IFRS in Saudi Arabia: Compliance with SOCPA Page 1 of 12
Why Attend Whether you work for a listed company in Saudi Arabia that has already adopted International Financial Reporting Standards (IFRS) or a non-listed company in the process of transition to IFRS, this course will provide you with the right tools to be on the top of this change in order to prepare error-free IFRS financial statements. For first-time adopters, this course will help you remain in compliance with requirements of the Saudi Organization of Certified Public Accountants (SOCPAs) while furthering your understanding of the transition s requirements. It will give you the knowledge and skills to prepare for such a transition while you exchange knowledge with other participants attending from various organizations operating in Saudi Arabia who can share their actual experience and the challenges they faced with the transition. For those who work in companies that have already adopted IFRS, with this course you will recognize the key differences between the two standards and gain the knowledge and practical guidance needed to use IFRS and stay up to date with its newest standards and changes. Course Methodology The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of theories presented by the consultant and group exercises to exchange experience and apply knowledge acquired throughout the course. Course Objectives By the end of the course, participants will be able to: List major differences in financial accounting and reporting between International Financial Reporting Standards (IFRS) and accounting standards generally accepted in the Kingdom of Saudi Arabia (Saudi GAAP) Recognize the effect of the transition from Saudi GAAP to IFRS on their company s financial statements and identify mandatory exceptions and optional exemptions from this transition Prepare financial statements for entities adopting IFRS for the first time Explain how to account for assets, liabilities, equity, revenues and expenses under both IFRS and Saudi GAAP Apply the different accounting methods allowed under IFRS and Saudi GAAP to multiple situations Explain the most recent updates on existing IFRS and evaluate the effect of newly issued standards on their organization Target Audience Staff accountants, senior accountants, chief accountants, accounting managers, controllers, internal auditors, and other professionals in the accounting and finance functions. Target Competencies Financial accounting and reporting Comparing financial standards Applying differences between IFRS and Saudi GAAP Performing gap analysis Managing transition process Applying IFRS updates Course Outline Introduction and key financial statements Financial reporting standards setters: Role of International Accounting Standards Board (IASB) Saudi Organization for Certified Public Accountants (SOCPA) Update on future milestones on road to transition Comparison of presentation and classification of financial statements: Statement of financial position Statement of income and comprehensive income Statement of cash flows Statement of changes in owners equity Page 2 of 12
IFRS 1: First time adoption of international financial reporting standards Entities subject to IFRS 1 Opening IFRS statement of financial position Mandatory exceptions from retrospective application Optional exemptions from retrospective application Deemed cost option: measuring assets at fair value Comparison of current and non-current assets Cash and cash equivalents Inventory costing methods Valuation at initial recognition Subsequent measurement Inventory cost flow assumptions Property, plant and equipment Cost model versus revaluation model Component depreciation Treatment of idle assets Assets received as part of a grant Intangible assets Cost model versus revaluation model Incorporation and start-up costs Research and development costs Investment property Cost model versus fair value Subsequent depreciation Capitalizing borrowing costs Treatment of decommissioning costs Impairment of long lived assets Comparison of liabilities and equities Criteria of recognition and disclosures Provisions Contingent liabilities Contingent assets Other comprehensive income components: new to SOCPA Accounting changes and discontinued operations Treatment of changes in accounting policies Changes in estimates Correction of prior period errors Initial recognition for discontinued operations Subsequent measurement for discontinued operations Newest standards introduced IFRS 9: Financial instruments Classification of debt and equity investments under IFRS 9 Fair Value Though Profit and Loss (FVTPL) Fair Value Through Other Comprehensive Income (FVTOCI) Amortized Cost (AC) How to determine a business model for classifying financial assets Initial and subsequent measurement Page 3 of 12
Transfer between categories Impairment of financial assets under IFRS 9 IFRS 15: Revenue from contracts with customers Step 1: Identify the contract with the customer Step 2: Identify the performance obligations in the contract Separate goods from services Step3: Determine the transaction price Effect of time value of money Accounting for variable consideration Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when the entity satisfies a performance obligation Separate performance obligation satisfied at a point in time from performance obligation satisfied over a period of time IFRS 16: Leases Reasons for the transition from IAS 17 to IFRS 16 Recognition exemptions: expensing lease payments How will the lease of small value items be affected Identifying a lease transaction Separating components of lease contract Accounting by lessees Accounting by lessors Effective date and transition Page 4 of 12
Associations National Association of State Boards of Accountancy (NASBA) : Meirc Training & Consulting is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website www.learningmarket.org Location & Date 21-25 Oct, 2018 Riyadh Riyadh Marriott Hotel : US$ (including coffee breaks and a buffet lunch daily) Per participant - 2018 + VAT as applicable Tax Registration Number 100239834300003 This course is worth 25 NASBA CPEs. Page 5 of 12
16-20 Sep, 2018 Financial Analysis Workshop 19-21 Sep, 2018 Financial Controller Bootcamp Beirut US$ 3500 23-27 Sep, 2018 Accounts Receivable and Credit Policies 23-27 Sep, 2018 30 Sep - 4 Oct, 2018 7-11 Oct, 2018 7-11 Oct, 2018 Financial Modeling Workshop Using Excel 7-11 Oct, 2018 Payroll: Preparation, Analysis and 14-18 Oct, 2018 Certificate in Cost Analysis and Control US$ 4900 14-18 Oct, 2018 Efficient Finance and Accounting Operations: 2018 Best Practices and Updates 14-18 Oct, 2018 Financial Acumen: Roadmap to Business Success 21-25 Oct, 2018 Accounts Payable: From Accounting to 21-25 Oct, 2018 Business Reports and Dashboards Using Excel 21-25 Oct, 2018 Professional Accounting Certificate US$ 4900 28 Oct - 1 Nov, 2018 Certificate in Financial US$ 4900 28 Oct - 1 Nov, 2018 4-8 Nov, 2018 Policies and Procedures 4-8 Nov, 2018 4-8 Nov, 2018 Managing the Collections and Credit Control Team 4-8 Nov, 2018 Professional Skills for Finance and Accounting 11-15 Nov, 2018 Accounts Receivable and Credit Policies 11-15 Nov, 2018 Advanced Budgeting Workshop 11-15 Nov, 2018 Innovative Cost Savings Strategies 11-15 Nov, 2018 International Financial Reporting Standards (IFRS) and 2018 Updates 18-22 Nov, 2018 Certificate in Fixed Assets Accounting and US$ 4900 Page 6 of 12
18-22 Nov, 2018 Financial Controller Workshop 18-22 Nov, 2018 Preparing Financial Statements and the Annual Report 25-29 Nov, 2018 Certificate in Advanced Financial Modeling US$ 4900 25-29 Nov, 2018 Certified Corporate Financial Planning & Analysis Professional (Cert FP&A): Preparation Course - Part 1 US$ 4900 2-6 Dec, 2018 Accounting for Non-Accountants 2-6 Dec, 2018 9-13 Dec, 2018 Accounts Payable: From Accounting to 9-13 Dec, 2018 Corporate Finance Workshop 9-13 Dec, 2018 Fast Closing Monthly and Year-End Accounts 9-13 Dec, 2018 Payroll: Preparation, Analysis and 16-20 Dec, 2018 16-20 Dec, 2018 Efficient Finance and Accounting Operations: 2018 Best Practices and Updates 16-20 Dec, 2018 16-20 Dec, 2018 Next Generation Excel: Advanced Business and Financial Reporting 23-27 Dec, 2018 23-27 Dec, 2018 Financial Analysis Workshop 6-7 Jan, 2019 Basic Mechanics and Accounting for VAT US$ 2600 27-31 Jan, 2019 3-7 Feb, 2019 Financial Modeling Workshop Using Excel 10-14 Feb, 2019 Accounts Payable: Accounting and Best Practices 10-14 Feb, 2019 10-14 Feb, 2019 17-21 Feb, 2019 Accounts Receivable and Credit Policies 17-21 Feb, 2019 Certificate in Professional Accounting 17-21 Feb, 2019 Certified Financial Manager 24-28 Feb, 2019 Dynamic Business Reports and Dashboards Using Excel Page 7 of 12
24-28 Feb, 2019 Financial Acumen: Roadmap to Business Success 3-7 Mar, 2019 Accounting for Non-Accountants 3-7 Mar, 2019 Certificate in Cost Analysis, Control and Optimization 10-14 Mar, 2019 Certificate in Accounting and Financial Control 10-14 Mar, 2019 Financial Analysis Workshop 10-14 Mar, 2019 Payroll: Preparation, Analysis and 17-21 Mar, 2019 Efficient Finance and Accounting Operations: 2019 Best Practices and Updates 17-21 Mar, 2019 International Financial Reporting Standards (IFRS) and 2019 Updates 17-21 Mar, 2019 Managing the Collections and Credit Control Team 17-21 Mar, 2019 Preparing Financial Statements and the Annual Report 24-28 Mar, 2019 Certificate in Fixed Assets Accounting and 24-28 Mar, 2019 Certificate in Advanced Financial Modeling 24-28 Mar, 2019 Certificate in Treasury and Cash 24-28 Mar, 2019 Fast Closing Monthly and Year-End Accounts 31 Mar - 4 Apr, 2019 7-11 Apr, 2019 7-11 Apr, 2019 Professional Skills for Finance and Accounting 14-18 Apr, 2019 Policies and Procedures 14-18 Apr, 2019 Preparation for Certificate in Financial Planning & Analysis (Cert FP&A) 14-18 Apr, 2019 Certificate in International Financial Reporting Standards (CertIFR): Preparation Course 14-18 Apr, 2019 Next Generation Excel: Advanced Business and Financial Reporting 21-25 Apr, 2019 Certificate in Advanced Budgeting and Forecasting Page 8 of 12
21-25 Apr, 2019 Cairo 28 Apr - 2 May, 2019 Efficient Finance and Accounting Operations: 2019 Best Practices and Updates 28 Apr - 2 May, 2019 9-13 Jun, 2019 Certificate in Advanced Financial Modeling 9-13 Jun, 2019 16-20 Jun, 2019 Accounts Payable: Accounting and Best Practices 16-20 Jun, 2019 16-20 Jun, 2019 23-27 Jun, 2019 Advanced Excel: Power Query, Power Pivots and Macros 23-27 Jun, 2019 7-11 Jul, 2019 Certified Financial Manager 14-18 Jul, 2019 Certificate in Advanced Budgeting and Forecasting 21-25 Jul, 2019 Fast Closing Monthly and Year-End Accounts 28 Jul - 1 Aug, 2019 Financial Modeling Workshop Using Excel 4-8 Aug, 2019 4-8 Aug, 2019 25-29 Aug, 2019 Istanbul 25-29 Aug, 2019 Forecasting and Analyzing Cash Flow 1-5 Sep, 2019 Accounting for Non-Accountants 1-5 Sep, 2019 Dynamic Business Reports and Dashboards Using Excel 4-6 Sep, 2019 : A Hands-On Workshop Beirut US$ 3600 8-12 Sep, 2019 Corporate Finance Workshop 8-12 Sep, 2019 Efficient Finance and Accounting Operations: 2019 Best Practices and Updates Abu Dhabi 8-12 Sep, 2019 Financial Analysis Workshop 8-12 Sep, 2019 Payroll: Preparation, Analysis and 15-19 Sep, 2019 Accounts Receivable and Credit Policies Page 9 of 12
15-19 Sep, 2019 International Financial Reporting Standards (IFRS) and 2019 Updates 15-19 Sep, 2019 Professional Skills for Finance and Accounting Istanbul 22-26 Sep, 2019 Certificate in Accounting and Financial Control 22-26 Sep, 2019 Financial Acumen: Roadmap to Business Success 29 Sep - 3 Oct, 2019 Certificate in Treasury and Cash Riyadh 29 Sep - 3 Oct, 2019 Reporting for Business Performance Review 6-10 Oct, 2019 6-10 Oct, 2019 6-10 Oct, 2019 Preparing Financial Statements and the Annual Report 13-17 Oct, 2019 Fast Closing Monthly and Year-End Accounts 13-17 Oct, 2019 Next Generation Excel: Advanced Business and Financial Reporting 20-24 Oct, 2019 Accounts Payable: Accounting and Best Practices Riyadh 20-24 Oct, 2019 20-24 Oct, 2019 Financial Forecasting: Tools and Techniques 20-24 Oct, 2019 Managing the Collections and Credit Control Team 27-31 Oct, 2019 27-31 Oct, 2019 Innovative Cost Savings Strategies 3-7 Nov, 2019 Certificate in Treasury and Cash 3-7 Nov, 2019 Trade Finance, Letters of Credit and Bank Guarantees 10-14 Nov, 2019 Certificate in Advanced Budgeting and Forecasting 10-14 Nov, 2019 Certificate in Advanced Financial Modeling 10-14 Nov, 2019 Certificate in International Financial Reporting Standards (CertIFR): Preparation Course 10-14 Nov, 2019 Payroll: Preparation, Analysis and Page 10 of 12
17-21 Nov, 2019 Accounts Payable: Accounting and Best Practices 17-21 Nov, 2019 17-21 Nov, 2019 Certificate in Fixed Assets Accounting and 24-28 Nov, 2019 Advanced Excel: Power Query, Power Pivots and Macros 24-28 Nov, 2019 24-28 Nov, 2019 Forecasting and Analyzing Cash Flow 1-5 Dec, 2019 Efficient Finance and Accounting Operations: 2019 Best Practices and Updates 8-12 Dec, 2019 Accounts Receivable and Credit Policies 8-12 Dec, 2019 International Financial Reporting Standards (IFRS) and 2019 Updates 8-12 Dec, 2019 Professional Skills for Finance and Accounting 15-19 Dec, 2019 Policies and Procedures 15-19 Dec, 2019 15-19 Dec, 2019 22-26 Dec, 2019 Certificate in Cost Analysis, Control and Optimization 22-26 Dec, 2019 22-26 Dec, 2019 Page 11 of 12
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