About

Benefits of attending

• Learn how to prepare financial reports in accordance with the New Zealand equivalent to IFRS
• Learn about the proposed new specially tailored reporting framework for PBEs
• Understand and determine when and how assets should be classified
• Determine when new disclosures are required for financial instruments
• Work through real life examples
• Enjoy the opportunity for direct Q&A with our expert facilitator

Organisations that benefitted from attending this course in 2011

• Otago Regional Council
• Aviation Security Service
• Hawkes Bay Regional Council
• Manukau Leisure Services Ltd
• Audit New Zealand
• NZ Police - National Head Quarters
• Ministry of Foreign Affairs & Trade
• Tourism New Zealand
• Northland DHB
• Department of Conservation - West Coast Conservancy
• Massey University
• Audit New Zealand
• Ministry of Agriculture & Forestry - Head Office
• Lakes DHB/Rotorua Hospital
• Ministry of Foreign Affairs & Trade
• Rotorua District Council
• Crown Health Financing Agency (CHFA)
• Te Puni Kokiri - Ministry of Māori Development
• Office of the Ombudsmen
• Counties Manukau District Health Board
• Department of Labour
• ACC - Corporate Office
• Māori Trust Office
  
  

Feedback from attendees in 2011

“Really relevant material with excellent case studies, well delivered. Presenter had a wealth of knowledge and experience.” Mark Raisin, CFO, Whitireia Pro NZ   

“All presenters were very knowledgeable and helped work through real life examples which I found beneficial.” Kate Jones, Accounting Manager, Te Wananga O Aoetearoa   

“It was put together well… good flow. Covered interesting and relevant topics and got into abit of the detail which was easy to follow and understand.” Jade MacGregor, Team Leader Financial Accounting, Land Information New Zealand



TEAM DISCOUNTS

Take advantage of our new team discount - send 2nd and subsequent delegates for $1295 + GST. 

Outline

COURSE OUTLINE

SECTION 1: Current issues arising in practice

Property, plant and equipment and investment property

• Accounting for PPE and investment property
• Impairment of non-cash generating assets
• Depreciated replacement cost and optimisation
• Accounting for renovations, demolition and rebuilds (e.g. earthquake damage)

Assets held for sale

• Determining when assets should be classified as held for sale
• Accounting for assets classified as held for sale

Internally generated software and other intangible assets

• Recognition and measurement of intangible assets
• Internally generated intangibles – research vs development costs

Revenue recognition

• Accounting for funding, including appropriations, grants, donations and bequests
• Accounting for non-cash transactions (i.e. asset transfers)
• New proposals for “non-exchange” transactions

Employee benefits

• Accounting for long service leave, retirement provisions and sick leave balances

Financial instruments

• Accounting for financial instruments – general refresher
• Disclosures for financial instruments – general and risk related disclosures
• Accounting for concessionary (e.g. low-interest) loans

Related party disclosures

• Revised disclosure requirements for PBEs

Provisions

• Recognition and measurement of provisions
• Restructuring provisions

Leasing accounting

• Accounting for operating and finance leases
• Proposed new lease accounting standard

Consolidation

• Mergers of Crown organisations and common control transactions

Trans-Tasman harmonisation and disclosures

• Removal of NZ specific guidance
• New disclosure standard

SECTION 2: New Public Sector Accounting Standards

• Status quo  – the process taken when modifying IFRS for PBEs
• Background to review of financial reporting framework
• Current State – Government and XRB proposals - Sector specific standards
• Implications for PBEs in the public sector
• What are International Public Sector Accounting Standards (IPSAS) and NZ PBE standards?
• Differences between NZ IFRS and NZ PBE standards



Facilitator

Lara Truman, Executive Director, Financial Accounting Advisory Services, Ernst & Young

Lara Truman is an Executive Director with Ernst & Young, based in Wellington.  She works in the Financial Accounting Advisory Services team providing advice on the application of accounting standards across a range of technical issues and industry sectors, including the public sector.

Lara has worked for Ernst & Young in Wellington for 8 years and has also spent time in Ernst & Young’s Melbourne office and the London office working for the Global IFRS Services team.  During her time in London, Lara spent 2 years on the staff of the International Accounting Standards Board.


In-house Training