The 17th Annual IFRS Masterclass 2019

Implementing and applying the new IFRS standards

Event Details

Agenda

Registration and coffee
8.20am
Opening remarks from the Chair
Richard Smyth, Deputy CFO, SKYCITY Entertainment Group
The big picture of IFRS recent developments
8.30am
Update on new IFRS standards and IFRS activities
  • Initial reflections on the application of IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases
  • The IASB’s work programme (including its work on Better Communication in Financial Reporting
  • Recent activities of the IFRS Interpretations Committee
Sue Lloyd, Vice Chair , IASB
Alan Teixeira, Global Director of IFRS Research, Deloitte
9.30am
Interactive Q & A session

Take this opportunity to ask the experts.

Sue Lloyd, Vice Chair , IASB
Alan Teixeira, Global Director of IFRS Research, Deloitte
9.50am
Insights from Financial Markets Authority (FMA)

Lessons from FMA’s recent monitoring and initiatives to improve the quality of financial information in NZ financial markets including:

  • Disclosing key estimates and judgements
  • FMA’s report on improving the quality of financial reporting
  • FMZ’s future focus

 

Jeromy Meerman, Principal Adviser, Capital Markets Disclosure, Financial Markets Authority
10.25am
Morning break
10.45am
Introduction to Extended External Reporting (EER)
  • What do we mean by EER?
  • The increase in demand for corporates to report EER information
  • Reporting EER information within the annual report
  • Resources available in NZ and internationally for entities commencing their EER journey
  • Assurance over EER – the International Accounting Standards Board (IAASB) is currently developing guidance on how to provide assurance over EER information
David Bassett, Deputy Director - Accounting Standards, New Zealand External Reporting Board
Lisa Kelsey, Senior Project Manager, External Reporting Board
11.20am
Journeys into integrated reporting: A view from the IIRC and a local case study
  • Looking into the role of the IIRC and the trends of IR adoption in Australasia and worldwide
  • An examination of the benefits of integrated reporting
  • Understanding and interpreting materiality for your organisation
  • Attracting investors and consumers through greater transparency and accountability
  • Examining the journey towards Integrated Reporting
  • Sharing the challenges of implementation and lessons learned in the process
  • Communicating the results and benefits of how IR has been benficial
Liz Prescott, Technical Director: Projects and Stakeholder Support, International Integrated Reporting Council
Gareth Richards, Group Communications Manager, Ravensdown
12.00 noon
Practical insights to consider during your transition to IFRS 16 Leases
  • The impact of IFRS 16 adoption
  • The opportunities and challenges of IFRS 16 systems implementation
  • Commercial considerations of IFRS 16 adoption
  • The IFRS 16 impacts that investors will be paying attention to

 

Jackie Russell-Green, Technical Associate, BDO New Zealand
12.35pm
Lunch
1.25 pm
Comprehensive post-implementation review to understand impacts and ongoing concerns for IFRS 15 Revenue Recognition
  • Identifying the performance obligations in the IFRS 15 contract
  • Pin-pointing significant revenue streams and analysing representative contracts under the new standard
  • Adjusting business processes and systems to calculate revenue
  • Monitoring organisational implementation efforts

 

Mark Hucklesby, National Technical Director, Audit, Grant Thornton
2.05pm
New IFRS 9 Financial Instruments requirements and the impact of the changes to your financial statements
  • How does IFRS 9 fit with your treasury policy?
  • Practical insights on how the new requirements will simplify your hedge accounting and minimise volatility to P & L
  • Examining the common challenges experienced by companies during transition stages for hedge accounting

 

Angela Graafhuis, Client Advisor, Bancorp Treasury
2.40pm
Coming in 2022: Making sense on the risk adjustment on insurance accounting IFRS 17 Insurance Contracts
  • Assessing the effects of implementing IFRS 17 on a company’s financial statements
  • What are the requirements for risk adjustment under IFRS 17
  • Discussing new income statements and how assets and liabilities when emerge with income through subsequent measurement
  • Anticipating the process of dealing with tax authorities to address required rule changes including role of industry working groups

 

David Pacey, Associate Director, EY
3.20pm
Afternoon Break
3.40pm
Panel: Preparer’s reflection on State of Disclosure and accounting in NZ
  • Overview of the IASB’s disclosure initiative
  • Making disclosure more meaningful to all stakeholders
  • Initiating change management – how to educate and involve various stakeholder groups
  • Exploring issues surrounding internal and external reporting with consideration on the target audience

 

Francis Caetano, Group Financial Controller, Auckland Council
Guenther Stenzel, Head of Finance, Nestlé New Zealand
Kirsty Bellringer, Financial Controller, Chorus
David Bassett, Deputy Director Accounting Standards, External Reporting Board
4.20pm
Bridging the gap between global IFRS and local NZ’s requirements
  • Reflecting the global financial reporting landscape, how the reporting standards have changed in recent years
  • What will the future hold for the current financial standards in NZ?
  • Analysing how financial reporting fits in with the broader reporting framework

 

Jason Stinchcombe, Audit & Technical Partner, RSM
5.00pm
Summary remarks from the Chair and networking drinks
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