Implementing IFRS 9 in Financial Institutions
September 25, 2017 • Toronto
IFRS 9 is finally in the home stretch with mandatory implementation for most financial institutions taking place on January 1, 2018. The daunting task of mastering the details of the new rules and translating them into accounting processes and business operations has been underway in earnest for some time now and plans to “go live” must be finalized.
This in-depth seminar will provide practical, granular insights from leading KPMG experts based on their experiences in working with IFRS 9. The information provided will be of invaluable assistance as you finalize your projects and fully transition to the new standard.
This in-depth seminar will provide practical, granular insights from leading KPMG experts based on their experiences in working with IFRS 9. The information provided will be of invaluable assistance as you finalize your projects and fully transition to the new standard. Issues to covered include the latest information and perspectives on:
• Classification and Measurement - Practical Issues for Implementation
• Life of Exposures for Staging Assessment and ECL Measurement
• Significant Increase in Credit Risk/Staging Assessment
• Macro-Economic Factors, Forward-Looking Factors and Scenario Probabilities – Lessons Learned
• Disclosure Requirements – IFRS 7/IFRS 9
• IASB Update on IFRS 9 Implementation Issues
• Practical Issues for Implementing IFRS 9 Hedge
• IFRS 9 Expected Credit Losses – Audit Challenges
August 25, 2017
September 1, 2017
September 1, 2017
|Implementing IFRS 9 in Financial Institutions||$ 849.00 + HST||$ 899.00 + HST||$1,099.00 + HST|
Our HST Number: R862562543
Group Discount: Fourth Delegate FREE!
If three individuals from one organization register at the same time, a fourth person may also be registered to attend free of charge. The free registration must be of equal or lesser value than the paid registrations. Please contact us to arrange for attendance of larger groups.
Your Registration Includes
Registration fees include all conference materials, continental breakfast, lunch and refreshments. Parking and accommodation are not included.
FREE CONFERENCE WORKBOOK
As a registered delegate, you will receive a complete set of conference materials. These materials will serve as an invaluable guide, both during and after the event. The workbook will be distributed on the morning of the first day beginning at 8:00 a.m.
Substitutions may be made at any time. If you are unable to attend, please make cancellations in writing and fax to (416) 504-6978 prior to 5:00 p.m. on September 11, 2017. A credit voucher will be issued to you for the full amount, redeemable against any other Acumen conference. If you prefer, you may request for a refund of fees paid less $250 administration fee. Registrants who cancel after above date will not be eligible to receive any credits or refunds and are liable for the entire registration fees.
Confirmed delegates who do not cancel before September 11, 2017, and fail to attend will be liable for the entire registration fees.
Acumen Information Services reserves the right to change the date, location and content for the event(s) offered herein without further notice and assumes no liability for such changes.
Early Bird Registration Discount
Register prior to to September 1, 2017, and you will obtain the following additional savings:
|Second delegate:||$50.00 Discount|
|Third delegate:||$75.00 Discount|
Please indicate that you are eligible for this offer on the registration page or your registration form if you are mailing in your registration.
The venue for this conference is has not yet been finalized. Delegates will be notified by email once venue details are available.
Delegates can register at the Acumen service desk beginning at 8:00 a.m. on the morning of the first day of the conference. Registration fees do not include hotel accommodation.
9:00 a.m.–10:30 a.m.
Classification and Measurement - Practical Issues for Implementation
- Lessons learned from implementation projects regarding
- Solely Payments of Principal and Interest (SPPI) and Business models criteria
- Identifying financial liability versus equity (IAS 32) - a critical decision
- Application of IFRS 9 classification model
- Amortised cost vs. Fair value Through Other Comprehensive Income (FVOCI)
- Application to specific types of financial instruments including
- Loans (retail and non-retail)
- Investments in equity instruments
- Other complex instruments (e.g. redeemable preferred shares and puttable instruments)
- Examination and effects of modifications of financial assets and financial liabilities
- Ongoing issues for subsequent valuation and measurement
- Update on recent IASB financial instrument discussions and potential changes to IFRS 9
- Implications of revised IFRS 13 definition of fair value for classification and measurement
- Practical issues to consider for transition
10:30 a.m. – 10:45 a.m. – Morning Networking Break
10:45 a.m. – 12:00 p.m.
Life of Exposures for Staging Assessment and ECL Measurement
- Determining the period of exposure
- For revolving credit facilities
- For other exposures
- Factors to consider
- Starting point for measuring life
- Ending point for measuring life
- Effect of factors such as prepayments and risk management actions
Significant Increase in Credit Risk/Staging Assessment
- Assessing assets at the individual and group level
- Establishing criteria for identifying product or portfolio quality deterioration over time
- Applying credit deterioration triggers
- Leading vs lagging indicators
- Balancing quantitative and qualitative thresholds in staging
- How to assess the staging thresholds
- Stage 1 – Stage 2 transfer
- When must an asset move to Stage 3?
- Expected credit losses (ECL)
- Measurement date
- Lifetime forward looking recognition of credit losses on the balance sheets
- Measuring loss allowance for credit impaired financial assets
- Practical insights on data requirements and data availability
- Examining issues specific to
- Guaranteed debt instruments
- Finanical guarantee contracts
- Modified financial assets
- Collateral and related credit enhancements
12:00 p.m. – 1:00 p.m. – Luncheon
1:15 p.m. – 2:00 p.m.
Macro-Economic Factors, Forward-Looking Factors and Scenario Probabilities – Lessons Learned
- Forward looking information
- How to identify?
- How many forward looking factors are needed?
- What is reasonable and supportable?
- How to work out number and type of scenarios to implement
- Forward looking recognition of credit losses on the balance sheets
- Considerations for stage 2 allocation
- Quantitative evaluations and qualitative overlays
- Macroeconomic scenarios
- Macro factors and credit factors to incorporate
- Multiple scenarios vs. multiple outcomes
- Determining an unbiased probability-weighted outcome
- Median vs mean outcome
- What must be considered and modelled?
- Issues for different portfolios
- How to achieve unbiased assessment required by IFRS 9?
- Macroeconomic Scenarios and probability
- Avoiding bias in in relationships between credit losses and the macroeconomy
- Through the cycle vs. PIT measures
- Linking macroeconomic forecasts to PIT measures
- Transitional considerations
2:00 p.m. – 2:30 p.m.
Disclosure Requirements – IFRS 7/IFRS 9
- New disclosures for impairment under IFRS 9
- credit risk
- asset quality
- Interaction with IFRS 7 and other standards
- Consequential amendments to IFRS 7 on financial instrument disclosures
- Disclosures not required by IFRS 7 but recommended for effective reporting
- IASB disclosure initiative – considerations for IFRS 9 impairment disclosures
- How new requirements create processes subject to rigors of financial reporting/disclosure
- Implementation process and considerations
- Transition disclosures
- Regulatory Expectations
2:30 p.m. – 3:00 p.m.
IASB Update on IFRS 9 Implementation Issues
- Examination of adjustment and amendments to facilitate IFRS 9
- Review of relevant discussion of the IFR 9 Transition Group
3:00 p.m. – 3:15 p.m. – Afternoon Networking Break
3:15 p.m. – 3:45 p.m.
Practical Issues for Implementing IFRS Hedge Accounting
- Lessons learned from organizations applying the hedge accounting rules
- Changes experienced in moving from IAS 39
- Benefits realized vs. new challenges
- Impact on financial statements
- New Disclosures
3:45 p.m. – 4:30 p.m.
IFRS 9 Expected Credit Losses -Audit Challenges
- Identification of significant risks
- Forward-looking information requirements
- governance over setting of assumptions
- back testing
- corroboration with external data
- reasonable and supportable information
- Judgmental considerations
- range of estimation uncertainty
- granularity of decisions
- quality of credit risk data
- practical expedients and accounting judgments
- Dealing with estimates not addressed by existing auditing standards
- Adequacy of systems and controls
- Use of experts
- Auditor's involvemenet in implementation planning
Dilshad Hassen, Accounting Advisory
This conference has been specifically designed for, and in consultation with, experts in accounting for financial institutions as well as standard setters. The event has been developed with the professional responsibilities of our audience as our focus. As well, auditors, financial advisors, analysts, lawyers and other advisory professionals would benefit from staying current on the information provided at this timely event. In particular, our experience indicates that individuals in the following positions would mostly likely be in attendance:
- Chief Financial Officers
- Chief Accountants
- Chief Risk Officers
- VPs, Directors and Managers
- Financial Reporting
- Regulatory Accounting
- Risk Management/Reporting
- Internal Auditors
- Audit Committee Members
- Corporate Counsel
- Risk Managers
- Audit and Assurance Professionals
- Industry Regulators and Standard Setters
- Financial Analysts
Comments From Participants Attending Acumen Conferences –Information You Can Work With
“…provided a very good high level summary of the key impacts of IFRS to financial institutions.”
Associate Chief Accountant
Bank of Montreal
“Presentations were clear even though topics were complex.”
Chief Financial Officer,
“Best conference I’ve ever attended.”
Senior Manager, Enterprise Hedge Accounting and Derivative Reporting
Royal Bank of Canada
“Suffice it to say that the conference delivered on my expectations…A lot has been taken away from this conference…$ well spent…”
V.P. Risk Management Advisory,
New Brunswick Credit Union Stabilization Board
“…excellent breadth of coverage of a very complex series of regulations…”
Senior Treasury Analyst,
Meridian Credit Union
“…helped to clarify my understanding of requirements of ORSA…”
Risk Management Consultant,
Empire Life Company
“Well rounded. Good flow.”
Manager, Capital Risk,
“Speakers were very knowledgeable, materials were current…examples and materials were relevant and well presented.”
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