Thursday

19, 26 April 3, 10 May 2012

Registration: 14.15

14.30 - 17.45 Including 15 minutes

coffee break

12 hours CPE Core

Comprehensive Workshop in

GAPSE

Mark Abela

Giselle Cini

Neville Cutajar

Jonathan Dingli

Tower Training Centre, Lower Ground, Tower Business Centre, Tower Street, Swatar

The Malta The Malta The Malta

Institute of Institute of Institute of

AccountantsAccountantsAccountants

CPE 2012CPE 2012CPE 2012

M12

14

All limited liability companies in Malta have been required to prepare annual financial statements in accordance with International Accounting Standards (IAS) and eventually International Financial Reporting Standards (IFRS) since 1995. Since then IFRS have grown significantly both in volume and in detail, and increasingly address complexities not prevalent in the accounting for small and medium sized privately-owned entities, besides requiring detailed disclosures which may not be of direct relevance to the users of financial statements of such entities. Against this backdrop, the Accountancy Board within the Ministry of Finance, the Economy and Investment commissioned the Malta Institute of Accountants to look into alternatives and make proposals as to how the accounting for such entities could be simplified. The General Accounting Principles for Smaller Entities (GAPSE), which was enacted in February 2009 by virtue of Legal Notice 51 of 2009, is the result of this two-year long process which started in February 2007. GAPSE is a robust standalone set of accounting and reporting principles that may be applied by small and medium sized entities in the preparation of their annual financial statements. GAPSE is expected to result in the information presented in financial statements being more relevant to the size of the entity and more understandable to those who rely on the financial statements. GAPSE can be applied by entities not exceeding any of the following for a consecutive two-year rolling period: Revenue (annualised): €35 million; Total assets: €17.5 million; Average number of employees: 250. A different set of thresholds apply to state-owned entities. Moreover, a number of qualitative criteria need to be met for an entity to apply GAPSE. GAPSE can be applied for financial reporting periods ending on or after 1 January 2009.

Provide a detailed overview of all the sections in GAPSE Provide an update on major differences between the GAPSE Exposure Draft and final version Highlight major differences from IFRS

Session 1: 19 April 2012, Mark Abela Background Scope and effective date (L.N. 51 of 2009) Adoption of GAPSE (Section 25) Concepts, pervasive principles, accounting policies, estimates and errors (Sections 3 and 5) Presentation of financial statements (Section 4) Revenue (Section 6) Session 2: 26 April 2012, Giselle Cini Accounting for non-current assets (Sections 7, 8, 11 and 13) Inventories (Section 15) Income taxes (Section 16) Provisions and contingencies (Section 17) Post Balance Sheet events (Section 20) Related Party disclosures (Section 21) Session 3: 3 May 2012, Jonathan Dingli Accounting for subsidiaries, associates and joint ventures in the parent’s individual and consolidated financial

statements (Sections 10, 22 and 23) Impairment of assets (Section 12) Leases (Section 14)

Session 4: 10 May 2012, Neville Cutajar Accounting for financial instruments (Sections 9 and 18) Foreign currency translation (Section 19) Discontinued operations and assets held for sale (Section 24)

Members who joined the Institute in or after 2009 wishing to obtain a comprehensive knowledge on the subject.

Mark Abela is a qualified accountant with 11 years’ post qualification experience. Mark holds a Bachelor's degree in Accountancy and a Masters Degree in Financial Services from the University of Malta. Mark is presently the MIA’s Techni-cal Director. He spent the earlier part of his career working in audit with PWC, where he obtained his practicing certificate in auditing, and in financial management advisory with the Maltese Ministry of Finance. Prior to joining the MIA in 2012, Mark enjoyed work experiences at Deloitte Malta and at the European Financial Reporting and Advisory Group (EFRAG) in Brussels. At Deloitte, Mark was a manager in the enterprise risk services line and specialised in financial services technical and regulatory matters. At Deloitte Mark has authored a number of technical and regulatory publications. At EFRAG, Mark was responsible for managing different IFRS related projects and has gained experience in technical accounting matters as well as having authored various technical IFRS papers.

~~~~~~~~~~~~~~~~~~~~~ Giselle Cini is a senior manager in the Deloitte Malta Technical Department. She is a certified public accountant and holds a practicing certificate in auditing. Giselle graduated from the University of Malta with first class honours and joined Deloitte in 1999. Between 1999 and 2005 she was involved in the audit of a wide range of clients operating in various industries, including financial services, and was also regularly seconded to the audit departments of Deloitte Luxembourg and Deloitte London. Giselle joined the Technical Department in 2005 and specialises in the accounting treatment of financial instruments. She is actively involved in providing technical support and advice on IFRS-related matters, monitoring developments on IFRSs, delivering internal training sessions and participating in technical IFRS activities organised by the Deloitte network.

~~~~~~~~~~~~~~~~~~~~~ Neville Cutajar is 3a’s managing partner and director. He has extensive business experience having spent ten years working as an accountant and consultant with a top mid tier accountancy and audit firm. From 2007, Neville together with his partners has set up 3a with the vision of providing fresh, innovative and personal service to businesses both In Malta and abroad. Neville has attained specialisation in corporate administration and recovery, liquidations & reconstructions as well as being the technical partner in relation to International Financial Reporting Standards. He is the firm’s audit partner and is in charge with compliance and quality control issues at 3a. He has ample experience in management consultancy, internal auditing as well as information systems audits. Neville holds a Bachelor's degree in Accountancy from the University of Malta. He is a Certified Public Accountant with a practising certificate in Auditing and a member of the Malta Institute of Accountants. He recently obtained a postgraduate Diploma in International Financial Reporting from ACCA. He serves as a member of the Accountancy and Small and Medium Size Practices Advisory committees of the Malta Institute of Accountants. Beside his work he is also involved with the Special Rescue Group (SRG) performing land and sea rescue operations as well as playing in the Malta National Squash League.

~~~~~~~~~~~~~~~~~~~~~ Jonathan Dingli graduated in Bachelor of Accountancy (Honours) with first class honours from the University of Malta in 2002. He took on the role of Associate Director within KPMG’s Accounting Advisory Department in 2012 after having worked as a Technical Officer and eventually Technical Director for the Malta Institute of Accountants since 2005. Before joining the Institute he also worked for a number of years with KPMG in Malta and in Dublin during which he was assigned on a number of audits of high level clients both locally and overseas. Jonathan has been lecturing for the ACCA Advanced IFRS Paper (P2) for BPP Malta and BPP International since 2008, during which period he taught in Malta, Warsaw, Athens, Amsterdam, Jersey and Xi’An China.

The fee covers: 12 hours of Structured CPE, coffee and the presentation in hard copy format. After the event participants can download a soft copy of the presentation from the Institute’s website by: Logging into the system using the username and password Proceed to the ‘My Purchases’ tab and click on the event title Downloading the presentation from the Secure Files Section at the bottom of the page

Bookings can be made through the MIA website by not later than Wednesday 18 May 2012. Only group bookings can be made via e-mail at miaevents@miamalta.org Participants may use the parking facilities available at Level -5.

Cancellations taking place within 48 hours prior to the event, will incur a cancellation fee of 50%. Refunds in case of no-shows will not be entertained.

This training qualifies for funding under the Training Aid Framework Programme managed by the ETC. The TAF provides part reimbursement of training costs incurred by companies when they submit employees for training. Those who wish to apply for this funding in connection with this course would need to do so at least three weeks before the start date of the training programme.

Ms. Sarah Bonello The Malta Institute of Accountants, Level 1, Tower Business Centre, Tower Street, Swatar Tel: 2132 3991, Fax: 2132 3990, E-mail: info@miamalta.org, Website: www.miamalta.org

Annual: 20 Structured (No split between Core & Professional Development), 5 Unstructured

3-Year Rolling Period: 75 Structured (Minimum of 30 hours of Core), 45 Unstructured