Online courses

Our range of online Accounting and Finance courses include Webinars and E-learning. All webinars and E-learning are available to view as many times as you like and can be viewed on all platforms and devices. We understand that taking time out of the office isn’t always possible therefore our online courses allow you to train without leaving your home or office, reducing expenses and making it easier to fit into working life.

5 x Module Box-Set – IFRS 16 – Leases

IFRS 16 Leases became effective on 1 January 2019, replacing IAS 17 and a number of interpretations. The former standard classified leases into operating or financing leases, with operating leases staying off the balance sheet of a lessee. However IFRS 16 requires all leases to come onto the balance sheet as a right-of-use asset and a lease liability, with the exception of short-term or low-value leases. With almost all companies using leases, this new standard brings trillions of pounds of new debt onto the balance sheets of corporate lessees, impacting on gearing and affecting loan covenants. The accounting changes also extend to the P&L as the flat operating lease charge is replaced with depreciation, interest and possibly impairments. This brings a change to the pattern of expense in the P&L, affecting performance measures such as EBITA and performance related pay. It is not just the financial statements and disclosure notes that will be affected. Managing the accounting requirements of IFRS 16 will bring increased demands on IT functions, accounting systems, processes and internal controls over the many judgements and assumptions made. Even identifying all the leases on transitioning to the standard will be challenging. Few companies hold a comprehensive list of all leases or the legal lease contracts and sometimes leases can be embedded in other contracts, requiring work to determine whether they need to be recognised alongside the explicit leases. Quorum are delighted to offer a suite of webinars that will guide you through the detailed requirements of IFRS 16, from first-time adoption, identifying leases, and the accounting by both lessees and lessors. The webcasts are broken down into five 20-30 minute sessions, with exercises and illustrations to reinforce learning. Module 1 – Introduction The first session provides an Introduction to IFRS16 and the reason for its introduction. It considers the effective date for entities before looking at the key principles and the transitional rules on first-time adoption Module 2 – Identifying a lease Leases may exist in contracts that aren’t necessarily labelled as leases. This session examines the detailed criteria for determining whether a contract contains a lease. Next the lease must be split into lease and non-lease components. This session explains how to identify and measure the split, and the respective accounting treatment for the different components. Finally it considers the definition of “lease term” that is used by both lessees and lessors when measuring their leases. Module 3 – Lessee accounting Module 3 considers how a lessee initially measures the right-of-use asset and lease liability, requiring an understanding of the relevant lease payments, the lease term and the appropriate discount rate. At the reporting date, it explains and illustrates how the asset is updated for depreciation and impairment, and how the liability is remeasured at amortised cost. Finally it considers the adjustments required where various estimates are revised causing the leased asset and liability to be remeasured. Module 4 – Lessors Lessors are largely unaffected by the introduction of IFRS 16 and will continue to classify their leases as operating or financing. This session considers the classification distinction and the accounting for the two types of lease by both regular lessors and manufacturer/ dealer lessors. Module 5 – Exemptions and sale & leasebacks This session explains the limited number of elections and exemptions offered by IFRS 16 to simplify the accounting. The second part of the session works through the new requirements for accounting for sale and leasebacks, with significant changes from the treatments under IAS 17.

6 x module box-set – VAT for Law Firms

VAT for law firms is not as straightforward as it may appear at first glance. Scratch beneath the surface and there are, in fact, many risk areas, special rules and opportunities to improve VAT efficiency. Getting the detail right is, of course, vital for minimising VAT risks in the legal sector. Quorum Training have designed a suite of six bite-size webinars that will give you a sound understanding of the VAT rules and practical issues for law firms covering the following areas. Each module is delivered via our LMS system and includes: A clear interactive format Evidence of completion with end of module quiz Completion reports Cost effective multi-user license available on request Module One – VAT Basics In order to correctly account for VAT, it is important to have a good understanding of basic principles. This module forms the foundation for this webinar. 1. Scope 2. Registration and returns 3. Making Tax Digital 4. VAT invoices 5. Time of supply 6. Special schemes Module Two – VAT Treatment of Services Legal services are generally subject to standard rate VAT when supplied in the UK. This module looks at important exceptions and exemptions that may affect law firms. 1. Basic position 2. Office holders 3. Financial services and insurance 4. Land and buildings Module Three – Place of Supply of Services Knowing where a service is deemed to take place is essential in correctly accounting for VAT. This module looks at the rules used to determine the ‘place of supply’ and related issues. 1. Why is the place of supply important? 2. General rule 3. Reverse charge 4. EC Sales Lists 5. Land related services 6. Conferences and events 7. E-services Module Four – Disbursements The VAT treatment of disbursements is a contentious issue and is a hot topic following recent case law. This module takes a practical look at the VAT disbursement rules, as they currently stand. 1. What’s the issue? 2. Disbursement conditions 3. Is it beneficial? 4. Recent developments 5. Search fees 6. Reports 7. Counsel’s fees 8. Examples Module Five – Reclaiming Input VAT Input VAT reclaims are a common source of errors. This module looks at a wide range of input VAT recovery rules which affect law firms. 1. Basic rules 2. Specific cases 3. Six month rule 4. Partial exemption Module Six – Risk Management The VAT rules are strictly enforced by HM Revenue and Customs and getting it wrong can result in penalties and interest. Module six looks at how to manage the risk of VAT errors and disputes with HM Revenue and Customs. 1. Error correction rules 2. VAT inspections 3. Penalties 4. Appeals and disputes

Corporate Governance Essentials – The UK’s New Governance Regime (Webinar)

This webinar will help understand the key principles of the governance code which is effective from the 1st January 2019.

Getting to grips with GDPR

This module is aimed at all staff and will help users understand the key principles of data protection legislation and what they need to do to comply with the law.

Getting to grips with Money Laundering

This module is aimed at all staff and will help users understand the key principles of anti-money laundering legislation and what they need to do to comply with the law.

Getting to grips with the Bribery Act

This module is aimed at all staff and will help users understand the Bribery Act and what they need to do to comply with the law.

Getting to grips with the Criminal Finance Act

This module is aimed at all staff and will help users understand the Criminal Finances Act and what they need to do to comply with the law.

IFRS 17 Insurance Contracts (Webinar)

This webinar will help understand the key principles of the IFRS 17 Insurance Contracts standard change looking at the background and consideration of the main areas of difficulty that in practice will arise in applying the model to insurance contracts.

IR 35 & The Private Sector – the future and beyond? (Webinar)

This webinar will help understand the key principles of IR 35 from April 2020 and how to prepare.

Module 1 – IFRS 16 Leases (Introduction, principles and transitional rules on first-time adoption)

In our first lesson we will introduce IFRS16, first discussing the effective date, before exploring its key principles and the transitional rules on first-time adoption.
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