Training Course on International Financial Reporting Standards 9(IFRS 9) for Central Banks

Program Brief:

This advanced training course is designed to provide participants with a thorough understanding of the International Financial Reporting Standards (IFRS) 9 and its specific application within the context of central banking. The course emphasizes the classification and measurement of financial instruments, impairment of financial assets and hedge accounting as prescribed by IFRS 9. Participants will engage with practical case studies and exercises to enhance their understanding and application of these concepts in their organizations.

Objectives:

• Understand the key principles and requirements of IFRS 9.
• Gain practical skills in applying IFRS 9 to the financial reporting processes of central banks.
• Address challenges and issues in implementing IFRS 9 within a central bank context.
• Enhance the quality and transparency of financial statements prepared by central banks.
• Stay updated on recent developments and best practices in IFRS 9 application.

Recommended For:

• Financial professionals in central banks
• Accountants and auditors
• Policymakers and financial regulators
• Individuals responsible for financial reporting and compliance with IFRS 9

Organizational Impact:

Upon completion of this course, participants will contribute to their organizations by:

• Ensuring compliance with IFRS 9 requirements in financial reporting.
• Enhancing the accuracy and transparency of financial statements.
• Improving decision-making processes through a better understanding of financial instruments.
• Mitigating risks associated with financial instrument accounting.
• Increasing stakeholder confidence in the organization’s financial reporting.

Personal Impact:

Participants will benefit personally by:

• Developing advanced skills in financial instrument accounting under IFRS 9.
• Enhancing analytical and critical thinking abilities.
• Improving their ability to interpret and apply complex accounting standards.
• Increasing their value as finance professionals with specialized knowledge in IFRS 9.
• Expanding career opportunities in finance and accounting roles.

Duration:

5 Days

Course Outline:

Module 1: Introduction to IFRS 9 for Central Banks

• Overview of IFRS 9: Objectives and Scope
• Key Changes from IAS 39 to IFRS 9
• Importance of IFRS 9 for Central Banks
• Implementation Timeline and Transitional Provisions

Module 2: Classification and Measurement of Financial Instruments

• Criteria for Classification and Measurement under IFRS 9
• Business Model Assessment and Contractual Cash Flow Characteristics
• Amortized Cost, Fair Value Through Other Comprehensive Income (FVOCI), and Fair Value Through Profit or Loss (FVTPL)
• Practical Examples and Case Studies on Classification and Measurement

Module 3: Impairment of Financial Assets

• Expected Credit Loss (ECL) Model: Overview and Stages
• Measuring Expected Credit Losses: 12-month ECL vs. Lifetime ECL
• Significant Increase in Credit Risk and Default Definitions
• Practical Application of ECL Model for Central Banks
• Disclosures Related to Impairment

Module 4: Hedge Accounting under IFRS 9

• Overview of Hedge Accounting Principles
• Types of Hedges: Fair Value Hedges, Cash Flow Hedges, and Net Investment Hedges
• Accounting for Hedging Instruments and Hedged Items
• Effectiveness Testing and Rebalancing
• Practical Examples and Case Studies on Hedge Accounting

Module 5: Practical Implementation and Reporting

• Practical Challenges and Solutions in Implementing IFRS 9
• Integrating IFRS 9 into Central Bank Financial Reporting Processes
• Enhancing Transparency and Disclosure Requirements
• Recent Developments and Amendments in IFRS 9
• Best Practices and Lessons Learned from Central Banks Worldwide

General remarks

• Customizable courses are available to address the specific needs of your organization.
• The participant must be conversant in English
• Participants who successfully complete this course will receive a certificate of completion from Lenol Development Center.
• The course fee for onsite training includes facilitation training materials, tea break and lunch.
• Accommodation and airport pick up are made upon request
• For any inquiries reach us through info@lenoldevelopmentcenter.com or +254 710 314 746
• Payment should be made to our bank account before the start of training