SLFRS and IFRS certification workshop by CIMA and EY Sri Lanka

Tuesday, 17 November 2020 00:51 - - {{hitsCtrl.values.hits}}

EY Partner – Financial Accounting Advisory Services Hiranthi Fonseka, FCA

EY Executive – Financial Accounting Advisory Services Isurie Gunasekera, BBus (Accounting, Banking and Finance)

EY Manager – Financial Accounting Advisory Services Johann Anderson, ACMA, CGMA

EY Senior Manager – Financial Accounting Advisory Services Sahan Gooneratne, ACMA, CGMA.

Financial reporting standards are constantly updated to reflect the changing market landscape and CIMA Sri Lanka, together with our Knowledge Partner, Ernst & Young – Sri Lanka (EY Sri Lanka) has organised a three-day workshop to help professionals keep abreast with the latest requirements. The 3-day workshop will commence from 24-26 November via Zoom from 10:30 a.m. to 12 noon covering SLFRS 15, SLFRS 16 and IFRS 17.

The IASB issued IFRS 17, a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. IFRS 17 represents the most significant change to insurance contract accounting in over 20 years with the potential to drive transformative change to the insurance sector.

This workshop will give you an understanding of the different measurement models, delve into the differences between current and future financial statement presentations and deliberate on the complexities and other operational implications in the implementation of IFRS 17. This will be conducted by EY Sri Lanka, Partner – Financial Accounting Advisory Services Hiranthi Fonseka, FCA, and EY Sri Lanka, Senior Manager – Financial Accounting Advisory Services Sahan Gooneratne, ACMA, CGMA.

The SLFRS 15: Revenue from contracts with customers, creates a single source of revenue requirements for all entities in all industries. This will cover the overview and scope, common challenges and practical insights experienced by companies, similarities between IFRS 15 and marketing concepts (customer lock in, customer lifetime value and loyalty points schemes).

SLFRS 16: Leases, is a lease accounting standard published by the IASB in January 2016 and changes the way that companies account for leases in their financial disclosures, especially their balance sheets and income statements. Here, the focus will be on the determining of lease, implications from lease modifications and the automation solution for Leases and will involve a live demo of an in-house lease automation solution. Both SLFRS 15 and SLFRS 16 will be conducted by EY Sri Lanka, Manager – Financial Accounting Advisory Services Johann Anderson, ACMA, CGMA, and EY Sri Lanka, Executive – Financial Accounting Advisory Services Isurie Gunasekera, BBus (Accounting, Banking and Finance).