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SMi are pleased to present their 12th annual...
Accounting And Auditing For PPP/PFI Projects Conference
Following the eminent success of the event last year, SMi are proud to present once again our annual ‘Accounting and Auditing for PPP/PFI Projects’ conference. This two day event will examine timely topical issues with direct focuses on the accounting and auditing approaches currently used and will have a particular emphasis on the impact of dealing with the IFRS changes that have previously been implemented in this sector - learn this in more detail with our pre-conference workshop.
This conference will provide a comprehensive analysis through keynote presentations and practical case studies on key developments on accountancy, tax, audit and risk management issues in UK PPP/PFI Projects. This forum will be led by speakers from a variety of high profile organisations that facilitate key roles in the industry and will give you a prime opportunity to network with experts and discuss the hottest topics at the moment in accounting and auditing for PPP/PFI schemes. 
  • MAXIMISE the opportunities presented by the conference and its professional speakers
  • EVALUATE projects and case studies from project leaders themselves
  • ASSESS and increase sector knowledge of PPP/PFI projects
  • IDENTIFY key developments on accountancy and auditing
  • DEVELOP your understanding of IFRS and its impact on the industry so far
  • Bankers
  • Government departments and local authorities
  • PPP project sponsors
  • Construction companies
  • Accountants in the PPP/PFI sector
  • Law Firms
  • Consultancy Advisors
  • Equity investors
  • PPP Project Managers/Directors
  • Auditors
  • Private sector companies

Conference programme

8:30 Registration & Coffee

9:00 Chairman's Opening Remarks

Geoffrey  Hamilton

Geoffrey Hamilton, Senior Economic Affairs Officer, United Nations Economic Commission For Europe U N / E C E

9:10 IMPROVING GOVERNANCE & ACCOUNTABILITY IN THE DELIVERY OF PUBLIC PRIVATE PARTNERSHIPS

Geoffrey  Hamilton

Geoffrey Hamilton, Senior Economic Affairs Officer, United Nations Economic Commission For Europe U N / E C E

9:50 PPP: PRACTICAL ACCOUNTING ISSUES IN A MATURING MARKET

Steve Priddy

Steve Priddy, Director of Technical Policy and Research, ACCA global

  • The deal maker’s perspective
  • Applying IFRS: asset recognition and de-recognition
  • The impact of the secondary market
  • Market testing in the operations phase
  • Optimising Life Cycle costs
  • 10:30 Morning Coffee

    11:00 IFRS v UK GAAP – ‘COMPARE AND CONTRAST’

    Morag Loader

    Morag Loader, Director and Head of Tax and Accounting, Operis Business Engineering Ltd

  • The same project under IFRS and UK GAAP
  • IFRS financial asset accounting with UK GAAP finance debtor accounting
  • The NPV of tax under the different approaches
  • IFRS financial asset accounting with intangible asset accounting
  • Key differences between IFRS and UK GAAP
  • 12:20 Networking Lunch

    14:00 TAX ISSUES FOR PFI/PPP

    Kirsty Garrison

    Kirsty Garrison, Tax partner, Deloitte

  • Background on the tax treatment of projects
  • Update on recent tax changes and developing issues
  • Implications of IFRS on the tax profile
  • 14:40 THE IMPACT OF IFRS ON GOVERNMENT PFI ACCOUNTING – PROGRESS TO DATE:

    Ian Carruthers

    Ian Carruthers, , CIPFA

  • Sectors: central, health, local
  • Implications for government debt
  • International Public Sector Accounting Standards (the Public Sector response to IFRIC 12)
  • 15:20 IFRIC 12

  • Private sector response to IFRIC 12
  • SPV and Finance costs
  • Paula Jennings

    Paula Jennings, Director, Navigant Consulting Europe

    16:30 Chairman’s Closing Remarks and Close of Day One

    8:30 Registration & Coffee

    9:00 Chairman's Opening Remarks

    James Robertson

    James Robertson, Chief Economist and Director PFI Value for Money Studies, National Audit Office

    9:10 APPLICATION OF THE HM TREASURY iFReM GUIDANCE TO LIVE PPP/PFI PROJECTS

    Peter Dymoke

    Peter Dymoke, Senior Manager - Government and Public Sector - Technical Accounting, PricewaterhouseCoopers

  • Information from operator models
  • Allocation of unitary payment
  • Lifecycle maintenance
  • Deductions
  • Assets financed by volume related payments
  • Refinancing and other changes to the contract
  • 9:50 FINANCIAL BLACK HOLES: THE DISCLOSURE AND TRANSPARENCY OF PRIVATELY FINANCED ROADS IN THE UK

    Dr Anne Stafford

    Dr Anne Stafford, Lecturer in Accounting and Finance, Manchester Business School

  • Financial accountability to taxpayers and the electorate
  • Reporting problems posed by PFI
  • The information needed from an accountability perspective
  • Case study: UK DBFO contracts
  • Implications and conclusion
  • 10:30 Morning Coffee

    11:00 IFRIC 12 - APPLYING IFRIC 12 TO A UK PFI PROJECT.

    Axel De Saint Quentin

    Axel De Saint Quentin, Chief Financial Officer, Veolia

  • Introduction
  • Initial measurement
  • Amortisation of financial and intangible assets
  • Impairment test
  • CASE STUDY: A UK waste PFI
  • 11:40 WHAT MAKES FOR GOOD VALUE FOR MONEY? LESSONS FROM PFI AUDIT

    James Robertson

    James Robertson, Chief Economist and Director PFI Value for Money Studies, National Audit Office

  • Good VFM in concluding PFI deals
  • Good VFM in the operational phase
  • Good practice lessons for public sector management of PFI deals
  • 12:20 Networking Lunch

    14:00 THE VALUE OF PERFORMANCE AUDIT TO THE PUBLIC AND PRIVATE SECTORS

    Lori Keating

    Lori Keating, Director, PFI Compliance

  • Qualified Trust: The symbiosis between self-monitoring and public sector accountability
  • CASE STUDY: Brighton & Hove City Council
  • Assessment of Sufficiency and Reasonableness: Transparency and audit collaborations
  • Hostile Auditing: Public sector right of access
  • The Value of a Long-Term Audit Strategy: Central government case study
  • 14:40 AUDIT WITH ATTITUDE - CONTRACTOR ANALYSIS AND RELATIONSHIP EVALUATION (CARE)

  • Understanding why audit is always needed and is often insufficient on its own
  • Taking a holistic perspective
  • Dealing with ‘structural’ issues
  • Accommodating the ‘give and take’ in contracting
  • Mike Robinson

    Mike Robinson, Director, Berkshire Consultancy Ltd

    Allen Knight

    Allen Knight, Director, Berkshire Consultancy Ltd

    15:20 MODEL AUDITING

    Jerome Brice

    Jerome Brice, Director, Mazars

    How is accounting and tax compliance covered in a financial model audit and to what extent does this process assure the correctness of treatments applied for the life of long term projects 
  • What are the key steps in a model audit
  • On what basis do model auditors approach compliance with GAAP and tax at financial close and how does this link to a future the statutory audit.    
  • Incorporating IFRS into the model audit process
  • What assurance does (or more importantly doesn’t) the model audit provide
  • How to be an informed purchaser of model audit services from both public and private sector perspectives    
  • 16:00 Chairman’s Closing Remarks and Close of Conference

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    Workshops

    IFRS – Impact on UK PFI
    Workshop

    IFRS – Impact on UK PFI

    Crowne Plaza Hotel - St James
    28th January 2009
    London, United Kingdom

    Crowne Plaza Hotel - St James

    Buckingham Gate 45/51
    London SW1E 6AF
    United Kingdom

    Crowne Plaza Hotel - St James

    HOTEL BOOKING FORM

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    WHAT IS CPD?

    CPD stands for Continuing Professional Development’. It is essentially a philosophy, which maintains that in order to be effective, learning should be organised and structured. The most common definition is:

    ‘A commitment to structured skills and knowledge enhancement for Personal or Professional competence’

    CPD is a common requirement of individual membership with professional bodies and Institutes. Increasingly, employers also expect their staff to undertake regular CPD activities.

    Undertaken over a period of time, CPD ensures that educational qualifications do not become obsolete, and allows for best practice and professional standards to be upheld.

    CPD can be undertaken through a variety of learning activities including instructor led training courses, seminars and conferences, e:learning modules or structured reading.

    CPD AND PROFESSIONAL INSTITUTES

    There are approximately 470 institutes in the UK across all industry sectors, with a collective membership of circa 4 million professionals, and they all expect their members to undertake CPD.

    For some institutes undertaking CPD is mandatory e.g. accountancy and law, and linked to a licence to practice, for others it’s obligatory. By ensuring that their members undertake CPD, the professional bodies seek to ensure that professional standards, legislative awareness and ethical practices are maintained.

    CPD Schemes often run over the period of a year and the institutes generally provide online tools for their members to record and reflect on their CPD activities.

    TYPICAL CPD SCHEMES AND RECORDING OF CPD (CPD points and hours)

    Professional bodies and Institutes CPD schemes are either structured as ‘Input’ or ‘Output’ based.

    ‘Input’ based schemes list a precise number of CPD hours that individuals must achieve within a given time period. These schemes can also use different ‘currencies’ such as points, merits, units or credits, where an individual must accumulate the number required. These currencies are usually based on time i.e. 1 CPD point = 1 hour of learning.

    ‘Output’ based schemes are learner centred. They require individuals to set learning goals that align to professional competencies, or personal development objectives. These schemes also list different ways to achieve the learning goals e.g. training courses, seminars or e:learning, which enables an individual to complete their CPD through their preferred mode of learning.

    The majority of Input and Output based schemes actively encourage individuals to seek appropriate CPD activities independently.

    As a formal provider of CPD certified activities, SMI Group can provide an indication of the learning benefit gained and the typical completion. However, it is ultimately the responsibility of the delegate to evaluate their learning, and record it correctly in line with their professional body’s or employers requirements.

    GLOBAL CPD

    Increasingly, international and emerging markets are ‘professionalising’ their workforces and looking to the UK to benchmark educational standards. The undertaking of CPD is now increasingly expected of any individual employed within today’s global marketplace.

    CPD Certificates

    We can provide a certificate for all our accredited events. To request a CPD certificate for a conference , workshop, master classes you have attended please email events@smi-online.co.uk

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