Overview
Nepal Financial Reporting Standards (‘NFRS’) are designed as a common global language for business affairs so that company accounts are understandable and comparable within Nepal. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external.
In Nepal, Accounting Standards are developed by the Accounting Standards Board (ASB). The ASB came into existence on 10 March 2003 as per the provisions of Nepal Chartered Accountants Act, 1997. ASB had earlier issued Nepal Accounting Standard (NAS) in line with IAS and with the gradual replacement of IAS by updated IFRS, the board has now issued NFRS on basis of recent international financial reporting standards (IFRS)
NFRSs are designed to apply to the general purpose financial statements and other financial reporting of profit-oriented entities. NFRSs sets out recognition, measurement, presentation and disclosure requirements dealing with transactions and events that are important in general purpose financial statements. NFRSs are based on the Conceptual Framework which addresses the concepts underlying the information presented in general purpose financial statements.
Nepal Rastra Bank has made it mandatory for A class Banks to prepare their Financial Statements from F/Y 2074 /75 and for B and C class from F/Y 2075/76 in accordance with NFRS. Hence, a practical understanding of the NFRS would be an added advantage for employees involved in Finance, Accounting, Internal Audit and Compliance department/unit. To cater to this need we have planned extensively to impart understanding on related NFRS to the working staffs of the concerned areas.
Our 24 hours exclusive workshop on Nepal Financial Reporting Standards (‘NFRS’) will help the participants to get in-depth knowledge about NFRS related to the banking sector.
Target audience
Employees involved in Finance, Accounting, Internal Audit and Compliance department/unit.
Objectives
Some of the objectives of NFRS workshop are:
Content
| Time | NFRS Covered | NFRS / Relevant Topic | Session Objectives |
| 1 Hr:30 Min | – | Introduction to NFRS and Implication of NFRS to Nepalese Commercial Banks and FIs | · Understanding the background to NFRS, principal areas where NFRS will impact on financial reporting vis-à-vis regulatory reporting
|
| 1 Hr:30 Min | NFRS 1 | First Time Adoption Issues | · Issued to be understood while adopting NFRS for the first time. Special focus on the new reporting requirements and exemption available. |
| 1 Hr:30 Min
|
NAS 32,
NAS 39, NFRS 7, NFRS 9, NFRS 13 |
Financial Instruments,
Fair Value Measurement
|
· Impact of recognition, measurement and presentation of financial instruments. (financial instruments being the main concern areas for Bank FI)
· Understanding the fair value measurement recognition under NFRS
|
| 1 Hr:30 Min
|
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| 1 Hr:30 Min | |||
| 1 Hr:30 Min | NAS 36
NAS 39 NFRS 9 NAS 12 |
Impairment
Taxes |
· Shift from rule based impairment model to principle based impairment of assets
· Current and Deferred Taxes |
| 1 Hr:30 Min | NAS 18
NFRS 15 |
Revenue | · Recognition of revenue (what is and what new is coming?) |
| 1 Hr:30 Min | NAS 21,
NAS 24, NAS 19 |
Foreign Exchange
Related Parties, Employee Benefits |
· Impact of forex gain or loss recognition, additional reporting requirement for related parties,
· Accounting for employee benefits, with special focus on retirement benefits |
| 1 Hr:30 Min | NAS 34
NFRS 8 |
Interim Reports
Operating Segment |
· Applying NAS 34 for quarterly public reporting
· Identifying and reporting operating segments |
| 1 Hr:30 Min | NAS 33
NAS 37 NFRS 5 |
EPS
Provisions Contingents, Assets Held for Sale |
· Possible application of NFRS 5 for non-banking assets
· Reporting EPS and contingencies |
| 1 Hr:30 Min | NAS 16
NAS 38 NAS 40 |
Property Plant and Equipment
Intangibles Investment Properties |
· Understanding other assets in the financial statements of the bank their recognition and measurements |
| 1 Hr:30 Min
|
NAS 28
NFRS 3 NFRS 11 NFRS 12 |
Consolidation and Group Accounting | · Understanding subsidiaries, associates and joint ventures
· Understanding consolidation · Understanding equity accounting |
| 1 Hr:30 Min | |||
| 1 Hr:30 Min | NAS 8
NAS 17 / NFRS 16 NAS 20 NAS 23 |
Others standards | · General NFRS discussion, |
| 1 Hr:30 Min | Open topics | · Recap and closing |
Training Fees
NRs. 40,000 /- + VAT– includes fee, stationery, training materials, two times tea/coffee, and one time lunch.
Group Discount: 10% for 4 and more participants
Cancellation
The cancellation of participation should be informed by October 02, 2018 – 5 pm. If any participant does not appear without any prior cancellation notice, full charge shall be levied on the client.
Certificate
Training certificate of participation will be awarded
only for those who fully attend the course.
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