International Financial Reporting Standards (IFRS) 6

The International Financial Reporting Standards (IFRS) standards are a set of standards pertaining to different industries and their activities and practices. IFRS 6 relates to guidance in the accounting practices of the extractive industries, such as oil, mining and gas. The IFRS 6 accounting standard states the requirements, as well as the disclosures that need to go into accounting practices for expenses that a company incurs during the course of exploring and evaluating expenditures.

Till the enactment of the IFRS 6, regulations on the accounting practices of the extractive industries were fragmented and piecemeal. The major change the IFRS 6 brought about it is that it consolidated these practices. Also, with the passage of IFRS 6, entities that were using accounting practices for exploration and evaluation assets that were in use prior to the enactment of the IFRS 6 could integrate these earlier practices with the provisions of the IFRS 6.

Core accounting requirements

One of its core requirements is that of the issuance of IFRS compliant financial statements by companies that have assets used for exploration and evaluation of mineral resources.

So, it is imperative for accounting professionals to have full knowledge of the IFRS 6. Working with the oil, mining or gas areas in companies that have assets that are used for exploration and valuation of mineral resources and being successful entails having to comply with the requirements set out by the IFRS 6.

A proper understanding of the IFRS 6

A learning session that is being organized by Compliance4All, a leading provider of professional trainings for the areas of regulatory compliance, will offer the learning needed for getting trained on how to comply with the requirements set out in IFRS 6.

At this webinar, Mike Morley A Certified Public Accountant and business author who organizes various training programs, such as IFRS, SOX, and Financial Statement Analysis that focus on providing continuing education opportunities for finance and accounting professionals, will be the speaker.

Professionals who work in the oil, mining or gas areas in companies that have assets that are used for exploration and valuation of mineral resources can gain insights into what the IFRS 6 means for them by enrolling for this webinar. To register, please visit

http://www.compliance4all.com/control/w_product/~product_id=501194?Wordpress-SEO

Familiarization with all the aspects of the IFRS 6

The aim of this presentation is to help oil; mining and gas professionals become knowledgeable about the latest information about IFRS 6. The speaker will familiarize participants with the unique accounting and reporting issues, particularly in regards to the evaluation of assets, revenues and expenditures that professionals in the extractive industries, involved in the search for mineral resources, including oil, gas, minerals, and similar exhaustible resources face.

Accounting professionals who work in these industries, and who need in-depth understanding of the way the IFRS 6 is structured, and the ways in which they need to apply the standards in the right manner, such as Auditors, Accountants, Financial Managers, Financial Controllers, Company Executives, and anyone involved in the SOX compliance process, will benefit immensely from this webinar on the accounting practices set out by IFRS 6.

At this session on the IFRS 6, the speaker will cover the following areas:

o  Why the accounting for this sector is different

o  How resource assets are evaluated

o  Special rules for measuring revenues and expenditures

o  How revaluation rules apply to the Oil, Gas, and Mining industries

o  Other specific requirements of IFRS 6

o  Required disclosures.

http://www.accaglobal.com/in/en/student/exam-support-resources/dipifr-study-resources/technical-articles/ifrs6.html

http://www.icaew.com/en/library/subject-gateways/accounting-standards/ifrs/ifrs-6

https://www.iasplus.com/en/standards/ifrs/ifrs6

Analyzing financial statements is an indispensable insight for managers

Financial statements are the ultimate indicator of a company’s financial health. Number crunching is a very important exercise that all executives at all levels of an organization need to be familiar with. Yet, given the heavy jargon that goes into financial statements and the complexity most of them have; many managers feel put off and don’t generally like to pore over financial statements.

The company’s financial statement is intended to provide insights into the most important aspect of the business –the financial one –to managers and executives at all levels and in all disciplines. Marketing, finance, HR, customer service, and sales need financial statements to get a grasp of and gain perspective of the financial health of the organization.

Financial statements are critical for helping understand the business

Despite financial statements being the surest indicator of the most important aspect of any business organization –Finance –most managers lack the perceptiveness needed to understand and analyze the meaning of numbers. It is often that they devote some much time to running their business that the priority that needs to be accorded to understanding financial statements gets buried and takes a backseat.

A perceptive analysis of financial statements is the foundation to getting the business in order. Wading through the numbers helps the organization to dig into the market trends, understand where they are getting it right or wrong, and then use financial statements to draw proper conclusions and take appropriate action. It is important to understand financial statements for another critical reason: The competition should not understand our financial statements faster and better than we do!

Trend and ration analysis of financial statements

But how does one make sense of heaps and heaps of seemingly unintelligible numbers? Numbers in themselves, without the necessary nous to decipher them, make little sense to any executive. A few techniques do exist to help understand the meaning of numbers. An effective model for assessing the financial condition and results of operations of any business is that of using trend and ratio analysis. Getting a grasp of this model will empower financial and other executive teams to derive the maximum benefit that accrues from a crystal clear understanding of financial statements.

Imparting this understanding is the intent of a webinar that is being organized by Compliance4All, a leading provider of professional trainings for all areas of regulatory compliance. Miles Hutchinson, an experienced CGMA and business adviser, will be the speaker at this session.

In easily comprehensible terms, he will explain how participants can imbibe the sagacity needed to quickly and thoroughly analyze the financial condition and results of operations of any publicly traded company. All that is needed to gain this highly useful understanding of financial statements is to register for this webinar by logging on to

http://www.compliance4all.com/control/w_product/~product_id=501197LIVE?wordpress-SEO

Attending this highly useful session on financial statements gives Financial Executives, HR Managers, Accounting Managers, Department Managers, and Business Unit Managers the ability to discern numbers and help understand where these numbers lead the organization to.

These are the areas this webinar on financial statements will cover:

o  Review the components of the annual report of a prominent publicly traded company and learn how to use this wealth of information

o  Use the annual report to perform a fundamental financial analysis

o  Learn the various types of financial analysis and their purpose

o  Learn the key ratios to evaluate a company’s liquidity, leverage and operating performance

o  Identify the key benchmarks to help determine whether a company’s ratios are in line with competitors

o  Understand horizontal and vertical analysis and how they can be used to identify key trends

o  Bonus: receive our advanced excel hosted financial model complete with all ratios, horizontal and vertical analysis

o  Use our model to perform financial analysis on other company financial statements, including yours

o  Receive benchmark information to use in determining the quality of your analyses

Learn about resources available to perform comparative studies between companies in the same economic sector – even private companies.

The Attribute Agreement Analysis

Humans can be calibrated, although most people like to think otherwise. The commonly used standard, Attribute Agreement Analysis, or what is called AAA, is a handy tool in helping to do this. At its barest, Attribute Agreement Analysis is a method in which the level of agreement or conformance between the appraisal made by the appraiser(s) and the standard is assessed. Then, the elements used for the appraisal that have the highest levels of disagreement with the standard are identified.

The two methods of the Attribute Agreement Analysis

The Attribute Agreement Analysis uses two primary methods of assessing the agreement of the attribute with the standard:

–       The percentage or extent to which the appraisals agree with the standard

–       Kappa statistics, or the percentage or extent to which adjustment is made between the agreement between the appraisals and the standard and the percentage of agreement that happens by chance

The three aspects of Attribute Agreement Analysis

Attribute Agreement Analysis has three aspects: Agreement with oneself, Agreement to a peer, and Agreement to the standard. When calibrating humans, the use of Attribute Agreement Analysis calls for control plans that need to be in put in place for “MSA” analysis on key processes. An AAA may be described as a “Measurement Systems Analysis” (MSA) for attributes.

The Attribute Agreement Analysis method is useful to auditing professionals, to whom it makes sense to understand the effectiveness of these methods when these are used by their clientele and/or in their own organization.

Gain learning of Attribute Agreement Analysis

The ways by which Attribute Agreement Analysis can be comprehended and used effectively will be the learning a webinar being organized by Compliance4All, a provider of cost-effective regulatory compliance trainings for a wide range of regulated industries, is offering.

The speaker at this webinar is Jd Marhevko, Vice President of Quality and Lean for Accuride Corporation, who has been involved in Operations and Quality/Lean/Six Sigma efforts across a variety of industries for more than 25 years. To gain insights into the inner aspects of Attribute Agreement Analysis, please register for this webinar by logging on to

http://www.compliance4all.com/control/w_product/~product_id=501073?Wordpress-SEO

The “Statistical AAA” and the Kappa value

At this webinar, Jd will review both the “Statistical AAA” and the Kappa value, as well as the confidence levels for the result bands and incorporation of AAA into the Control Plan and frequency of calibration.

She will assess the pros and cons while discussing the general benefits of reductions in arguments (what is good or not) internal/ external rework, returns, premium freight, etc.

A number of uses from the Attribute Agreement Analysis method

This explanation will help participants understand ways by which they can apply this tool while learning how to bring down business costs. Jd will evaluate the benefits of human calibration by reviewing the three basic types of agreements.

The important learning this session will give is that it will enable participants to learn the ways of developing, creating, executing and interpreting an Attribute Agreement Analysis so that an accurate and repeatable disposition can be made and rework and returns can be effectively reduced.

At this webinar on Attribute Agreement Analysis, which will be highly useful to professionals such as Quality and Engineering system practitioners, Directors, Engineers, Analysts and Managers, Jd will cover the following areas:

o  To help people understand how AAA can be effectively utilized for mitigating business loss

o  Increased understanding of how to actually perform the analysis

o  Build confidence in the ability to calibrate a human operator.

http://support.minitab.com/en-us/minitab/17/Assistant_Attribute_Agreement_Analysis.pdf

http://support.minitab.com/en-us/minitab/17/topic-library/quality-tools/measurement-system-analysis/attribute-agreement-analysis/what-is-an-attribute-agreement-analysis-also-called-attribute-gage-r-r-study/

Alternatives to AQL sampling plans do exist

Alternatives to AQL sampling plans do exist, but companies need to be aware of them and explore them. Acceptance Quality Limit, or AQL, is applied as a benchmark in most manufacturing organizations to inspect the quality of products they purchase. It is only when the product meets AQL that the receipt is acknowledged and the payment made.

So, what is AQL?

What is AQL? In simple terms, AQL, which expands to Acceptance Quality Limit, is what may be termed as the least or the worst or lowest level of tolerable process means that can be accepted for the quality of product. It is the ratio or percentage level below which quality cannot be lowered to be termed acceptable.

Acceptance Quality Level is accepted as a standard business practice by most medical device companies. Attribute sampling based on ANSI/ASQ Z1.4 and Zero Acceptance Number Sampling Plans by Nicholas L. Squeglia continue to be the most common applications used by companies.

Considering a viable alternative to AQL sampling plans

Although popular, these common methods are not always the best approaches. This is not to belittle the effectiveness of this method, but to just point out that these are in themselves insufficient. Medical devices need to be aware of a variety of methods and when and how to use them.

Establishing “processes needed to demonstrate [product] conformity” is a requirement from ISO 9001 and ISO 13485. Similarly, the FDA’s GMP (21CFR820) requires that “sampling methods are adequate for their use”. Further, an FDA guideline states that “A manufacturer shall be prepared to demonstrate the statistical rationale for any sampling plan used”.

However, an AQL sampling plan does not provide what is needed to meet either of those requirements. Using only Attribute sampling based on ANSI/ASQ Z1.4 and Squeglia’s Zero Acceptance Number Sampling Plans, it is not possible to actually “demonstrate” that an AQL sampling plan ensures product quality.

This is where “Confidence/reliability” calculations come in as alternatives to AQL sampling plans. They are a better way to assess the quality of purchased parts. It is easy to make such calculations using tables and/or an electronic spreadsheet. It is also easy to use confidence/reliability calculations to provide evidence of product quality. The statistical rationale for such calculations is easy to explain and demonstrate, which is why these calculations constitute strong and reliable alternatives to AQL sampling plans.

A learning session on the alternatives to AQL sampling plans

These alternatives to AQL sampling plans will be the core of a learning session that Compliance4All, a leading provider of professional trainings for all the areas of regulatory compliance, will be organizing. John N. Zorich, a senior consultant for the medical device manufacturing industry, will be the Speaker at this webinar, to enroll for which, all that is needed is to visit http://www.compliance4all.com/control/w_product/~product_id=501099LIVE/~sel=LIVE/~John_N.%20Zorich/~Better_Alternatives_to_AQL_Sampling_Plans_for_Risk_Management_in_Incoming_QC

A complete heads-up on the alternatives to AQL sampling plans

At this webinar on the alternatives to AQL sampling plans, the speaker will explain the pros and cons of ANSI Z1.4, and Squeglia’s C=0 in detail. He will highlight the weaknesses of such plans vis-à-vis meeting regulatory requirements. John will offer real-world examples of how using such sampling plans leads to production of non-conforming product to fortify the learning on the alternatives to AQL sampling plans.

He will also examine ISO and FDA regulations and guidelines regarding the use of statistics, especially in regards to Sampling Plans. As part of alternatives to AQL sampling plans, John will explain the advantages of “confidence/reliability” calculations are explained. Such calculations are demonstrated for Attribute data (pass/fail, yes/no data) as well as for variables data (i.e., measurements). If variables data is “Normally distributed”, the calculations are extremely simple. The webinar explains how to handle “non-Normal” data, and provides the methods, formulas, and tools to handle such situations.

The webinar on alternatives to AQL sampling plans ends with a discussion of how one OEM manufacturer has implemented “confidence/reliability” calculations instead of AQL sampling plans for all of its clients. The speaker will offer suggestions for how to use “confidence/reliability” QC specifications instead of “AQL” QC specifications. The use of “reliability plotting” for assessing product reliability during R&D is also discussed.

The speaker will talk on the following topics during this session:

·                    AQL and LQL sampling plans

·                    OC Curves

·                    AOQL

·                    ANSI Z1.4

·                    Squeglia’s C=0

·                    Confidence/Reliability calculations for

o                 Attribute data

o                 Normally-distributed variables data

o                 Non-Normal data

·                    Transformations to Normality

·                    K-tables

·                    Normal Probability Plot

·                    Reliability Plotting

How to implement 21 CFR Part 11, which is about Compliance for Electronic Records and Signatures?

How to implement 21 CFR Part 11, the regulatory guideline which deals with compliance for electronic records and signatures, is a challenge for professionals in the medical devices and pharmaceutical industries. The FDA has set out 21 CFR Part 11 to help the regulated industries that come under its purview to structure their business processes better, bring down turnaround time and reduce costs, and to establish standard procedures on how to implement 21 CFR Part 11.

Compliance with 21 CFR Part 11 is necessary for reasons that go beyond just ensuring IT security. It is also a solid and foolproof means to ensuring efficiency and economy of electronic records. 21 CFR Part 11 compliance for electronic records and signatures is also indispensable for ensuring patient safety. All these factors have led the FDA to require compliance with 21 CFR Part 11 electronic records and signatures.

Compliance with 21 CFR Part 11 is terribly tough, but mandatory

Compliance with 21 CFR Part 11, its good intentions notwithstanding, is quite complex. Companies that seek to transition to electronic records are hesitant and fearful of 21 CFR Part 11, because understanding how to implement 21 CFR Part 11very difficult and time consuming. It requires adherence to all the complex rules and protocols that the FDA has put in place. Entities that need to be compliant with 21 CFR Part 11 have to meet the requirements of the FDA which deal with data security and patient safety.

Yet, compliance with 21 CFR Part 11 is not optional. How does a company ensure implementation of 21 CFR Part 11 compliance for electronic records and signatures? What are the nitty-gritty and nuances of 21 CFR Part 11 implementation?

A webinar from Compliance4All

The specific ways of doing this will be imparted at a webinar being organized by Compliance4All, a reputable provider of professional trainings for all areas of regulatory compliance. Edwin Waldbusser, who has been consulting in the US and internationally in the areas of design control, risk analysis and software validation, will be the speaker at this webinar. To gain learning about 21 CFR Part 11 implementation, enroll for this webinar by visiting http://www.compliance4all.com/control/w_product/~product_id=501132LIVE/~sel=LIVE/~Edwin_Waldbusser/~21_CFR_Part_11_-_Compliance_for_Electronic_Records_and_Signatures

The speaker will help participants get an understanding of what 21 CFR Part 11 is and why it is important for industries to comply with it. The most important learning this webinar will impart is that it will help participants remove the fear and anxiety associated with ensuring 21 CFR Part 11 compliance for electronic records and signatures. This learning will help them approach this vital activity with confidence, so that they will not become targets of 483’s and Warning Letters that result from noncompliance.

A major topic Edwin will take up at this webinar is the rather stringent and punitive nature of this regulation. 21 CFR Part 11 was considered so harsh when it was introduced that it forced the industries that come under it to altogether give up on transiting to electronic records. Such was the fear and awe it incited. When industry made a plea to the FDA on this aspect, the regulatory body refused to dilute the severity of the requirements, but only said that it would take up implementation selectively. The speaker will talk on this aspect of 21 CFR Part 11 compliance for electronic records and signatures.

He will cover the following areas at this webinar:

o  Company certification

o  Records covered

o  Audit trails

o  Open/closed system access rules

o  Electronic signatures

Training requirements.

Making financial institution’s payment franchise stronger

Financial institutions have long been the most important source of payments for their customers. Of late, though, with an increase in competition and the advent of new non-bank entries into the marketplace, financial institutions have come under a lot more strain than they used to be.

Financial institutions need to reinvent themselves in a number of ways. They need to adapt novel strategies to capitalize on the existing trust and the customer experience to reverse the trend in order to get back lost customers, and retain existing ones. They need to phase out outdated payments models, since these are becoming expensive to maintain and make a profit, and start viewing payments from the customers’ perspective to better understand their needs now and in the future.

Get to learn the ways of getting it right

The ways by which the financial institutions can see the present economic scenario in a new perspective which will help them make grow and make profits will be the learning a webinar from Compliance4All, a leading provider of professional trainings for the areas of regulatory compliance, will be providing.

Ray Graber, a senior BFSI professional who brings a deep and thorough understanding of banking, technology, and finance, will be the speaker at this webinar. To get a thorough perspective of financial institutions, please register by logging on to http://www.compliance4all.com/control/w_product/~product_id=501036

Working through the silos

Banks, credit unions, and payments processors face a peculiar situation when they have to win customers and maintain compliance with procedures at the same time. Security precautions on one area may not carry over to another, as a result of which the whole plan may crumble. Customers have various entry points into the bank and credit union –each with its own vulnerabilities and access. Protecting one may provide a gap in another unless they are bound to each other and are seen as dependent upon one another. To overcome this shortfall, financial institutions need to develop a comprehensive payments strategy across business groups.

A few financial institutions have created customer-centric marketing plans around a particular type of customer. This has served as the basis for the bank to also create security to match that philosophy.

This webinar is useful for executives in every bank and credit union area, such as Payments Professionals, Operations Managers, Financial Officers, Risk Officers, Internal Auditors, Operational Risk Managers, Business Managers/Controllers, and Account Managers, as they develop and maintain payments as the core business practice for their customers

Ray will cover the following areas at this webinar:

  • What does Customer-Centric mean?
  • What is the customer’s view of payments?
  • Customer’s needs
  • View of compliance/rules/regulations
  • What is the financial institution’s view?
  • How do they stay compliant?
  • Rules and regulations the customer does not see
  • Balancing customer service and compliance
  • S.W.O.T.
  • Strengths that banks should exploit
  • Weaknesses that banks should shore up
  • Opportunities for banks to take advantage of
  • Threats that banks cannot ignore
  • Examples
  • U.S. Bank
  • International bank
  • Non-bank
  • Virtual bank

Making Big Data big in terms of effectiveness

Our world today is unthinkable without data. We seem to be flooded by it. Day in and day out, the world processes trillions of bytes. Big Data seems to be everywhere and has compounded our already heavy reliance on data.

But has this proliferation of data made any significant difference to our lives? Has it made our business decision-making any more effective or insightful? What has this surfeit of data meant in terms of usefulness and value? Does reliance on Big Data necessarily mean better business decisions?

Making sense of data

Translating tomes and tomes of this data into something that is useful is a big challenge in today’s world. This is a capability that needs to be translated into tangible, competitive strength, if quality and compliance have to be improved. Data Management and Quality metrics are important tools that can help in a host of important functions such as forecasting, resource allocation, risk management, decision making, and continuous improvement.

Susanne Manz, who is an accomplished leader in the medical device industry emphasizing on quality, compliance, and Six Sigma, will impart the insightfulness needed to make sense of Big Data to participants of a webinar that Compliance4All, a highly popular provider of professional trainings for all the areas of regulatory compliance, is organizing.

In order to understand what perceptiveness can be inculcated into understanding and analyzing Big Data to aid in decision-making, just log on to http://www.compliance4all.com/control/w_product/~product_id=501044 to register.

Absolutely useful aid in decision-making for management review

Management Review, among the fundamental requirements of a suitable Quality System; relies on timely, accurate and complete information to make risk-based decisions. An organization that is immersed in data that leads nowhere in helping it with the critical information to ensure product safety and effectiveness has no use from this kind of Big Data.

Organizations need to have not heaps of data, but what in it gives them the ability to measure to understand quality, compliance, and customer satisfaction. This is the test of the accuracy, completeness and timeliness of their data. The aim of this webinar is to help participants develop the data management processes that help them optimize their quality system efficiency and effectiveness.

Susanne will cover the following areas at this webinar:

o  What metrics are needed for quality and compliance success

o  Sources of data

o  Analytics capabilities

o  Descriptive and Predictive Data

o  Structure and process for managing data

o  Data Governance

o  Data Preparation

o  Using data for forecasting, continuous improvement, and management review.