SAICA Certificate in

IFRSPresented by:

Who we are!

• Bruce Mackenzie

• Tapiwa Njikizana

• Raymond Chamboko

• Blaise Colyvas

• Brandon Hanekom

What do we aim to achieve

• Complete the certificate successfully!

• Interact with other professionals

• Look at the PRACTICAL application of the

standards

Learn:Share:Enjoy

How the course works!

Pre-work• E-learning• Text Book• Case Studies• AFS

Contact Session• 4 Sessions• Discussion

Post-review• Solutions• Quiz• Exam

Final Assessment

• Completed online

• 2 hours to complete

• 100 Multiple choice questions

• Pass mark: 75%

• Can try as many times as you need!

How the Launcher

works

How the Contact

Sessions will work

Contact Sessions

• Rely on the fact that the e-learning has been

done• Look at problems/questions encountered in

the pre-learning

• Look at the case studies and the solutions

• Discuss the key implementation areas in each standard

• Discuss what you are doing in practice

Financial Reporting Overview

IFRS!

• Where did it come from?

• Why are we implementing it?

• Why is it sometimes so complex?

• Will it change?

How the IASB works

IFRS Foundation

IASB IFRIC

Standards Interpretations

What’s the

differencebetween IFRS and

IAS Standards?

IAS 1 – 41(with some gaps)

SIC 7 - 32(with some gaps)

IFRS 1 - 14

IFRIC 1 - 21

International Financial Reporting Standards

Management Commentary Practice Statement

How is a standard

formulated?• Starts with a project being added to the agenda

• Project staff research it

• Sometimes have:• Working group

• Discussion papers

• Issue Exposure Draft for comment

• Issue final Standard

Update on

IASB Projects!

IASB Work Plan

2005 2009

No Major Standards!!

•Minor changes

•Interpretations

•Exposure Drafts

35 New /

Amended Standards!!

2010

12 New /

Amended Standards!!

2011

13 New /

Amended Standards!

!

8 New/Amended

Standards!!

2012 2013

7 New/Amended

Standards!!

Multi-Framework Reporting

Current IFRS

2009

Future IFRS

IFRS for SMEs

Big GAP!

So what is driving all these changes?

The smooth ride to

Global Convergence…

WHAT’S ON THE WAY….