1 - 4 October 2018
The Deloitte IFRS Center of Excellence in Luxembourg is pleased to announce the launch of our IFRS autumn camp that will take place during the colorful month of October at our Villa.
The event, set to take place the 1 to 4 October, promises to host an array of important discussions around IFRS :
- Monday October 1, 2018 – IFRS introduction session
- Tuesday October 2, 2018 – IFRS 9 Financial instruments
- Wednesday October 3, 2018 – IFRS 15 Revenue recognition
- Thursday October 4, 2018 – IFRS 16 Leases
The first day will be dedicated to getting to know all the IFRS basics. We will look at how they are issued, present an overview of the standards, as well as briefly touch on a few selected standards. We will also compare Lux GAAP with IFRS, highlighting and explaining the most significant differences.
In the following days, our specialists will highlight the basic requirements of the new standards that became mandatory at beginning of this year and beginning of 2019 respectively. The sessions will be accompanied by theoretical lessons, with intertwined examples from various industries that will ensure the concepts are wholly understood.
Our financial instrument specialist will share with you the details of IFRS 9 that replaced IAS 39 at the beginning of this year. IFRS 9 has raised controversies in the banking world, but also raises interesting questions for commercial companies considering the changed mindset on matters such as the impairment model and own credit risk. The standard is to be applied for periods beginning on or after January 1, 2018.
Another day will be reserved for our IFRS 15 training, where we will cover the five steps and highlight where the pitfalls may lie for each of these steps. Revenue recognition through the lens of IFRS 15 draws attention to the economic reality behind the transactions and requires much more interaction with and input from commercial, legal and IT departments in order to ensure revenue is appropriately accounted for and disclosed. The standard is to be applied for periods beginning on or after January 1, 2018.
IFRS 16 leases will close the camp. The standard raised concerns as it may significantly affect gearing ratios and EBITDA of companies with operational lease contracts. Expedients were made available to lessen the reporting burden, while specific requirements for concepts such as discount rates, contract modifications and durations exist. The standard is to be applied for periods beginning on or after January 1, 2019.
Event venue: 655 Rue de Neudorf, L-2220 Luxembourg
Delegate package: The training fee of € 750 (3% VAT excluded) includes lunch, coffee breaks and training material. An invoice will be sent to each participant after enrolment. Payment must be received by Deloitte before the workshop to guarantee your registration.
Online registration link: link
We look forward to welcoming all participants from across different industries with the aim of encouraging an exchange of experiences between professionals and colleagues alike. We will be there ready to welcome you at the Villa doors.
The involvement of participants from different industries is desirable and we encourage exchange of experiences. Please note however that Deloitte cannot be held responsible if an individual shares confidential information as each participant is responsible for the information he/ she provides to others.
Note the training sessions can be made eligible under the vocational training program provided by the National Institute for the Development of Continuous Vocational Training (INFPC).