CIMA Operational level Financial accounting and reporting
CIMA Operational level Financial accounting and reporting: The International Accounting Standards Board (IASB) has published three major International Financial Reporting Standards (IFRS) that will become effective in the next few years. Will you be affected? If so CIMA Mastercourses want to help you stay ahead of the game. We offer courses aiming to give a broad outline of the new standards, looking at what’s changed and the potential impact of these changes on you and your business, in the wider context.
New standards include IFRS 15 Revenue from Contract with Customers (effective date for periods beginning 1 January 2018), IFRS 9 Financial Instruments (effective date 1 January 2018), and IFRS 16 Leases (effective date 1 January 2019).
Given that comparative periods for IFRS 15 and IFRS 9 will be commencing from 1 January 2017, it is imperative to ensure that companies are making substantial progress in their implementation of these standards.
CIMA Mastercourses have developed a range of relevant courses to assist you to develop your knowledge of the topic, identify where you think the major changes will be for your own entity and enable you to start work early on this process to reduce the burden once the standards are effective.
There are courses available as public courses, as online modules to study at your convenience or, if there are four or more people in your business who need to be aware of the changes, in-house training can be a cost effective method of training teams of employees.
CIMA Operational level Financial accounting and reporting
IFRS 15 – revenue from contracts with customers
This half day course will visit the current accounting requirements for revenue recognition and then consider how this has changed when compared to the new revenue recognition standard (effective date 1 January 2018). It will update you on the key steps to accounting for revenue, issues which can arise and relevant disclosures.
IFRS 16 – leases (the new leases standard)
This half day course will cover the current accounting requirements under IAS 17 and then consider the accounting for such transactions under IFRS 16 (effective date 1 January 2019). The course will include practical case studies to aid the understanding of these changes and their likely impact.
Financial instruments – IFRS 9 and the replacement of IAS 39
This half day course will look at the key changes when transitioning from IAS 39 to IFRS 9 (effective date 1 January 2018). There have been three significant areas of change: the first is around the recognition and classification of financial assets; the second is a new impairment methodology; the third is a change to hedge accounting rules (a more principles-based approach).
IFRS – new and revised standards
This course provides an overview of all the new and revised standards which will impact the current financial year and beyond, plus practical advice on how to make the transition as smooth as possible.
IFRS – keeping up-to-dateThis course is designed to bring you up-to-date with the latest developments and proposals and is therefore suitable for delegates with some existing knowledge of IFRS. This will include IFRS 15 – revenue recognition, IFRS 16 – leases and IFRS 9 – financial instruments.
CIMA Operational level Financial accounting and reporting: History and Services
CIMA Operational level Financial accounting and reporting: The Chartered Institute of Management Accountants (CIMA) is a UK based professional body offering training and qualification in management accountancy and related subjects. It is focused on accountants working in industry, and provides ongoing support and training for members.
CIMA is one of the professional associations for accountants in the UK and Ireland. Its particular emphasis is on developing the management accounting profession. CIMA is the largest management accounting body in the world with more than 227,000 members and students in 179 countries. CIMA is also a member of the International Federation of Accountants.
CIMA Operational level Financial accounting and reporting: CIMA operates a standard scheme of qualifying examinations for prospective members. It promotes local education, training and management development operations, and new techniques through its research foundation and the dissemination of management accounting practices through publications and other media related activities. CIMA has been active in recent educational and vocational initiatives in former Eastern bloc countries. It publishes a monthly journal, supplied free to members and registered students, called ‘Financial Management’.
CIMA is recognised as a professional accounting body for various statutory purposes by UK and various overseas governments. The institute regulates the activities of its members by a code of practice, a discipline committee and (a recent innovation) a continuing education scheme. Its governing body is its council, comprising members elected from regional branches. Each of the branches has a committee and is responsible for much of the ‘grass roots’ activity. Activity such as qualification development is undertaken from the London head office.
The CIMA Global Business Challenge, an annual international business and strategic management competition for undergraduates around the world, is designed to bring out the best in the young business leaders of tomorrow.
In July 2009, CIMA added an online community – CIMAsphere – to its website. The community consisted of a range of blogs, discussion boards, groups, community answers, expert Q&A sessions and some social networking features for members, students and the general public. This has since been shut down. Members are instead encouraged to join the CIMA LinkedIn group, and students are directed to CIMAconnect, an online study support portal.
In 2011, CIMA entered into a joint venture with the American Institute of Certified Public Accountants (AICPA) to launch a global management accounting designation called the Chartered Global Management Accountant (CGMA).In the Americas outside the U.S., non-U.S. CPAs can obtain the new designation as an AICPA International Associate, after a rigorous assessment process. In the rest of the world, new designation holders are able to become members of CIMA after the same assessment process.
CIMA is proactive to tie up with American CPA because of the current convergence trend between US-GAAP and IFRS, reinforced following the merger of the iconic New York Stock Exchange with Germany’s Deutsche Boerse AG. “It remains to be seen whether companies listed in a combined exchange would be required to report under IFRS, US GAAP or both, but as the US appears to be moving towards IFRS adoption it is more likely the international standards would be the accounting rules of choice”.