Course Overview

This course will review the following area’s and include working through relevant examples to explain the requirements of each section:

Section 9 – Financial instruments

  • What is defined as a financial asset & liability;
  • What transactions are covered by the Section;
  • How to account for deferred payment transactions;
  • Recognition at initial recognition for investments in shares, derivatives, and financial instruments; – how to account for directly attributable costs;
  • Impairment indicators;
  • Rules on derecognition and reversal of impairments;

 

Section 10 – Inventories

  • A recap on the accounting requirements of Section 10;
  • Accounting for consignment stock;
  • Costs to be excluded from inventories;
  • Allocation of production overhead to inventory;
  • Costing methods;
  • Accounting for biological assets;

 

Section 12: Property plant and equipment

  • A recap on the accounting requirements of Section 12;
  • When to recognise an asset;
  • How to account for investment property;
  • Accounting for replacement assets;
  • The rules in relation to land and buildings and how these are to be depreciated;
  • What is included in the cost of the assets?
  • Accounting for instatement costs;
  • Measurement after initial recognition – when to depreciate and method to use?/ residual values and changes in life and disclosures in this regard;
  • Is it a repair to be expensed or is it a fixed asset??
  • Disclosures

 

Section 13 & 14: Intangible assets other than goodwill and Business Combinations and Goodwill

  • A recap on the accounting requirements of Section 13 &14;
  • The rules;
  • The amortisation rate and when commence amortisation;
  • The rules in relation to a residual value – when allowed;
  • Impairments;
  • Disclosures

John Murphy: Tax, Corporate Restructuring and Practice Support

As a lead member of our technical support team, John relishes problem-solving to help accountants develop innovative client solutions and sharing technical knowledge on tax, financial reporting and auditing.

A Chartered Tax Adviser, he advises clients in practice on a range of issues from income tax, tax planning, restructuring and exit planning to Revenue audits. In addition, he provides support on financial reporting, auditing and company law; conducts company valuations and advises on pre-sale restructuring.

John also plays a key role as a researcher and subject-matter expert in developing OmniPro information products such as the CompaniesAct2014.com and FRS102.com. As a speaker at OmniPro CPD events, he brings these industry-leading insights to accountants participating in our training programmes.


Des O’Neill – Co-Founder and Managing Director, OmniPro

Having worked for a number of years in practice, Des O’Neill co-founded OmniPro to develop tools, techniques, products and services, empowering accountants to achieve their best. Over 15 years, he has grown the company to a multi-million-euro turnover business and established OmniPro as Ireland’s largest independent provider of CPD for accountants.

Des speaks regularly, at national and international fora, on practice development, auditing, accounting, company law and regulation. He is passionate about bringing innovation to the profession and empowering accountants to achieve what they want in their careers and practice.