IFRS Update Course

Chris has been a consultant to PwC for 30 years, where he was a Professor of Accounting.

He was a member of the Accounting Standards Committee (ASC) of the UK and Ireland from 1987 to 1990.

He was one of the two UK representatives on the Board of the International Accounting Standards Committee (IASC) from 1993 to 2001.

He is a member of the Academic Panel of the UK’s Accounting Council.

Chris is Professor of Accounting at Royal Holloway and at the University of Sydney.

He is also an Adjunct Professor at the Norwegian School of Business, Oslo.

He has held posts at universities in San Diego and New York.

In continental Europe, he has held visiting professorships in Amsterdam and Barcelona.

Chris served as the joint editor ofAccounting and Business Research.

He is an author of fourteen books, including:

• Company Reporting in the USA (Financial Times)
• The Economics of Taxation (latest edition, 2017)
• An International Introduction to Financial Accounting (2016)
• Comparative International Accounting (2016) and the Penguin Dictionary of Accounting (2006).

He is now on the editorial boards of nine journals, including Abacus, Accounting and Business Research and British Accounting Review.

• Reminder of IFRS 9’s classifications of financial assets
• Business models and contractual cash flow characteristics
• Impairment of receivables
• Hedge accounting
• How companies have applied IFRS 9 for the first time

• Identifying and combining contracts
• Performance obligations
• Transaction price, including variable consideration
• Allocation of price to performance obligations; satisfaction of performance obligations
• Contract assets and contract liabilities

• Summary of the new approach and expected consequences
• How a lessee should initially recognise a lease
• Lease liabilities; discounts, payments
• Operating and finance lease distinction for lessors
• Applying IFRS 16 to previous operating and finance leases

• Amended ‘Objective’ of financial reporting
• What are the good ‘qualities’ of accounting
• Applying the Framework for choices made under IASs 1 and 8
• New definitions of ‘Asset’ and ‘Liability’
• How the new definitions might affect accounting

• The current suite of standards on group accounting
• Practical examples of applying the principles on the scope of the group
• The calculation and treatment of goodwill
• Associates and joint ventures
• Foreign currency gains and losses

• Options on presentation in IAS 1 and IAS 7
• Options on asset measurement: inventories, PPE, investment property and intangibles
• Options in IFRS 15 and IFRS 16
• Other IFRS options available to companies
• Which options are chosen in various countries in IFRS practice?