IFRS Update – Including Revenue, Financial Instruments and Leasing

Quorum Training - A Wilmington Company
Course summary
1 day
575 GBP excl. VAT

Course description

A course by Quorum Training - part of the Wilmington Group

IFRS Update - Including Revenue, Financial Instruments and Leasing - 1-day course

This course will bring you up to date with the changes to IFRS that have become effective over the past year and the new standards and key exposure drafts proposing changes for the future. It features an in-depth examination of IFRS 16, the new leasing standard.

Suitability - Who should attend?

Accountants with responsibility for preparing or reviewing financial statements in their own companies, accountants in general practice and others who wish to update their IFRS knowledge.

Outcome / Qualification etc.

CPD 6 hours

Training Course Content

New or revised standards that have recently been issued:

  • IFRS 16 - Leases
  • IFRS 15 - Revenue from Contracts with Customers
  • IFRS 9 - Financial Instruments

These three standards will be examined in depth with numerous detailed practical examples. Focus will be on those areas which affect the majority of businesses rather than those which are industry specific.

The effect of IFRS 16 is that most leases will be accounted for as an asset and a lease liability, although there will be exceptions for leases of less than twelve months and low value items. There are also some changes to the definition of a lease, and some significant new disclosure requirements. One less obvious change will be that companies which presently have significant operating leases will see their EBITDA (earnings before interest, tax, depreciation and amortisation) rise, as the operating lease expense will be replaced by interest and depreciation charges.

IFRS 15 requires multi-element transactions to be analysed out between the various elements. This may affect telecommunications and computer software, where there is an initial sale of goods followed by ongoing services. The standard deals with a wide variety of transactions which are not fully covered by current IFRS, such as bill-and-hold arrangements, sales with a right of return, and warranties.

The new standard on financial instruments, IFRS 9, introduces a major change in that provisions must be considered for financial assets as soon as funds are lent, based on expected losses over the next twelve months. This will have a widely-publicised effect on banks. There are also significant changes to how financial assets and liabilities are classified, and to the operation of hedge accounting.

The course also looks at amendments to existing standards which have taken effect recently or will do so in 2016/17. These include depreciation and amortisation; the equity method in separate financial statements; and disclosure requirements for related parties and operating segments.


The price per place for this course is £575 plus VAT.

Contact Quorum Training for pricing details for running this course in-house. The price will include pre-course discussions with the trainer, supporting course materials and delivery of a practical, interactive course that meets your training needs.

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About provider

Quorum Training - Business and Finance Courses for Professionals

Quorum Training provides a range of specialist courses designed specifically for business and finance professionals, covering such topics as: Accounting and finance Taxation VAT Governance Risk and compliance Financial markets and corporate treasury Charities Management and leadership Courses are available...

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Contact info

Quorum Training - A Wilmington Company

5th Floor, 10 Whitechapel High Street
E1 8QS London


Average rating 4.8

Based on 5 reviews.

Tamara Twumasi
The course was ideal and good due to small audience.
Andy Chamberlain
Solid course - covered the new standards and was thorough and logically presented
David Pierce
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