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THE ANALYSIS AND APPLICATION OF CAS AND IFRSS

The release of the new edition of the Chinese Accounting Standards (“New CASs”) in February 2006 is an evident symbol indicating that CASs’ converging with international accounting conventions has been established. During the convergence process, with the entrance of more and more multi-national companies and the operating and financial globalization trends of local companies, being a financial professional, you have to possess adequate knowledge of the International Financial Reporting Standards (IFRSs) and its difference with the New CASs.

The New CASs’ application in practice will be elaborated in illustrative examples in combination with the latest updates. Our training course will be focused on the following aspects: 1. comparative differences in those widely applicable standards; 2. revisions in the New CASs, particularly those that are converged with IFRSs; 3. major difficult or complicated accounting applications

Training Objectives

In this training course, you will enjoy the opportunity to systematically study the New CASs and IFRSs and thus have a clear understanding of their similarities and differences. Consequently you can skillfully apply these standards in accounting, financial reporting and analysis so that you can leverage the knowledge to build up a better career in the finance sector.

Training Attendees

Accounting, financial, tax, internal control and auditing managers or supervisors, financial controllers, CFOs and other senior managers


	Training Outline

	IFRSs briefing
	Brief introduction of the history of IASC / IASB
	Profile of IFRSs
	IFRSs application status in the world
	New CASs briefing
	PRC accounting statutory framework
	New CASs content introduction
	New CASs features
	Comparative analyses of CASs and IFRSs
	CAS No. 1 / IAS2──Inventories
	- Concept of Net Realizable Value (NRV)
	- Subsequent measurement at the lower of cost and NRV
	- Comparative difference: Allocation of fixed production overheads
	CAS No. 4 Fixed Assets / IAS16──Property, Plant and Equipment
	- Accounting treatment for financing expenses/borrowing costs in acquisition of F/A
	- Comparative difference: subsequent measurement for F/A
	- Costs of dismantling and removing the item
	- Recognition and measurement for F/A held for sale (IFRS 5──Non-current assets held for sale and discontinued operations)
	CAS No. 8 / IAS36──Impairment of Assets
	- What is impairment of assets and its impact?
	- What is recoverable amount, fair value less costs to sell, value in use (VIU)?
	- Adoption of discounting rate in calculating VIU
	- Accounting for impairment of assets and its impact on depreciation and amortization
	- Comparative difference: reversal of impairment loss
	- Concept of Cash Generating Unit and corporate assets as well as their application in impairment of assets
	CAS No. 14 / IAS18──Revenue
	- Revenue scope

	- Revenue recognition conditions - significant transfer of risks and rewards
	- Revenue measurement at fair value
	- Accounting for payment effectively constituting a financing transaction: discounting by using imputed rate of interest
	- Accounting for cash discount, trade discount, sales return and the impact on taxation
	CAS No. 18 / IAS12──Income taxes
	- Concept and determination of the tax base of an asset or tax base of a liability
	- The significance of adopting the balance sheet liability method and its difference with the income statement liability/deferral method
	- Difference between temporary difference and time difference, concept of taxable temporary difference and deductible temporary difference
	- Calculation of deferred tax asset/liability, current and deferred tax expense/income
	- Comparative difference: presentation
	CAS No. 19 / IAS21──The Effects of Changes in Foreign Exchange Rates
	- What is functional currency?
	- Factors to be considered in determining functional currency
	- Additional factors to be considered in determining functional currency of a foreign operation
	- Subsequent measurement for foreign currency transactions
	- Comparative difference: use of a presentation currency other than the functional currency
	CAS No. 30 / IAS1──Presentation of Financial Statements
	- Comparative difference: presentation of an income statement
	- Introduction of the statement of change of owners’ equity
	CAS No. 38 First-adoption of CAS / IFRS1──First-adoption of IFRS
	- Reporting scope in first adoption of new accounting standards