Navigating through the latest updates in IFRS
15 May 2025 | 8:30 a.m. – 3:45 p.m. | 6 CPD | KPMG Nicosia
15 May 2025 | 8:30 a.m. – 3:45 p.m. | 6 CPD | KPMG Nicosia
Seminar’s Overview
In this seminar, you will delve into the latest changes and advancements in International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS).
- Uncover new standards and amendments designed to enhance the preparation of financial statements, ensuring your skills are at the forefront of the industry.
- Gain insights into recent updates and interpretations that shape the evolving financial reporting landscape, equipping you with the knowledge to navigate complexities with confidence.
This training is essential for finance professionals looking to stay competitive and informed in a rapidly changing environment. Don't miss this opportunity to elevate your expertise and lead your organisation toward financial excellence!
Seminar’s Goals
By the end of the training, participants will be able to:
- Distinguish changes in accounting policies from accounting estimates.
- Identify whether a contract is an insurance contract.
- Demonstrate the ability to interpret the definition of significant insurance risk.
- Explain on a high level the requirements of IFRS S1 and IFRS S2.
- Apply the requirements of ESRS regarding the disclosures of sustainability-related information.
- Apply the four-step process under IFRS 17 for identifying an insurance contract.
- Adopt and implement the requirements of IFRS 17 for insurance contracts.
- Implement the latest amendments in IFRS in the preparation of financial statements.
- Support the process of preparing accurate financial statements.
Participants*
This seminar is addressed to CEOs, financial controllers, finance managers, finance directors, accountants and auditors seeking comprehensive knowledge of the latest IFRS requirements. It offers valuable insights to professionals involved in financial statements’ preparation and compliance services, ensuring they stay informed and equipped to navigate the complexities of recent IFRS adoptions/amendments.
All participants should be currently employed.
*The number of participants is restricted to 28.
Agenda
1. European Sustainability Reporting Standards (ESRS) (1 hr & 30 min)
- Introduction to ESRS which will have a significant impact on the scope, volume and granularity of sustainability-related information to be collected and disclosed by companies.
IFRS S1: General Requirements for Disclosure of Sustainability-related financial information & IFRS S2: Climate-related Disclosures
- Introduction to IFRS S1 and S2. The aim is to mandate entities to provide relevant information concerning their sustainability-related risks and opportunities that is useful to the users of the financial statements.
- Identifying sustainability and climate related risks and opportunities.
- Identifying applicable disclosure requirements (quantitative and qualitative information).
- Strategy and decision-making.
- Timing of reporting.
2. Amendments in IFRS effective from 1 January 2023 (55 min)
- IAS 1 Presentation of Financial Statements
Disclosures of Accounting Policies
These amendments help entities provide useful accounting policy disclosures by requiring entities to disclose their material accounting policies instead of their significant accounting policies, clarifying that accounting policies related to immaterial transactions, other events or conditions, are themselves immaterial and do not need to be disclosed. They also clarify that not all accounting policies relating to material transactions other events or conditions are themselves material. - IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
Definition of Accounting Estimates
The trainers will present the changes in this standard, which explains how entities distinguish between changes in accounting policies and changes in accounting estimates, with a primary focus on the definition and guidance related to accounting estimates. - IAS 12 Income Taxes
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
The trainers will cover the amendments of this standard which describes how entities account for deferred taxes on certain transactions, such as leases and decommissioning obligations, with a focus on reducing diversity in practice.
3. Amendments in IFRS effective from 1 January 2024 (45 min)
- IFRS 16 Leases
Lease Liability in a Sale-and-Leaseback
The trainers will outline the changes in this standard which clarifies how a seller-lessee will account for variable lease payments that arise in a sale-and-leaseback transaction. - IAS 1 Presentation of Financial Statements
Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants
The trainers will cover the relevant amendments of this standard which clarifies that the classification of liabilities as current or non-current is based solely on an entity’s right to defer settlement for at least 12 months at the reporting date. - IAS 7 Statements of Cash Flows and IFRS 7 Financial Instruments Disclosures
Supplier Finance Arrangements
The trainers will explain the changes in this standard which requires an entity to disclose qualitative and quantitative information about its supplier finance arrangements.
4. Amendments in IFRS effective from 1 January 2025 (20 min)
- IAS 21 The effects of Changes in Foreign Exchange Rates
Lack of exchangeability
The trainers will refer to changes that will soon be effective. More specifically, they will cover the amendments relevant to this standard, which applies when one currency cannot be exchanged for another. The amendments introduce new disclosures to help financial statement users assess the impact of using an estimated exchange rate.
5. IFRS 17 Insurance contracts for non-insurers (1 hr)
- Identifying a contract.
- Compensating for a specified uncertain future event.
- Assessment whether the event adversely affects the counterparty.
- Transfer of significant insurance risk.
- Case Study: Applying the four-step process.
6. Future Updates and Amendments (1 hr)
- This section is dedicated for any future developments or amendments may arise until the delivery date of the seminar (i.e., IFRS 18).
7. Q&A session (30 min)
Services
Our services include:
- Handouts, including the hard copy presentation, examples, case studies, exercises, and additional notes, if applicable.
- Stationery, such as pads, pens, and files.
- Drinks (coffee, tea, etc.) and a buffet lunch.
- A fully equipped training room.
- Certificate of completion.
Registration & Contact
If you wish to register for the seminar, please complete the registration form.
Once your registration is submitted, you will receive an email stating how to proceed with your HRDA registration through the Ermis platform. Upon completion of this step, you will receive a confirmation email which will include the participation fee, including any discounts, if applicable. Kindly note that the payment should be settled at least two days prior to the seminar’s date for your registration to be confirmed.
The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. Please note that there are limited seats available, therefore enroll in this seminar as soon as possible.
If you do not receive our confirmation e-mail regarding your registration, your participation cannot be guaranteed.
Cost
€160 net investment after the HRDA subsidy (€120) for all eligible participants.*
€280 + VAT (19%) for all participants who are non-eligible for the HRDA subsidy.
*According to HRDA regulations, you will not qualify for the HRDA subsidy if you have attended this seminar within the last two years, as there have been no substantial changes to the content.
Last Date for 10% Early Bird Discount: 24/04/2025
Note
We do not provide a soft copy of the presentation for face-to-face seminars. However, if you would like to request one, please contact us. We may be able to provide it, subject to approval. In this case, the cost of the soft copy will be €50 for participants who have already attended the relevant training, or €100 for those who have not.
HRDA Note
All individuals who wish to attend our HRDA approved training courses should not only fill out our registration form, but also complete the registration process through the ERMIS platform. Regardless of whether they are claiming the HRDA subsidy or not, each participant will need to complete their registration through ERMIS as a physical person and then register to our training in order to be able to attend (either as an employee whose company is claiming the subsidy or as an individual who is not claiming the subsidy). Please reach out to the HRDA Ermis officers on 22 390 300 for more details regarding the registration as a physical person.
Discounts available
- For more than two (3+) participants from the same company a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for participants who enroll in the same seminar, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
- For individuals/legal entities who/which register in more than two (3+) seminars during the same semester (January-June & July-December), a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for individuals/legal entities who/which enroll in more than two (3+) seminars during the same semester, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
- There is a 10% discount for alumni members. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the early bird discount and the HRDA subsidy, when applicable. For more information on our alumni scheme, click here.
- There is a 10% early bird discount on selected seminars for participants who enroll in a training course until a specific date which is stated above. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the HRDA subsidy, when applicable.
- HRDA subsidy for all HRDA approved seminars.
- Please note that while participants may qualify for multiple discounts, a maximum of two discounts, up to a total of 20%, can be applied per registration.
Contact
For any queries, please contact Vasiliki Sioziou on +357 22 207 460 or at academy@kpmg.com.cy
CPD
This seminar may contribute to Continuing Professional Development requirements. At the end of the seminar participants will be given a certificate of attendance confirming the total number of training hours (6 CPD).
Trainers
Pangratios Vanezis
Board Member, Audit, IFRS 9 and IFRS 17 Implementation Lead, Fintech Business Lead, Enterprise and Startups Lead, KPMG Cyprus
Pangratios Vanezis graduated from Lancaster University with a Bachelor of Arts in Accounting & Finance. He is a Fellow member of the Institute of Chartered Accountants in England and Wales. He has been with KPMG in Cyprus for over two decades, starting in 2003 and rising to the role of Board Member in 2017.
Pangratios possesses a versatile industry experience across sectors such as financial services, fintech, technology, FMCG, and aviation. He is committed to excellence and stakeholder value creation and is deeply engaged in innovative and high-impact deal transactions.
He is the KPMG Enterprise and Startups team leader having played a pivotal role in its establishment. Pangratios actively supports entrepreneurs in transforming ideas into successful enterprises. He is actively involved in mentoring startups with business model development, go-to-market strategies, assisting in fundraising rounds and exits, and arranging thematic hackathons.
He is the fintech and audit technology business leader and actively participates in numerous forums and publications. He is also part of the crowdfunding initiative of Cyprus.
Pangratios brings vast experience in innovation and leads the technology and innovation transformation of the audit function within KPMG, as well as co-leading Accounting Advisory Services and partaking in the IFRS Helpdesk as a subject matter expert.
He is currently chairman of the financial services committee of the Institute of Certified Public Accountants in Cyprus (ICPAC). Previously, he served as chairman of the Accounting Committee (2018-2022) and the Financial Services Committee (2022-2024) of ICPAC. Pangratios is certified by the Human Resource Development Authority as a “Trainer of Vocational Training”.
Panayiotis Peleties
Board Member, Audit, KPMG in Cyprus
Panayiotis is a Board Member and Head of Banking at KPMG in Cyprus as well as a member of the Executive Committee of the firm. He is also the Chairman of the KPMG Cyprus Audit Committee Institute. He holds a Bachelor of Arts (Honours) in Accounting & Economics from Lancaster University and is a Fellow member of the Institute of Chartered Accountants in England and Wales, as well as a member of the Institute of Certified Public Accountants of Cyprus. He has been the Chairman of the Listed Entities and PIE Auditors Committee of ICPAC for the past three years. Panayiotis joined KPMG in 1993 and became a Partner in 2005.
He is a technical expert on IFRS requirements with more than 30 years of experience. As the leader of KPMG’s Department of Professional Practice-Accounting team, he provides technical support and specialist advice on applying the IFRS framework to both in-house staff and external stakeholders. He is also the co-head of the Accounting Advisory Services which specialises in IFRS, IPSAS and other frameworks’ interpretation and implementation for external clients, with a focus on grey areas and complex transactions.
His extensive audit portfolio includes multinational clients in industries such as banking, investment firms, insurance, tourism, real estate, and media.
Panayiotis is certified by the Human Resource Development Authority as a “Trainer of Vocational Training”.
Christos Miltiadous
Manager, Accounting Advisory Services, KPMG in Cyprus
Christos joined KPMG in Cyprus in 2022. He holds a Bachelor of Science in Accounting & Finance from Lancaster University and has been a member of the Institute of Chartered Accountants in England and Wales since 2019. Christos holds an MBA from the University of Limassol (formerly the Cyprus International Institute of Management).
He possesses versatile industry experience spanning across several sectors including financial services, shipping, real estate, and food and beverages.
He is currently part of the Accounting Advisory Services, providing technical accounting guidance on the appropriate interpretation and application of accounting frameworks including IFRSs, with a focus on particularly complex transactions. Furthermore, he has been involved in the delivery of several presentations to in-house KPMG staff and external clients on IFRS matters such as recurring IFRS updates and IFRS 17.