GAAP Consulting
Date

Thursday 5 December 2024

Time

12:00 pm

Duration

1.5 CPD Hours

Session Topic

Getting back to the basics of financial instruments – Part 1

Accounting for financial instruments can be very challenging. There are three inter-related standards that need to be understood – AASB 132/IAS 32 Financial Instruments: Presentation, AASB 9/IFRS 9 Financial Instruments, and AASB 7/IFRS 7 Financial Instruments: Disclosure plus several interpretations. In this session, we will start the journey on understanding the fundamentals of financial instruments in an easily comprehensible way.

This introductory session will cover:

  • What is a financial instrument?
  • What is a compound financial instrument?
  • Business model and classification rules
  • What are embedded derivatives?
  • Measurement – amortised and fair-value
  • When to use FVTOCI
  • Impairment
  • What is hedging?
  • What really needs to be disclosed?
  • What interpretations need to be considered?
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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.

 

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Carmen Ridley

Principal | Australian Financial Reporting Solutions

Carmen has an excellent knowledge of financial reporting through significant experience with a number of major accounting firms in both the external audit and technical divisions and spending significant time analysing and interpreting accounting standards for clients.

Carmen is a former Board member of the AASB (2012 – 2020) and a former member of the IFRS for SME implementation committee (2020 – 2023).