Woke up early at 5am and headed towards Makati via Alabang at 615AM. Excited as it seems!. not merely because of the seminar ;)..but because i'm going to visit Makati City - The Philippines' Financial Capital! ..1-2hrs away from our place (of course due to traffic!). Sales are everywhere, landmark, SM Makati, Glorietta, Greenbelt..Tempting? you bet!. so then, after the seminar,i went straight back home - so scary i might ended up buying impulsively!hmmm..
Here's my tidbits of informations regarding the seminar!
Arrived at the seminar venue 3seconds before the invocation started, 810am. Glad it started with a prayer because i needed it badly to keep me awake and alive.;) and it followed by the singing of our national anthem.indeed, it guided us through on this 8hr seminar,listening to boring-yawning triggering topics --International Financial Reporting Standards! kidding but it's true!... nevertheless, 'twas a productive learning experience ..;)
Most countries including US are now gearing towards IFRS. to converge GAAP to IFRS. why is that so? accordingly, it is because of the 2008 financial crisis globally experienced. that's trigger it all,huh! Financial reporting has been amended. and it is not just one standard, 5 or more and still counting. wow! with just one standard, my head is already wanting to explode. Accounting standard really is an ever changing-evolving process!
For many years, countries developed their own accounting standards. They were rules-based, principle-based, business-oriented, tax-oriented … in one word, they were all different. With globalization, the need to harmonize these standards was not only obvious but necessary.GAAP is different with IFRS, one is rule-based and the other a principle based approach. [ can't express my thoughts on this! so complicated! just visit the website of IFRS pls!]
Just to highlight some amendments: read it on below!
- IFRS 9 Financial Instruments Updates - this replaced the IAS39.this has now two main categories of Financial Assets, Amortized cost and Fair Value through PL. (unlike IAS39, it has 4 categories!).
- Amendment to IAS 19, Employee Benefits - this has a significant impact to retirement benefit. But then again, there are amendments to its components and disclosure requirements (IFRS12). > you might want to consult your Actuary on this.
- IFRS 7 - Amendment disclosures on Transfer of Financial Assets
- IFRS 10 - Consolidated Financial Statements
for further informations, visit IASB.org. Hoping that Accounting for Leases amendments will not be implemented soon! [project stage is already on Exposure Draft sets out for a new IFRS] - read the exposure draft on Leases and this will give you a reason to shift to other career! hehehhe!
The process to implement IFRS is so complex and expect the unexpected finance people! Company should be ready in this change..transition has a broad impact (hmm still it depends on the nature of the company i guess!)..Plan, plan and plan ahead to prepare not only finance people for this. Most amendments are effective on 2013.> 1 yr more to go!
Since there are pronouncement that early adoption are permitted - company may leverage on the convergence process by implementing amendments immediately.
Good luck to all of us Accounts!. Year end is just around the corner.
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