The ICAEW Financial Reporting Conference 2007

1 day (6 CPD Hours)

Who will benefit?

Anyone responsible for preparing and analysing financial statements prepared in accordance
with UK GAAP and IFRS. Essential for anyone involved in financial reporting, The ICAEW Financial
Reporting Conference 2007 will offer practical guidance for those working in both environments.

How will you benefit?

• Get the essential guidance you need for anyone struggling with convergence to IFRS


• Benefit from the expert advice from our distinguished panel of speakers all highly
  experienced professional involved in financial reporting


• Gain 6 CPD hours by attending this conference


• The opportunity to network with other finance professionals involved in financial reporting

What does the course cover?

Despite the decision of the IASB to defer implementation of any new international standards until
2009, the pace of regulatory change for those involved in UK financial reporting remains daunting.

With continued uncertainty remaining over the convergence of UK GAAP to IFRS, those who still
apply UK GAAP have highlighted the need for a clearer implementation direction.


09:30 – 09:35 Welcome

Andy Simmonds, Partner, Deloitte


09:35 – 10:20 Applying IFRS – the implications for UK convergence

Peter Holgate, Partner, PricewaterhouseCoopers

• Big picture context of UK's transition to IFRS



• Where has convergence got to? IFRS/US GAAP/UK GAAP



• Implementation issues arising in the first wave of IFRS accounts



• Comments from the review panel – accounting policy wording; detailed disclosures



• Future developments, including the implications of SEC policy

10:20 – 11:05 Companies Act 2006 and other legal changes

Rita Dattani, Senior Lawyer

• Implementation timetable
  
  
• Update on what needs to be done and when
  
  
• Implementation of Transparency Directive (interim accounts, interim management statements)

11:05 – 11:25 Refreshments


11:25 – 12:10 Financial instruments

Andrew Spooner, Partner, Deloitte

• Hurdles in applying IFRS 7 (FRS 29)



• Latest IFRIC views on financial instruments

12:10 – 12:55 IFRS for SMEs and role in UK GAAP

Brian Shearer, Technical Partner, Grant Thornton

• Main features of the IFRS for SMEs



• Difficult practical issues



• The international response



• UK application – who would it suit?



• Impact of EU proposals for SME accounting

12:55 – 13:55 Lunch


13:55 – 14:30 The practical implications of implementing IAS for AIM listed companies
Malcolm Wilton, Professional Interim Director

Malcolm has practical experience of the transition to IAS with two organisations, one on Aim
for which he had to prepare IAS transition statements ahead of the stock exchange requirement,
followed by a full set of IAS compliant interim financial statements.

His other experience was with a PLC with a full listing which was publishing its first set of IFRS
compliant financial statements whilst undergoing a major restructuring selling a major tranche
of its businesses simultaneously.

Malcolm will talk about the need for careful planning and the advance preparation required to
produce the mammoth document that can result from the implementation of IFRS. He will focus
on some of the practical aspects of implementation experienced and will point out areas where the
requirements may involve input from third parties, such as actuaries, pension fund trustees and
reporting accountants.


14:30 – 15:10 Share based payments

Mark Smith, Director, External Reporting, Tomkins

• UITF44/IFRIC11 “Group and treasury share transactions”



• Practical issues

15:10 – 15:50 Pensions

Lynn Pearcy, Partner, KPMG LLP

• FRS17/IAS19, summary of changes and implications in practice

15:50 – 16:05 Refreshments


16:05 – 16:45 Group Accounting and Consolidation Issues

David Chopping, Partner, Moores Stephens

• Restructuring



• Fair valuing intangibles



• Reverse Acquisitions



• Step Acquisitions



• Minority interest presentation



• Practical problems

16:45 – 17:25 ASB Current and Future Proposals

Ian Mackintosh, Chair, Accounting Standards Board

A general update as to where the ASB is in its process of deciding which way it might turn
next, since this is all still up for debate and possibly dependant on the SME project outcome
at the International level.


17:25 – 17:30 Round up and Close

Andy Simmonds, Partner, Deloitte.

List of events

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