IFRS & Tax Workshops

Introduction

Deloitte has developed high quality IFRS and Tax workshops that are aimed to suit the different IFRS and taxation knowledge base required by professionals in industry. Training is delivered by a Deloitte subject matter expert with practical experience in the relevant areas. Workshops aim to provide a general overview of the aforementioned accounting standards and tax directives together with insights of practical implementation considerations experienced through various implementation engagements undertaken with different clients both locally and abroad. Any comments are made on a no name basis.

Being targeted personalised sessions, incorporated examples as well as key focus areas will be geared towards the industry in which the entity operates as much as practical to ensure the maximum benefit for the attendee. Generic sessions are also available for individuals who will want to attend on a personal basis.

Who should attend?

• Board members
• Chief Financial Officers
• Financial Controllers
• Staff requiring personalised IFRS training
   

Types of sessions

Group training for large entities

• Choose a number of sessions and schedule at the convenience of the business.
• Sessions can be online or in person.
• Training for entities will include preparation of material relevant to the entity, delivery of the sessions and sharing of material used during the session to attendees.
• These sessions are ideal for entities having eight or more members willing to attend.

Individuals

• Sessions are also available for finance teams who are smaller in size as well as individuals who would be interested.
• Choose a number of sessions based on availability of scheduled sessions which will be run both online and in person.

Module details

Select a module below to expand for more info.

Key learning outcomes:

Gain an understanding of the scope of the standard, key principles of lessee and lessor accounting, areas of potential judgement as well as new reporting requirements. Obtain knowledge of the process of determining the lease term and the incremental borrowing rate or discount rate and discuss the effect on ROU Assets and Lease Liabilities.

About IFRS 16 - Leases

IFRS 16 specifies how an IFRS reporter will recognise, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17.

IFRS 16 was issued in January 2016 and applies to annual reporting periods beginning on or after 1 January 2019. Learn more...

Key learning outcomes

Gain knowledge of the subjective and objective scope of the directive as well as a clear understanding of its hallmarks, reporting requirements and exceptions.

DAC 6

The sixth version of the EU Directive on administrative cooperation (DAC6) adopted by the Council of the European Union on 25 May 2018, aims to provide tax authorities of the Member States with additional information in order to assist them to more rapidly close perceived loopholes in tax legislation and harmful tax practices.

DAC6 was transposed into Maltese legislation, on 17 December 2019, by virtue of Legal Notice 342 of 2019 which brought about changes to the Cooperation with Other Jurisdictions on Tax Matters Regulations, Subsidiary Legislation 123.127 (the Regulations). Learn more...

Key learning outcomes

Outlines the requirements for the preparation and presentation of consolidated financial statements, definition and determination of control, determination and accounting for Non-Controlling Interests and the impact of changes in ownership interests.

IFRS 10 – Consolidated Financial Statements

IFRS 10 Consolidated Financial Statements outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee.

IFRS 10 was issued in May 2011 and applies to annual periods beginning on or after 1 January 2013. Learn more...

Key learning outcomes

Participants will obtain an overview of the underlying concepts, scope and scope exceptions of the standard. Gain knowledge of which transactions are to be treated as a business combination and how to account for such transactions under the acquisition method. Also, get a closer look at how goodwill, non-controlling interest, contingent consideration, step acquisition and intangible assets are treated under IFRS 3.

IFRS 3 – Business Combinations

IFRS 3 Business Combinations outlines the accounting when an acquirer obtains control of a business (e.g. an acquisition or merger). Such business combinations are accounted for using the 'acquisition method', which generally requires assets acquired and liabilities assumed to be measured at their fair values at the acquisition date.

A revised version of IFRS 3 was issued in January 2008 and applies to business combinations occurring in an entity's first annual period beginning on or after 1 July 2009.. Learn more...

Key learning outcomes

Gain an understanding of how to prepare a cash flow statement in terms of IAS 7 using the direct and indirect methods (focusing on the indirect method that is most commonly used). The session explains the definition of cash and cash equivalents and includes the classification, presentation and structure within the cash flow statement, amongst other matters.

IAS 7 Statement of Cash Flows

IAS 7 Statement of Cash Flows requires an entity to present a statement of cash flows as an integral part of its primary financial statements. Cash flows are classified and presented into operating activities (either using the 'direct' or 'indirect' method), investing activities or financing activities, with the latter two categories generally presented on a gross basis. Learn more...

Key learning outcomes

Gain knowledge of the broad scope of the standard as well as a deep understanding of the five steps revenue recognition model and the concept of contract costs. Get an overview of the implications of principal vs. agent, significant financing components and options to acquire additional goods and services.

IFRS 15 – Revenue from Contracts with Customers

IFRS 15 – Revenue from Contracts with Customers specifies how and when an IFRS reporter will recognise revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles based five-step model to be applied to all contracts with customers.

IFRS 15 was issued in May 2014 and applies to an annual reporting period beginning on or after 1 January 2018. On 12 April 2016, clarifying amendments were issued that have the same effective date as the standard itself. Learn more...

Key learning outcomes

Gain an understanding of the key definitions around foreign exchange rates, including the difference between an entity’s functional and presentation currency. The session covers the accounting requirements for recording foreign currency transactions, including dealing with monetary and non-monetary items, and translating financial statements into a different presentation currency. The session also includes the key disclosure requirements of the standard.

IAS 21 – The Effects of Changes in Foreign Exchange Rates

IAS 21 The Effects of Changes in Foreign Exchange Rates outlines how to account for foreign currency transactions and operations in financial statements, and also how to translate financial statements into a presentation currency. An entity is required to determine a functional currency (for each of its operations if necessary) based on the primary economic environment in which it operates and generally records foreign currency transactions using the spot conversion rate to that functional currency on the date of the transaction. Learn more...

Key learning outcomes

Obtain an overview of the main concepts behind Classification, Measurement and Impairment under IFRS 9. Gain a good understanding of the business model and cash flow tests. Get a closer look at what Expected Credit Loss model entails and the reporting requirements of the standard.

IFRS 9 - Financial Instruments

IFRS 9 Financial Instruments includes requirements for recognition and measurement, impairment, derecognition and general hedge accounting.

The Standard was issued on 24 July 2014 is the IASB's replacement of IAS 39 Financial Instruments: Recognition and Measurement. Learn more...

Key learning outcomes

Gain an understanding of the disclosures required by IFRS 7, distinguishing between different types of financial instruments and considering the nature and extent of risks arising from financial instruments.

IFRS 7 – Financial Instruments: Disclosures

IFRS 7 Financial Instruments: Disclosures requires disclosure of information about the significance of financial instruments to an entity, and the nature and extent of risks arising from those financial instruments, both in qualitative and quantitative terms. Specific disclosures are required in relation to transferred financial assets and a number of other matters. Learn more...

Key learning outcomes

Gain an understanding of the transactions that meet the definition of share-based payment, obtain an overview of the different types of share-based payments and the accounting requirements for each, considering various vesting conditions. This session includes the key disclosure requirements of the standard.

IFRS 2 – Share-based Payment

IFRS 2 Share-based Payment requires an entity to recognise share-based payment transactions (such as granted shares, share options, or share appreciation rights) in its financial statements, including transactions with employees or other parties to be settled in cash, other assets, or equity instruments of the entity. Specific requirements are included for equity-settled and cash-settled share-based payment transactions, as well as those where the entity or supplier has a choice of cash or equity instruments. Learn more...

Key learning outcomes

Gain an understanding of current and deferred tax assets and liabilities, including their recognition and measurement requirements in the financial statements. The session also outlines the key disclosure requirements of the standard.

IAS 12 – Income Taxes

IAS 12 Income Taxes implements a so-called 'comprehensive balance sheet method' of accounting for income taxes which recognises both the current tax consequences of transactions and events and the future tax consequences of the future recovery or settlement of the carrying amount of an entity's assets and liabilities. Differences between the carrying amount and tax base of assets and liabilities, and carried forward tax losses and credits, are recognised, with limited exceptions, as deferred tax liabilities or deferred tax assets, with the latter also being subject to a 'probable profits' test. Learn more...

Key learning outcomes

Gain an understanding of the difference between provisions, contingent liabilities and contingent assets, together with the accounting and disclosure implications for each category.

IAS 37 – Provisions, Contingent Liabilities and Contingent Assets

IAS 37 Provisions, Contingent Liabilities and Contingent Assets outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable). Provisions are measured at the best estimate (including risks and uncertainties) of the expenditure required to settle the present obligation, and reflects the present value of expenditures required to settle the obligation where the time value of money is material. Learn more...

Key learning outcomes

Gain an understanding of the definition of an intangible asset and how to identify them. The session includes guidance on the initial recognition and subsequent measurement of intangible assets in the financial statements, including how to determine their useful life, how to amortise such assets and when to test them for impairment. The session also outlines the key presentation and disclosure requirements of the standard.

IAS 38 – Intangible Assets

IAS 38 Intangible Assets outlines the accounting requirements for intangible assets, which are non-monetary assets which are without physical substance and identifiable (either being separable or arising from contractual or other legal rights). Intangible assets meeting the relevant recognition criteria are initially measured at cost, subsequently measured at cost or using the revaluation model, and amortised on a systematic basis over their useful lives (unless the asset has an indefinite useful life, in which case it is not amortised). Learn more...

Key learning outcomes

Participants will obtain an overview of the standard, key definitions within the standard, practical guidance on the preparation of impairment models in practice and sourcing of key inputs within such impairments, determination of cash generating units and goodwill considerations.

IAS 36 – Impairment of Assets

IAS 36 Impairment of Assets seeks to ensure that an entity's assets are not carried at more than their recoverable amount (i.e. the higher of fair value less costs of disposal and value in use). With the exception of goodwill and certain intangible assets for which an annual impairment test is required, entities are required to conduct impairment tests where there is an indication of impairment of an asset, and the test may be conducted for a 'cash-generating unit' where an asset does not generate cash inflows that are largely independent of those from other assets.

IAS 36 was reissued in March 2004 and applies to goodwill and intangible assets acquired in business combinations for which the agreement date is on or after 31 March 2004, and for all other assets prospectively from the beginning of the first annual period beginning on or after 31 March 2004. Learn more...

Key learning outcomes

Session will provide an overview of the standard in terms of measurement of fair value, different valuations techniques used in practice for different scenarios, and a detailed dive in terms of disclosures required including the fair value hierarchy.

IFRS 13 – Fair Value Measurement and Disclosure

IFRS 13 Fair Value Measurement applies to IFRSs that require or permit fair value measurements or disclosures and provides a single IFRS framework for measuring fair value and requires disclosures about fair value measurement. The Standard defines fair value on the basis of an 'exit price' notion and uses a 'fair value hierarchy', which results in a market-based, rather than entity-specific, measurement.

IFRS 13 was originally issued in May 2011 and applies to annual periods beginning on or after 1 January 2013. Learn more...