head of Compliance Monitoring, FMA
Jeromy Meerman, Accountant - Financial Reporting, FMA

2.10

Consistency in consolidations

During the GFC, inconsistencies in the consolidation of entities either under the control of another entity or with a previously unknown connection to each other accelerated the pace of the IASB’s plans to develop and issue IFRS 10 Consolidated Financial Statements. Victoria Turner explores the newly issued requirements and the implications for management.
• The control model and its application
• What will it look like? A step by step break down of the accounting requirements for NZ IFRS 10.
• The proposed requirements for investment companies

Victoria Turner, Senior Manager – National Technical, Deloitte

2.50

Afternoon tea

3.10

Change of focus: Analysing NZ IFRS 11 Joint Arrangements

The emphasis placed on the legal form of arrangements by previous versions of this standard has resulted in discrepancies in the resulting reports. This session explores the impact of shifting this emphasis to the rights and obligations relating to the arrangement.
• Nature and substance vs. legal form in defining joint arrangements
• Who is responsible, and how should they operate?
• Implications for current joint arrangements

Jackie Russell-Green, National Technical Director, Staples Rodway

3.50

Better safe than sorry: IAS 18’s exposure draft

It is crucial that those involved in financial reporting are aware of how this standard is shaping up because all IFRS compliant entities will need to utilise it in the future. In this session Simon Lee looks at the aims of this standard, the rationale for its re-exposure and points out what you need to be prepared for.

Simon Lee, National Technical Director, KPMG

4.30

End of day one

4.50

Open access networking evening: Celebrating 10 years of IFRS in New Zealand

The past ten years have been a great period of change for New Zealand’s financial reporting landscape, as well as being a hectic time for the standard setters themselves. To mark the 10th Anniversary of IFRS in New Zealand, Dr. Alan Teixiera and Sue Lloyd, Senior Directors of the IASB’s Technical Activities will open our networking drinks with a keynote address. This is your opportunity to hear first hand how the newly appointed IASB will lead the community into a new and dynamic future.

Entry to this event for conference delegates is covered by their registration fee. Those wishing to attending the networking evening only will be charged a $65+ GST registration fee. Please see registration page for more details.

Agenda: Day 2

9.00

Welcome back from the Chair

Richard Smyth, General Manager Group Finance, SKYCITY Entertainment Group

9.05

International keynote: Comparing derivative accounting techniques under US GAAP and IFRS

Hedge Trackers provides American corporations and financial institutions with the means to successfully hedge the risks associated with foreign currencies, interest rates and commodities. In this session Helen draws from her experience in establishing “highly effective” hedge accounting programs at multinational corporations to evaluate the techniques and necessary requirements of US GAAP and IFRS.
• Comparing existing derivative accounting requirements and approaches under US GAAP vs. IFRS
• Comparing derivative accounting directions for US GAAP and IFRS: convergence or conflict
• Best practice: What can we take from our American counterparts?

Helen Kane, President, Hedge Trackers

10.00

Say it right: Exploring NZ IFRS 12 Disclosure of Interests in Other Entities

The key elements of NZ IFRS 12 focus on an entity’s involvement with other entities, as well as any significant judgements or assumptions made. Murray Ingram takes you through the resulting requirements and the implications this will have on how you gather and collate data.
• Links to IAS 1 Presentation of Financial Statements
• Can NZ IFRS 12 provide greater transparency for users of financial statements?
• How does this affect the way you see your business?

Murray Ingram, Manager Financial Services, Whitireia Community Polytechnic

10.40

Morning tea

11.00

Losing the excess baggage: Reducing disclosures in financial statements to what’s important

In July 2011, a joint NZICA-ICAS Working Group released a report on recommendations to reduce the length of financial statements, remove unnecessary detail and enable clearer communication. Working group member Kimberley Crook presents the report’s recommendations, including:
• Reductions on mandatory disclosure requirements
• Increasing the emphasis on materiality

Kimberley Crook, Partner, Ernst & Young; Member
NZICA-ICAS Working Group

11.40

Exploring the leasing accounting proposals

Existing leasing standards have come under fire for ambiguity leading to inconsistencies in the recognition of lease obligations on leasee’s balance sheets. The IASB’s 2010 exposure draft on lease accounting is to be re-exposed in late 2011. Jason Stinchcombe shows you what has changed and what this means for your future financial reporting.
• Key changes arising from the 2010 vs. 2011 exposure draft: What the differences in requirements mean for your reports
• A walkthrough of the implications of the current leasing proposals from both the lessor and lessee perspective

Jason Stinchcombe, Manager – Audit Services, Hayes Knight

12.20

Lunch

1.05

Financial Instruments Part 1: Impairments

Once completed, NZ IFRS 9 aims to become a comprehensive successor to IAS 39. Part one of this financial instruments overview brings you up to speed on the most recent developments for impairments and how these are likely to affect other IFRSs.
• What’s been done so far and what remains to be seen
• Summary of the areas agreed to so far
• How impairment methodology is shaping up - status of the project

Ceri Horwill, Director – Treasury and Financial Risk Advisory, KPMG

1.45

Financial Instruments Part 2: Hedge accounting

The international financial reporting community has been calling for amendments to hedge accounting requirements for quite some time. In this session Stephen Hogg scrutinizes the balloted requirements for hedge accounting and provides some insight into potential application issues.

Stephen Hogg, Director – Accounting Consulting Services, PricewaterhouseCoopers

2.25

Afternoon tea

2.45

Panel discussion: How to promote and ensure compatibility of IFRS across borders

IFRS equivalents have been adopted by the most nations within the Pacific Rim, including China and Australia - two of our major trading partners. Although reporting standards are based on the same guidelines, the question still remains: Are these equivalents helping or hindering trans-national interpretation? Our panellists will call upon their knowledge to address this question as well as the successes and tensions created by a set of global accounting standards.

Jackie Russell-Green, National Technical Director, Staples Rodway
Jason Stinchcombe, Manager – Audit Services, Hayes Knight
Dr Humayun Kabir, Senior Lecturer – Financial Accounting, Auckland University of Technology

3.25

Reflecting on the impact of IFRS on New Zealand’s financial reporting environment

The decade since IFRS has been adopted in New Zealand has been one of endless change and transition. To round off our conference, Mark Hucklesby looks back on how NZ IFRS has altered our financial reporting culture to date, and how the current social, legislative and policy changes are likely to affect the next 10 years.

Mark Hucklesby, National Technical Director, Grant Thornton

4.05

Closing remarks from the Chair and end of conference

Sponsors/Partners

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