1. This is to invite you to IFRS 9 and IFRS 16 training at IFIS on 18th September 2019 starting at 9:00 am to 1:00 pm. The need for transparency in financial reporting has led to the release of several new International Financial Reporting Standards (IFRS) as summarized below:

#Standard Effective dateImpactComment How we help
1IFRS 9: Financial instruments 1st Jan. 2018Equity & Revenue. Requires early recognition of ECL  i.       Difficult modeling

ii.       Limited internal staff involvement

Train your staff and validate the model
2IFRS 16: Leases1st Jan. 2019Increase in Risk-Weighted Assets and liabilities How to separate contracts for leases or non-leases -DO-
3IFRS 17:

Insurance contracts

1st Jan. 2021Retained earnings, IFRS 17 spreads the profits from an insurance contract throughout its entire duration.Difficulty in identifying which groups of insurance contracts are profit-making or loss-making-DO-
4IFRS 15:

Revenue from customers with contracts

1st Jan. 2018Revenue and receivables; recognize only profit-making contracts  Difficulty in identifying performance obligations of the customers and timing of revenue-DO-

2. Is your team especially Finance, Credit, and Underwriting clear of their roles in on-going compliance? Has your IFRS 9 and IFRS 16 model been independently validated for accuracy to avoid errors that could significantly impair your equity?

3. You will learn about IFRS 9 and IFRS 16 Tools to facilitate your swift compliance. In addition, our IFRS 9 & 16 implementation support services are available to your team. We do the following:

#ItemDescription Value to youCost
1IFRS 9 & 16 ReviewWe review your compliance status and model, if acceptable to youWe gain a clear understanding of your implementation progress 0
2IFRS 9 & IFRS 16 Training We develop custom slides to train your key staff in Finance, Credit, Underwriting and IT in IFRS 9 & 16 to understand the roles in on-going implementation. Its recommended using an independent team in training.  To ease your on-going compliance Negotiable. Depends on staff to be trained and their knowledge
3IFRS 9 & IFRS 16 Policy updates If your policies are not yet updated, we help update them for you in respect to IFRS 9, 16 and 17. IFRS 9 and IFRS 16 aligned to your finance policy  US$2,500
4IFRS 9 & 16 Board briefing Briefing of your Audit Committee about IFRS 9 & IFRS 16 for a 1-2 hours session Get buy-in for your budget US$2,500
5IFRS 9 and IFRS 16 on-going implementation support We help your Finance team meet any on-going compliance requirements We train your Finance team on the job Negotiable, if desired

Let us know of the desired solution. To contact us, call 414 231136 or email ifrs9@summitcl.com. Visit www.summitcl,com/ifrs9 for free resources on IFRS 9 & 16.

CPA Mustapha B. Mugisa, MBA, Mr. Strategy

Team Leader

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