Grasp knowledge into your hands

Transcript

1 KPMG ACADEMY Grasp knowledge into your hands JULY - DECEMBER 2012

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3 Foreword Dear clients and friends, The KPMG Academy training activities have been met with great success. Since April 2009 our experienced training team has delivered seminars to approximately 2100 professionals across all industries in Cyprus and has organized 4 international conferences on leadership, taxation and tourism, welcoming a selection of world renowned speakers. Our aim is to continue leading the training field during the second semester of 2012 by utilizing our professional and academic expertise and turning our knowledge into value for the benefit of our clients, our people and the society in general. The Academy collaborates with experts from the KPMG network, professionals from other successful companies and academics from both Cyprus and abroad. We organize in-house and open training programs as well as international conferences to address a wide range of areas which include: technical and financial matters, selling, marketing and customer relationships, leadership and human resource management as well as essential professional skills. This brochure provides an overview of our courses and valuable information on seminars that shall keep you up to date and enhance your business performance. For the period of July-December 2012, we offer a selection of 50 seminars which reflect current market needs and training priorities. These seminars can be delivered in-house and can be tailored to the specific needs of your organization. Furthermore, 8 of these seminars are available as open training courses and 3 of them have been approved by the Human Resource Development Authority (HRDA). Suitable subsidies will, therefore, be available to all HRDA qualifying participants. We would like to take this opportunity to thank you in advance for your trust in KPMG as your preferred training provider and we look forward to welcoming you to our modern training facilities. Kind Regards, Christos V. Vasiliou Head of KPMG Academy 3

4 A. KPMG ACADEMY SEMINARS By Seminar category The seminars below may be organized as in-house training programs, whilst open seminars are also noted. A separate table for all open seminars is displayed on page six (6) which indicates the date, the cost, the available HRDA subsidy as well as the language of each seminar. No. TITLE IFRS AND ACCOUNTING LANGUAGE OPEN SEMINAR PAGE 1 IFRS FOR SMEs, OTHER IFRS UPDATES AND APPLICATION ISSUES ENG 10 2 INTRODUCTION TO DERIVATIVES: TYPES OF PRODUCTS, ADMINISTRATION AND ACCOUNTING ENG 11 3 CONSTRUCTION INDUSTRY: ACCOUNTING, REPORTING AND TAXATION ISSUES ENG 12 4 ACCOUNTING AND FINANCE FOR NON ACCOUNTANTS ENG/GR 13 5 IFRS BRIEFING ENG 14 6 ACCOUNTING FOR FINANCIAL INSTRUMENTS ENG 15 7 IFRS UPDATE SEMINAR AND ADVANCED APPLICATIONS ENG 16 TAXATION ΣΕΜΙΝΑΡΙΟ Φ.Π.Α.: ΥΠΗΡΕΣΙΕΣ ΠΡΑΚΤΟΡΩΝ ΜΕΤΑΦΟΡΩΝ ΣΕΜΙΝΑΡΙΟ Φ.Π.Α.: ΥΠΗΡΕΣΙΕΣ ΟΡΓΑΝΩΤΩΝ ΤΟΥΡΙΣΤΙΚΩΝ ΠΕΡΙΗΓΗΣΕΩΝ ΚΑΙ ΤΑΞΙΔΙΩΤΙΚΩΝ ΠΡΑΚΤΟΡΩΝ ΚΥΠΡΟΥ CYPRUS CORPORATE TAX: A PRACTICAL UNDERSTANDING INTERNATIONAL TAX PRINCIPLES VAT ON TRADE PROMOTION SCHEMES ΕΓΚΥΚΛΙΟΙ ΤΟΥ ΤΜΗΜΑΤΟΣ ΕΣΩΤΕΡΙΚΩΝ ΠΡΟΣΟΔΩΝ ΒΑΣΙΚΕΣ ΑΡΧΕΣ ΤΟΥ Φ.Π.Α. TAX AUDITS IN CYPRUS: REDUCTION OF TAX RISKS AND PREVENTATIVE TAX MEASURES A GLOBAL APPROACH TO TRUSTS AND THEIR TAX IMPLICATIONS ΕΞΕΙΔΙΚΕΥΜΕΝΟ ΣΕΜΙΝΑΡΙΟ ΣΕ ΘΕΜΑΤΑ Φ.Π.Α. ΠΡΟΣΦΑΤΕΣ ΤΡΟΠΟΠΟΙΗΣΕΙΣ ΣΤΗΝ ΠΕΡΙ Φ.Π.Α. ΝΟΜΟΘΕΣΙΑ CORPORATE FINANCE FINANCIAL DUE DILIGENCE VALUATIONS SEMINAR ΕΤΟΙΜΑΣΙΑ, ΕΦΑΡΜΟΓΗ & ΕΛΕΓΧΟΣ ΠΡΟΫΠΟΛΟΓΙΣΜΟΥ ΤΑΜΕΙΑΚΗΣ ΡΟΗΣ INTRODUCTION TO STRATEGIC PLANNING AND FINANCIAL FORECASTING FINANCIAL RISK MANAGEMENT SOLVENCY II INTERNAL CAPITAL ADEQUACY ASSESSMENT PROCESS FOR INVESTMENT FIRMS INVESTMENT FUND ADMINISTRATION ΑΞΙΟΛΟΓΗΣΗ ΧΟΡΗΓΗΣΕΩΝ ΣΕ ΜΙΚΡΟΜΕΣΑΙΕΣ ΕΠΙΧΕΙΡΗΣΕΙΣ (ΜΜΕ) CREDIT SCORING ΠΡΟΣΟΜΟΙΩΣΕΙΣ ΑΚΡΑΙΩΝ ΚΑΤΑΣΤΑΣΕΩΝ ΣΤΟ ΧΡΗΜΑΤΟΟΙΚΟΝΟΜΙΚΟ ΤΟΜΕΑ (STRESS TESTING) ΧΡΗΜΑΤΟΟΙΚΟΝΟΜΙΚΗ ΑΞΙΟΛΟΓΗΣΗ ΓΙΑ ΠΑΡΑΧΩΡΗΣΗ ΤΡΑΠΕΖΙΚΩΝ ΔΙΕΥΚΟΛΥΝΣΕΩΝ INTRODUCTION TO CAPITAL MARKETS INVESTMENT FUNDS: THE NEW REGULATORY FRAMEWORK FOR ALTERNATIVE INVESTMENT FUNDS & UCITS IV THE IMPACT OF BASEL III IN THE FINANCE SECTOR: WHAT IS CHANGING? COVERED BONDS - A KEY FINANCING TOOL FOR BANKS AND MORTGAGE LENDERS REENGINEERING THE CUSTODY AND FUND ADMINISTRATION PROCESS GR GR ENG ENG ENG GR GR ENG GR GR GR ENG ENG GR ENG ENG ENG ENG GR ENG GR GR ENG ENG ENG ENG ENG

5 KPMG ACADEMY SEMINARS By Seminar category No. TITLE LANGUAGE OPEN SEMINAR PAGE FINANCIAL RISK MANAGEMENT BASEL II - PILLAR 1 SEMINAR AND COREP WORKSHOP INVESTMENT FUNDS AND INVESTMENT FUND MANAGEMENT: THE CYPRUS REALITY ENG ENG LATEST TRENDS IN INTERNATIONAL INVESTMENT PRODUCTS ENG ISLAMIC FINANCE: CAN IT BE OFFERED THROUGH CYPRUS? ENG AIFMD, ICIS LEGISLATION AND UCITS NEW DEVELOPMENTS IN BANKING REGULATION: WHERE WE STAND? LATEST TRENDS IN INVESTMENT FUND ADMINISTRATION, CUSTODY AND PRICING ΔΙΑΔΙΚΑΣΙΑ ΠΑΡΕΜΠΟΔΙΣΗΣ ΝΟΜΙΜΟΠΟΙΗΣΗΣ ΕΣΟΔΩΝ ΑΠΟ ΠΑΡΑΝΟΜΕΣ ΔΡΑΣΤΗΡΙΟΤΗΤΕΣ ENG ENG ENG GR INTRODUCTION TO THE CRISIS MANAGEMENT LAW ΤΑΜΕΙΑ ΣΥΝΤΑΞΙΟΔΟΤΙΚΩΝ ΠΑΡΟΧΩΝ ΣΤΗΝ ΚΥΠΡΟ ENG GR IT ADVISORY 45 IT CONTROLS FOR AUDITORS ENG 58 ORGANISATIONAL STRATEGY 46 INTRODUCTION TO PROJECT MANAGEMENT AND PMI METHODOLOGY-PART A ENG/GR* PROJECT MANAGEMENT PROFESSIONAL PREPARATION COURSE (PMP CERTIFICATION PREP.) - PART Β ΤΟ ΕΡΓΑΤΙΚΟ ΔΙΚΑΙΟ ΣΤΗΝ ΚΥΠΡΟ: ΠΩΣ ΜΠΟΡΕΙ ΕΝΑΣ ΕΡΓΟΔΟΤΗΣ ΝΑ ΑΝΤΙΜΕΤΩΠΙΣΕΙ ΤΟ ΚΟΣΤΟΣ ΤΗΣ ΚΡΙΣΗΣ ΕΠΕΝΔΥΣΕΙΣ ΣΕ ΑΝΑΝΕΩΣΙΜΕΣ ΠΗΓΕΣ ΕΝΕΡΓΕΙΑΣ ΠΡΟΣΛΗΨΗ & ΑΠΟΛΥΣΗ ΠΡΟΣΩΠΙΚΟΥ: ΜΙΑ ΠΡΑΚΤΙΚΗ ΠΡΟΣΕΓΓΙΣΗ ΤΟΥ ΚΥΠΡΙΑΚΟΥ ΕΡΓΑΤΙΚΟΥ ΔΙΚΑΙΟΥ ENG/GR* GR GR GR * The seminar is delivered in Greek, but, English terms are used. 5

6 B. OPEN SEMINARS: JULY - DECEMBER 2012 By Seminar date TITLE AIFMD, ICIS LEGISLATION AND UCITS DATE PRICE PRICE HRDA NET COST LANGUAGE Including VAT SUBSIDY Including VAT 18-19/10/ English ΠΡΟΣΦΑΤΕΣ ΤΡΟΠΟΠΟΙΗΣΕΙΣ ΣΤΗN ΠΕΡΙ Φ.Π.Α. ΝΟΜΟΘΕΣΙΑ 23/10/ , Nil 300 Greek NEW DEVELOPMENTS IN BANKING REGULATION: WHERE WE STAND? 05/11/ , Nil 375 English ΠΡΟΣΛΗΨΗ & ΑΠΟΛΥΣΗ ΠΡΟΣΩΠΙΚΟΥ: ΜΙΑ ΠΡΑΚΤΙΚΗ ΠΡΟΣΕΓΓΙΣΗ ΤΟΥ ΚΥΠΡΙΑΚΟΥ ΕΡΓΑΤΙΚΟΥ ΔΙΚΑΙΟΥ 08/11/ Nil 351 Greek ΤΑΜΕΙΑ ΣΥΝΤΑΞΙΟΔΟΤΙΚΩΝ ΠΑΡΟΧΩΝ ΣΤΗΝ ΚΥΠΡΟ LATEST TRENDS IN INVESTMENT FUND ADMINISTRATION, CUSTODY AND PRICING 04/12/ /11/ , ,50 Nil 123, Greek English ΔΙΑΔΙΚΑΣΙΑ ΠΑΡΕΜΠΟΔΙΣΗΣ ΝΟΜΙΜΟΠΟΙΗΣΗΣ ΕΣΟΔΩΝ ΑΠΟ ΠΑΡΑΝΟΜΕΣ ΔΡΑΣΤΗΡΙΟΤΗΤΕΣ 10/12/ , ,40 Greek INTRODUCTION TO THE CRISIS MANAGEMENT LAW Not Yet Set 320, Nil 375 English 6

7 General Information In-House and Open Training Programmes: KPMG Academy's specialized team of professional trainers has developed seminars on broad topics both In-House and Open. In-House Seminars may be offered on demand for small groups of employees and associates as well as target the training needs of a specific company. The content, duration and level of these seminars can be adjusted. If a company wishes to apply for sponsorship to the Human Recourse Development Authority (HRDA), KPMG Academy will provide any necessary assistance for the preparation of the application. Open Executive Courses/Seminars address a wide range of areas which include: technical and financial matters, selling, marketing and customer relationships, leadership and human resource management as well as essential professional skills. The attendees of these courses may be employers and employees of different companies. Training Venue Details: Most seminars are conducted at KPMG's training centre in Nicosia. Payment Procedures: Bank deposit at: Hellenic Bank Main Branch KPMG Limited Swift Code: HEBA CY2N IBAN: CY Cheque: The cheque should be sent to Persa Papademetriou. Please ensure that you send a copy of all payment-related documents and the bank transfer slip by fax ( ) to the attention of Persa Papademetriou. Information: For further information you may contact Persa Papademetriou: T: F: E: academy@kpmg.com.cy W: Address: KPMG Limited 14 Esperidon Street 1087 Nicosia Cyprus Registrations: You may register for a seminar by submitting the registration form at the back of this brochure as well as the relevant fee, at least five (5) working days prior to the commencement date of the seminar. An order of priority will be maintained as the number of seats are limited. The number of participants for HRDA subsidized seminars is restricted to 25. You may submit your registration form by fax: or ppapademetriou@kpmg.com Alternatively you may post your registration form to the KPMG address, indicated above, to the attention of Persa Papademetriou, KPMG Academy coordinator. 7

8 Participation Fees & Discounts Participation Fees & Discounts Information regarding the price of open seminars is available on page six (6) as well as on each seminar s content page. Most seminars are subsidized by the HRDA and the corresponding subsidy for all eligible participants is noted on page six (6) in the appropriate column. Group Booking Discounts* For three or more (3 + ) participants from the same company a 10% discount will be provided on the total cost, before VAT and the HRDA subsidy; for five or more (5 + ) participants from the same company, a 20% discount will be provided on the total cost, before VAT and the HRDA subsidy. Early Bird Discount There is a 10% Early Bird discount for each participant who enrolls in a training course at least three (3) weeks prior to the commencement date of the seminar. If the Early Bird discount applies, participants should calculate it after the VAT and the HRDA subsidy. 3 + participants 10% 5 + participants 20% The example below indicates how participants may calculate the discounts and the total amount payable: Number of Participants: 3 Original Price of Seminar per participant: 350 Discount for 3 participants: 10% VAT: 17% HRDA subsidy per participant: 133 Number of participants: 3 Original price: 350 x 3 = 1,050 Calculation of the discount for 3 participants: x 10% = 105 Discounted price: = 945 Calculation of the Early Bird discount: 945 x 10% = New amount with Early Bird Rate: = VAT: x 17% = Price including VAT: = Calculation of the HRDA subsidy: 133 x 3 = 399 Price after HRDA subsidy for all eligible participants: = * The seminar fees include all training material and catering. Only available for delegates from one company attending the same course. 3 + weeks prior to the seminar 10% 8

9 IFRS and Accounting

10 P R O G R A M D E TA I L S Available as an in-house training program (see definition on p. 7) Duration: 1 day Investment: To be advised Language: English Directors: P. Peleties, Z. Hadjizacharias, P. Vanezis IFRS for SMEs, other IFRS Updates and Application Issues This seminar may contribute to Continuing Professional Development requirements. This course describes the provisions of IFRS for SMEs which are intended for the use of small and medium-sized entities (SMEs), private entities and non-publicly accountable entities. Furthermore it informs participants of IFRS updates and IFRS application issues on debt restructuring and business combinations. Course Objectives By the end of the seminar, participants will have a good understanding of: IFRS for SMEs Other IFRS updates and improvements IFRS application issues on debt restructuring and business combinations. Methodology The teaching methodology combines formal theoretical instruction with reference to examples. The course is intended to be practical and interactive hence the participants are encouraged to ask questions. The knowledge obtained during the course is intended to be of immediate practical use in their workplace. Participants Financial controllers, finance managers, finance directors and auditors who wish to be informed of the applicability and content of IFRSs for SMEs, other IFRS updates and improvements and IFRS application issues on debt restructuring and business combinations. Course Content Introduction IFRS for SMEs Background and overview Scope and definition Topics by section Effective date and maintenance Amendments to IAS 32: Classification of Rights issues Introduction and overview Amendment to IAS 32 Revised IAS 24: Related party disclosures Introduction and overview Background/purpose of amendments New definition of related party Modified disclosure requirements Improvements to IFRSs: Annual Improvements Project (AIP) 2009 and 2010 Introduction Improvements in AIP 2009 Improvements in AIP 2010 IFRIC 19: Extinguishing financial liabilities with equity instruments Introduction and overview Issues and consensus Effective date and transition Debt Restructuring Introduction and overview Modifications of terms Quantitative/qualitative assessments Business combinations: IFRS 3/IAS 27 Application Issues Introduction and overview The (broken) link between IFRS 3 and IAS 28 Hidden details in NCI transactions Questions and Answers. 10

11 P R O G R A M D E TA I L S Available as an in-house training program (see definition on p. 7) Duration: 1 day Investment: To be advised Language: English Director: D. Loader Introduction to Derivatives: Types of Products, Administration and Accounting This seminar may contribute to Continuing Professional Development requirements. This course introduces the history, development and use of derivatives products by financial institutions and other participants. It explains the characteristics of products, the infrastructure and main players as well as the clearing, settlement and accounting issues. Course Objectives By the end of the seminar, participants will have a good understanding of: The derivatives industry The recent developments for financial institutions The importance of the administration and accounting issues. Methodology The teaching methodology involves illustration, examples, exercises and discussion. Participants This seminar is useful for any one who is likely to have interaction with derivatives in the course of his / her workflow and responsibilities either as a user or as a service provider. Course Content Introduction to Derivatives History, Development and the types of products Use of Derivatives by Financial & Other Institutions Common Strategies & Use Role of the exchange, clearing house and counterparties Administration of Derivatives Clearing and settlement of on exchange transactions Clearing and settlement of off exchange transactions Margin calls and collateral Cash and position management Accounting and valuation of derivatives Overview of Regulation and Operational Risk of Derivatives Restrictions on sales, marketing and use of derivatives Examples of operational risk. 11

12 P R O G R A M D E TA I L S Available as an in-house training program (see definition on p. 7) Duration: 1 day Investment: To be advised Language: English Directors: P. Peleties, A. Yiasemides, P. Vanezis Construction Industry: Accounting, Reporting and Taxation Issues This seminar may contribute to Continuing Professional Development requirements. It is imperative that accountants possess the advanced knowledge and skills on IFRS topics and tax legislation requirements that are relevant to their industry and their areas of expertise. This seminar s major objective is to equip participants with training and guidance on accounting and reporting based on IFRS as well as the tax requirements in relation to the construction industry. Course Objectives The major objectives of the course are to: IAS 11 / IAS 18 Inform participants about the requirements in respect of the construction industry reporting Point out some application issues related to the recognition of revenue and profit Provide Examples based on KPMG Illustrative Financial Statements (IFS) IFRIC 15 Assist delegates to comprehend how they should treat agreements regarding construction in the real estate industry IAS 23 Explain the core principles of IAS 23 which relates to the treatment of the borrowing costs of a construction project. Cyprus Taxation Requirements Explain how taxable income is calculated in relation to construction products providing examples for the alternative methods Assist delegates to familiarize themselves with the specific tax return and understand the deadlines and penalties that may be charged. Methodology The teaching methodology combines formal theoretical instruction with reference to examples. The course is intended to be practical and interactive, hence the participants are encouraged to ask questions. The knowledge obtained during the course is intended to be of immediate practical use in their workplace. Participants This seminar is a must for financial controllers, finance managers, finance directors and auditors who wish to be informed on the latest IFRS developments. Course Content Background and overview IAS 11 Background and scope Contract Revenue and Costs Recognition of expected losses Disclosures IAS 18 Measurement of revenue in relation to the construction industry Relevant disclosures IAS 23 Borrowing costs eligible for capitalization Commencement / Suspension / Cessation of capitalization Disclosures IFRIC 15 Determining whether the agreement is within the scope of IAS 11 or IAS 18 Accounting for revenue from the construction of real estate Cyprus Taxation Requirements The substantially completed method The percentage of completion method Returns to be filed / Deadlines and penalties. 12

13 P R O G R A M D E TA I L S Available as an in-house training program (see definition on p. 7) Duration: 1 day Investment: To be advised Language: English/ Greek Directors: A. Christofides, C. Vasiliou Accounting & Finance For Non Accountants This seminar may contribute to Continuing Professional Development requirements. In today s business world it is important that managers understand the language of accounting and finance. The course equips participants with the basic skills required to read and interpret financial statements and familiarize themselves with the operational cycle of a business considering issues of risk, finance, investment appraisal and valuation. Course Objectives The main objectives of this seminar are to enable participants to: Understand the main accounting and finance concepts Read and interpret the main financial statements Understand the life cycle of a business Appreciate the various financing options Conceptualize the meaning of operational and financial risk Get familiar with basic investment appraisal techniques Learn about the corporate filing requirement in Cyprus. Methodology The teaching methodology used on this course combines formal theoretical instructions using power-point tools and employs various exercises and case studies. The course is intended to be practical and inter-active, with delegates encouraged to ask questions. Participants The seminar is addressed to all professionals with a non business or finance background who wish to enhance their skills and awareness in the subject. Course Content Session 1: Accounting & Finance What is Accounting? What is Finance? Definitions and key differences Basic accounting and finance principles and their application Session 2: Interpreting Financial Statements Exploring and understanding the Balance Sheet, the Profit & Loss and the Cash Flow Cash Vs Profit: definitions and differences Financial ratios and business performance Key performance indicators Value creation from the shareholders perspective Session 3: Corporate Finance The corporate life cycle Methods of corporate financing Investment appraisal and evaluation: short term and long term investment decisions Valuation of businesses Basic Principles Session 4: Regulatory Environment Tax compliance and filing requirements in Cyprus. 13

14 P R O G R A M D E TA I L S Available as an in-house training program (see definition on p. 7) Duration: 1 day Investment: To be advised Language: English Directors: Z. Hadjizacharias, G. Prodromou, P. Vanezis IFRS Briefing This seminar may contribute to Continuing Professional Development requirements. Outperform other companies by attending this course which addresses accounting and reporting requirements of some International Financial Reporting Standards, that have been recently changed or amended or have gained prominence due to the changes in the current economic environment. This seminar provides a concise review of important reporting standards focusing on issues regarding the recognition, measurement and disclosure requirements. Course Objectives Components of financial statements Cash generating units By the end of the seminar, the participants will: Be briefed on the recognition, measurement and disclosure requirements of the standards IAS 1, IAS 12, IAS 18, IAS 36 IAS 37 and IFRS 3 Be given an overview of the IASB s work plan, IFRIC s work progress as well as insights into frequently asked questions, comments and practical guidelines. Methodology The teaching methodology combines formal theoretical instruction with reference to examples. The course is intended to be practical and interactive; hence the participants are encouraged to ask questions.the knowledge obtained during the course is intended to be of immediate practical use in their workplace. Participants This course is a must for financial controllers, finance managers, finance directors, auditors and accountants who want a concise overview of important Financial Reporting Standards. Course Content IAS 1: Presentation of Financial statements Introduction and recent amendments Overall considerations and compliance requirements Structure and content of financial statements Broad principles in respect of the notes to the financial statements IAS 12: Income taxes Scope and definitions Recognize and measure current and deferred taxes Describe the interaction of specific topics with IAS 12 Disclosure requirements IAS 18: Revenue Revenue vs. income Identifying components of a revenue generating transactions Allocating consideration to components Gross vs. net revenue recognition Measurement Disclosure requirements IAS 36: Impairment of Assets Introduction and overview When to test for impairment Sequence and level of testing Measuring recoverable amount How to measure and recognize impairment loss Disclosure requirements IAS 37: Provisions, Contingent Liabilities and Contingent Assets Introduction and overview How to recognize a provision Distinguishing a contingent liability from a provision Treatment of contingent asset Disclosures IFRS 3: Business Combinations Introduction and overview Scope and definitions Describe the steps of a business combination IFRS 3 after the business combination Accounting for step acquisitions Disclosure requirements. 14

15 P R O G R A M D E TA I L S Available as an in-house training program (see definition on p. 7) Duration: 1 day Investment: To be advised Language: English Directors: P. Peleties, T. Yiasemides, P. Vanezis Accounting for Financial Instruments This seminar may contribute to Continuing Professional Development requirements. The course highlights and gives practical insight of current accounting and reporting requirements of financial instruments with the examination of some of the more complicated transactions, illustrating current practice issues as noted by the regulators, policy setters, and industry leaders. Course Objectives By the end of the seminar, participants will have a good understanding of the recent developments for financial instruments from the IASB and IFRIC, an overview of the IASB s work plan and IFRIC work progress as well as insights into frequently asked questions and comments raised by the regulators. Methodology The teaching methodology combines formal theoretical instruction with various examples and case studies. The course is intended to be practical and interactive encouraging delegates to ask questions. The knowledge obtained during the course is intended to be of immediate practical use in their workplace. Participants This seminar is appropriate for directors and executives engaged in trading in financial instruments, hedging activities and reporting of securities, accountants and analysts who want to have a better understanding of the changes to and challenges for financial instruments under IFRS. Course Content Introduction and Recent Developments IASB s response to the global economic conditions IASB project update specific to financial institutions Fair Value Measurements under the Current Market Conditions Fair value in inactive markets Findings of the IASB Expert Advisory Panel Practical examples of determining fair value Recognition and Measurement of the Financial Instruments Recent amendments to IAS 39 and IFRS 7: Reclassification of financial assets Introduction of the new IFRS 9: Financial Instruments ED Financial Instruments: Classification and Measurement ED Financial Instruments: Impairment Derivatives and Embedded Derivatives and Financial Guarantees Amendments and improvements to IAS 39 Financial Instruments: Recognition and Measurement Amendments to IFRIC 9 Reassessment of Embedded Derivatives Recent IFRIC agenda decisions and other practice issues Definition and accounting for financial guarantees Hedge Accounting Eligible hedged items (amendments to IAS 39) Hedging issues related to the global economic condition ED Financial Instruments: Hedge Accounting Classification of Liabilities and Equity Amendments to IAS 32 Financial Instruments: Presentation Puttable Shares Debt and equity practice issues as a result of recent IFRIC decisions Update and status of IASB and FASB joint project: Financial Instruments with Characteristics of Equity Transfers of Financial Assets and Securitisations Overview of consolidation of SPEs under SIC -12 IFRS 10 Consolidated Financial Statements Overview of derecognition of financial assets under IAS 39 Financial Instruments Disclosures Overview of recent amendments to IFRS 7 Financial Instruments: Disclosures Reclassification disclosures Fair value disclosures Liquidity risk disclosures IFRS 12 Disclosure of Interests in Other Entities IFRS 13 Fair Value Measurement. 15

16 P R O G R A M D E TA I L S Available as an in-house training program (see definition on p. 7) Duration: 1 day Investment: To be advised Language: English Directors: P. Peleties, Z. Hadjizacharias M. Karantoni, T. Yiasemides, G. Prodromou A. Efstathiou IFRS Update Seminar and Advanced Applications This seminar may contribute to Continuing Professional Development requirements. The purpose of this course is to provide a comprehensive and up-to-date technical training on advanced application issues and in-depth learning related to newly introduced IFRS standards and in some cases currently effective IFRS standards via interactive mini-case and scenario based modules. Course Objectives By the end of the seminar participants will: Understand the new requirements of IFRS 10, IFRS 11 and IFRS12. Be informed about the current application issues that are creating challenges in the implementation of IFRS 10, IFRS 11 and IFRS12. Understand the requirements of IFRS 9 in relation to the classification and measurement of financial assets and financial liabilities Learn about the changes to the current practices of fair value measurement through the introduction of IFRS 13 and application issues. Understand the parameters for the preparation of combined financial statements. Assess the impact of the European Sovereign Debt Crisis on the Euro zone and the Cyprus Economy. Methodology The teaching methodology of this course combines formal theoretical instruction with frequent reference to real case scenarios. The course is intended to be practical and interactive, with delegates being encouraged to ask questions. Participants Financial controllers, finance managers, finance directors and auditors who wish to be informed on IFRS updates and advanced application issues. Course Content Time to Consolidate (IFRS 10, IFRS 12) Assessing potential voting rights Key factors in assessing de facto power Supplier relationships which can lead to control Structured entities New disclosure requirements Joint Arrangements (IFRS 11, IFRS 12) Explanation of what constitutes a Separate Vehicle Unlimited Liability Vehicles Obligations for Liabilities Other facts and circumstances that can affect the classification as a joint operation New disclosure requirements Financial Instruments Briefing (IFRS 9) Overview of the current status of the work of IASB in replacing IAS39 Determine the classification of Financial Assets and Financial Liabilities Determine when a reclassification is required Subsequent measurement after initial recognition Effective date and transition requirements Fair value measurement (IFRS 13) Nature and scope of IFRS 13 Implications of IFRS 13 s fair value definition Changes from current practice Combined Financial Statements Difference between combined and pro forma financial statements Parameters for the preparation of combined financial statements Common practice issues Sovereign Debt Crisis Briefing European Sovereign Debt Crisis Effects in the Euro zone Financial position of the Cyprus Economy. 16

17 Taxation

18 Λ Ε Π ΤΟ Μ E Ρ Ε Ι Ε Σ Σ Ε Μ Ι ΝΑΡIΟΥ Παρέχεται ως ενδοεπιχειρησιακό πρόγραμμα (βλέπε ορισμό στη σελ. 7) Διάρκεια: 1 ημέρα Κόστος: Κατόπιν συμφωνίας Γλώσσα: Ελληνική Εισηγητής: Χ. Χαραλάμπους Σεμινάριο Φ.Π.Α.: Υπηρεσίες Πρακτόρων Μεταφορών Το σεμινάριο αυτό μπορεί να συμβάλει στις προϋποθέσεις για Συνεχιζόμενη Επαγγελματική Ανάπτυξη. Η γνώση της περί Φ.Π.Α. νομοθεσίας του κράτους μέλους στο οποίο η εταιρεία σας εξασκεί τις επιχειρηματικές της δραστηριότητες, θα βοηθήσει καταλυτικά στη βελτίωση τόσο της αποδοτικότητας όσο και της αποτελεσματικότητας της σε όλους τους τομείς. Η ορθή φορολογική μεταχείριση, από πλευράς του Κυπριακού Φ.Π.Α., της κάθε επιμέρους επιχειρηματικής δραστηριότητας της εταιρείας σας, πρέπει να αποτελεί αντικείμενο γνώσης και να εφαρμόζεται από όλα τα μέλη της εταιρείας σας τα οποία ασχολούνται με τα λογιστικά της. Στόχοι Σεμιναρίου Μετά το τέλος του σεμιναρίου οι συμμετέχοντες θα γνωρίζουν : Τι είναι ο Φ.Π.Α. Τι ισχύει στη νομοθεσία Φ.Π.Α. της Κύπρου; Πώς λειτουργεί ο μηχανισμός του Φ.Π.Α.; Τους συντελεστές Φ.Π.Α. που ισχύουν στην Κύπρο Tον τόπο και χρόνο παροχής Υπηρεσιών Τι είναι «Πράκτορας Μεταφορών», τι είδους υπηρεσίες προσφέρουν και που εμπλέκονται; Τι είναι τα εξαγωγικά έγγραφα, πώς και που χρησιμοποιούνται; Τους γενικούς εμπορικούς όρους και πώς εφαρμόζονται Τι είναι οι βοηθητικές Υπηρεσίες; Τη φορολογική μεταχείριση των υπηρεσιών που προσφέρουν οι πράκτορες μεταφορών. Μεθοδολογία Κατά τη διάρκεια του σεμιναρίου θα δοθούν στους συμμετέχοντες σημειώσεις με διαγράμματα, επεξηγηματικά διαγράμματα και παραδείγματα. Ο παρουσιαστής, για καλύτερη κατανόηση των θεμάτων, θα χρησιμοποιήσει πραγματικά παραδείγματα. Συμμετέχοντες Το σεμινάριο απευθύνεται κυρίως σε πράκτορες μεταφορών ή και άτομα που χειρίζονται θέματα ΦΠΑ μαζί με τους πράκτορες μεταφορών. Επίσης απευθύνεται σε λειτουργούς Φ.Π.Α., οικονομικούς διευθυντές, υπεύθυνους λογιστηρίου, λογιστές ή και σε οποιονδήποτε ασχολείται με την περί Φ.Π.Α. νομοθεσία. Περιεχόμενο Σεμιναρίου Εισαγωγή Τι είναι Φ.Π.Α. Συντελεστές Φ.Π.Α. Φορολογητέες, Εκτός Πεδίου Εφαρμογής και Εξαιρούμενες Συναλλαγές Τόπος Παροχής Υπηρεσιών Υπηρεσίες του 3 ου Παραρτήματος Φόρος Εισροών Επιπλοκές που Δημιουργούνται από τις συναλλαγές των Πρακτόρων Μεταφορών Εξαγωγικά Έγγραφα Εμπορικοί Όροι (INTERCOMS) Υπηρεσίες Μεταφορών Ορισμοί και παραδείγματα των συνηθέστερων ορών εμπορίου. Τι είναι ο Πράκτορας Μεταφορών; (ΠΜ - Freight forwarder) Freight forwarders Συνήθεις δραστηριότητες Ενιαίες και μικτές παραδόσεις Φύση της συναλλαγής Βοηθητικές μεταφορικές υπηρεσίες Τόπος παράδοσης Φορολογική υποχρέωση Ασφαλιστικές υπηρεσίες Υπηρεσίες εκκαθάρισης από το τελωνείο Cargo Accounts Settlement System ( CASS ) Παραδείγματα. 18

19 Λ Ε Π ΤΟ Μ E Ρ Ε Ι Ε Σ Σ Ε Μ Ι ΝΑΡIΟΥ Παρέχεται ως ενδοεπιχειρησιακό πρόγραμμα (βλέπε ορισμό στη σελ. 7) Διάρκεια: 1 ημέρα Κόστος: Κατόπιν συμφωνίας Γλώσσα: Ελληνική Εισηγητής: Χ. Χαραλάμπους Σεμινάριο Φ.Π.Α.: Υπηρεσίες Οργανωτών Τουριστικών Περιηγήσεων και Ταξιδιωτικών Πρακτόρων Κύπρου Το σεμινάριο αυτό μπορεί να συμβάλει στις προϋποθέσεις για Συνεχιζόμενη Επαγγελματική Ανάπτυξη. Η γνώση της περί Κυπριακής Φ.Π.Α. νομοθεσίας αναφορικά με τις επιχειρηματικές δραστηριότητες στις οποίες εμπλέκονται οι Τουριστικοί Πράκτορες πρέπει να αποτελεί αντικείμενο γνώσης για όλα τα μέλη που απαρτίζουν την επιχείρηση και που ασχολούνται με τον τομέα αυτό. Η σωστή φορολογική μεταχείριση θα βοηθήσει στην αποφυγή λαθών τα οποία θα μπορούσαν επιφέρουν τόσο χρηματικές όσο και νομικές κυρώσεις. Το σεμινάριο απευθύνεται κυρίως στις αλλαγές που επήλθαν με ισχύ 01/01/2010 και τις επιπτώσεις τους στις επιχειρηματικές δραστηριότητες των τουριστικών πρακτόρων. Στόχοι Σεμιναρίου Το σεμινάριο αυτό θα : Εξηγήσει τι είναι ο Φ.Π.Α. Βοηθήσει τους συμμετέχοντες να κατανοήσουν τις αλλαγές που επήλθαν στην περί Κυπριακή Φ.Π.Α. νομοθεσία από 01/01/2010 Επεξηγήσει το χρόνο και τόπο παροχής Υπηρεσιών Ενημερώσει για το τι συμπεριλαμβάνεται στον Ανακεφαλαιωτικό πίνακα για υπηρεσίες και θα εξηγήσει πώς συμπληρώνεται Πληροφορήσει τους συμμετέχοντες για το πως επηρεάζουν οι νέες αλλαγές τις υπηρεσίες που προσφέρονται από τους Ταξιδιωτικούς Πράκτορες Βοηθήσει στη σωστή κατανόηση του Σχεδίου Περιθωρίου Οργανωτών Τουριστικών Περιηγήσεων ( ΣΠΟΤΠ) Ενημερώσει για τη σωστή φορολογική μεταχείριση των υπηρεσιών που προσφέρουν οι Τουριστικοί Πράκτορες. Μεθοδολογία Κατά τη διάρκεια του σεμιναρίου θα δοθούν στους συμμετέχοντες σημειώσεις με διαγράμματα για καλύτερη κατανόηση. Ο παρουσιαστής θα χρησιμοποιήσει πραγματικά παραδείγματα από τις καθημερινές συναλλαγές στις οποίες εμπλέκονται οι Τουριστικοί Πράκτορες. Οι συμμετέχοντες θα έχουν την ευκαιρία να θέσουν τα ερωτήματα τους στον παρουσιαστή. Συμμετέχοντες Το σεμινάριο απευθύνεται κυρίως σε τουριστικούς πράκτορες. επίσης αφορά στους λειτουργούς Φ.Π.Α., Tους οικονομικούς διευθυντές, υπεύθυνους λογιστηρίου, λογιστές, ελεγκτές και οποιαδήποτε άτομα ασχολούνται με την περι Φ.Π.Α. νομοθεσία. Περιεχόμενο Σεμιναρίου Υπηρεσίες Ταξιδιωτικών Πρακτόρων Αναφορά στην υφιστάμενη νομοθεσία Επεξήγηση βασικών εννοιών Κανόνες για προσδιορισμό της Φορολογικής μεταχείρισης Σχέδιο Περιθωρίου Οργανωτών Τουριστικών Περιηγήσεων ( ΣΠΟΤΠ) Ταξιδιωτικοί Πράκτορες ως αντιπρόσωποι/διαμεσολαβητές Άλλες Υπηρεσίες Ταξιδιωτικών Πρακτόρων Νέοι Βασικοί Κανόνες - Τόπου Παροχής Υπηρεσιών και πως επηρεάζονται οι Ταξιδιωτικοί Πράκτορες Παραδόσεις Υπηρεσιών από Επιχειρήσεις προς Επιχειρήσεις (Β2Β) Παραδόσεις Υπηρεσιών από Επιχειρήσεις προς Πελάτες (B2C) Εξαιρέσεις από τους βασικούς κανόνες Νέοι Κανόνες Χρόνου Παροχής Υπηρεσιών Επεξήγηση του χρόνου παροχής Υπηρεσιών Φορολογικό Σημείο Ανακεφαλαιωτικός Πίνακας για υπηρεσίες Αντίστροφη Χρέωση. 19

20 P R O G R A M D E TA I L S Available as an in-house training program (see definition on p. 7) Duration: 1 day Investment: To be advised Language: English Director: M. Kasapi Cyprus Corporate Tax: A Practical Understanding This seminar may contribute to Continuing Professional Development requirements. Most businesses today require their accounting professionals to have at least a basic knowledge of the Cyprus tax system and to apply this knowledge to the issues commonly encountered by such businesses. This tax course aims at developing the knowledge and skills of participants, enabling them to exercise professional judgment in analyzing information and providing advice to businesses. Course Objectives By the end of the seminar, the participants will be able to: Identify which companies are subject to tax in Cyprus Distinguish taxable income from exempt income Recognize expenses which are deductible for tax purposes in Cyprus Understand how losses may be carried forward and surrendered Be in a position to calculate interest on late payment of taxes due, penalties and additional taxes Acquire basic knowledge of the Capital Gains Tax Law and how this tax is calculated. Methodology This is a personalized seminar which encourages participants to converse and ask questions during the various sessions in order to enhance their knowledge of basic taxation. A variety of modern professional training methods are employed and many practical examples are discussed to facilitate learning. Participants This course caters to individuals who are required to have at least a basic knowledge of the most important Tax Laws of Cyprus for application in their everyday working environment. Course Content Corporate Income Tax - Part I Tax residency requirements Income subject to tax Exempt income Corporate Income Tax - Part II Deductible & non-deductible expenses Apportionment of overheads Example of overhead apportionment Corporate Income Tax Losses Tax losses Group loss relief Defence Tax Income subject to Defence Tax Deemed dividend distribution Assessment & Collection of Taxes Law Obligation to submit tax returns Interest on late payment of taxes Additional taxes and penalties Capital Gains Tax Chargeable disposals Exemptions Example of calculating capital gains tax. 20