.co.uk Continuing Professional Development for the Isle of Man
WELCOME TO MPES... 1 ALTERNATIVE INVESTMENT MARKET... 3 BUSINESS FINANCE... 3 AUDIT AND ASSURANCE UPDATES... 4 ETHICS FOR AUDITORS... 4 BUDGETING IN PRACTICE... 5 UK TAX CAPITAL GAINS TAX REFRESHER... 6 UK TAX INCOME TAX REFRESHER... 6 UK TAX INHERITANCE TAX REFRESHER... 7 UK TAX CORPORATION TAX REFRESHER... 7 IOM TAX GENERAL TAX UPDATES... 8 PRINCIPLES OF VAT... 8 CORPORATE GOVERNANCE... 9 COMPANY SECRETARIES DUTIES AND RESPONSIBILITIES... 9 DIRECTORS DUTIES AND RESPONSIBILITIES... 10 INTRODUCTION TO SARBANES OXLEY... 10 UK REGULATORY UPDATE... 11 IOM COMPANY ACT UPDATE... 11 IOM REGULATORY UPDATE... 11 UK COMPANY ACT UPDATE... 11 PREVENTION OF MONEY LAUNDERING... 12 INTRODUCTION TO TRUSTS... 13 TRUSTEES DUTIES AND RESPONSIBILITIES... 13 IFRS REFRESHER I... 14 IFRS REFRESHER II... 14 IFRS REFRESHER III... 14 IFRS REFRESHER IV... 14 IFRS UPDATES... 15 UK GAAP UPDATES... 15 UNDERSTANDING COMPANY ACCOUNTS... 16 INTERPRETATION OF FINANCIAL STATEMENTS... 16 INTRODUCTION TO CAPTIVES... 17 INTERMEDIATE CAPTIVES... 17 ACCOUNTING FOR CAPTIVES... 17 STRATEGIC BUSINESS TECHNIQUES... 18
MARKETING FUNDAMENTALS AND PRACTICE... 18 PERFORMANCE MEASUREMENT AND EVALUATION... 19 INVESTMENT APPRAISAL INTRODUCTION... 19 STATISTICAL TECHNIQUES INTRODUCTION... 20 UK REGULATORY UPDATE... 21 CORPORATE MANSLAUGHTER AN INTRODUCTION... 21
Welcome to MPES Manx Professional and Educational Services Limited (MPES), is a Manx owned and operated company. The philosophy of the company is simple give the Island exactly what it needs to be able to grow and develop. MPES has become the Island s premier provider of examination and technical based courses. We have been offering top level training services to the Isle of Man and beyond for over five years. What is Modular Training? Modular training is all about providing a training service to your organisation which minimises business disruption but maximises business benefit. The practical nature of each module allows participants to implement new knowledge and techniques into the workplace on the very same day the course is delivered. Why use MPES? Very useful and relevant participant MPES offers the highest quality of courses using top lecturers and trainers from the Isle of Man and the UK. We offer a variety of workshops, seminars and short courses across a wide range of disciplines. Our portfolios are consistently updated to provide the best skills training courses for professionals and academics in the Isle of Man and abroad. Our approach is to ensure that learning and development are relevant to you and your staff at all levels. 1
Costs per delegate Specifically designed with the needs of the Isle of Man in mind The cost per delegate is 75 (plus VAT) for Lunch and Learn sessions and 165 (plus VAT) for a half day session. These prices include all course materials including a pack of notes to take home In-house costs These courses are also available as an in-house option where our experienced trainers will hold courses exclusively for your organisation. The cost for one Lunch and Learn session is 350 (plus VAT)* The cost for a half day session is 650 (plus VAT)* The cost for a full day is 1,300 (plus VAT)* * - to obtain the block booking discounts all modules must be booked together, although the modules do not need to be delivered on the same day. For a full schedule of course dates for these and other courses, email MPES at sheila.magee@mpes.co.uk or phone 668101. Alternatively visit the website at www.mpes.co.uk 2
Alternative Investment Market Designed to give an introduction to AIM and its implications for the listed company, this course assumes no prior knowledge of listing rules and requirements. What is the AIM? The London stock exchange Listing rules Parties involved Ongoing requirements AIM only Legal issues Business Finance This course covers the sources of finance available to businesses, including the capital markets, together with the issues involved in deciding an appropriate mix of equity and debt. The importance of working capital management to business is also considered. Sources of business finance The capital markets Capital structure and the cost of capital Working capital management 3
Audit and Assurance Updates Audit & Assurance regulation changes on a regular basis as auditors need to provide appropriate assurance services Statements of Auditing Standards (SAS's) International Auditing Standards (ISA's) Regulatory changes Other pronouncements (Practice Notes, Bulletins, Exposure Drafts) Developments within assurance Ethical pronouncements Ethics for Auditors The introduction of ethical standards underlined the importance of ethics for auditors. Implementing and maintaining ethical standards is now an important activity for all auditors. Integrity, objectivity and independence Financial, business, employment and personal relationships Long association with the audit engagement Fees, remuneration and evaluation policies, litigation, gifts and hospitality Non-audit services provided to audit clients Additional requirements for listed companies and other public interest entities Provisions available for smaller entities 4
Budgeting in Practice This module reviews the budgeting and forecasting process and techniques used in practice. The role of budgeting in the context of the business planning process The main methods and types of budgeting Forecasting techniques used in budgeting The problems and practical difficulties of budgeting 5
UK Tax Capital Gains Tax Refresher A refresher on the fundamentals of UK Capital Gains Tax for individuals. No prior knowledge of capital gains tax is assumed on this course. Capital Gains Tax basics including taper relief and loss relief Chattels and part disposals (including leases) and no gain, no loss disposals Shares and securities (including paper for-paper exchanges) Other key relief s Incorporation and chargeable gains for companies UK Tax Income Tax Refresher A refresher on the fundamentals of Income Tax. Examples are used to demonstrate typical Income Tax affairs. No prior knowledge of income tax is assumed on this course. The basics of Income Tax The taxation of savings income, including dividends The taxation of employment income The taxation of sole-traders and partnerships Income Tax self-assessment 6
UK Tax Inheritance Tax Refresher This course refreshes delegates on the principles and main rules of inheritance tax. It is aimed at professionals who need updating on inheritance tax, or are looking for an introduction to the tax. No prior knowledge of inheritance tax is assumed on this course. Valuation rules, including related property Main exemptions Main relief s, including those related to business and agricultural property Post mortem relief's for land and quoted investments The effect of lifetime gifts Will planning FA 2006 changes to the tax treatment of trusts UK Tax Corporation Tax Refresher This course refreshes attendees on the fundamentals of Corporation Tax and provides numerous examples of typical Corporate Tax affairs. Corporation tax basics, including self assessment Trading profits and capital allowances Group definitions, implications and key planning points Loss relief and the regime for intangible fixed assets 7
IOM Tax General Tax Updates A series of modules designed to a give a general update on IOM taxation issues. Modules will include: Practical application of ITIP and differences to PAYE Current developments in employee taxation, including benefits and national insurance The IOM corporate charge and how to apply it Developments in IOM corporate taxation Introduction to taxation of IOM resident trusts Principles of VAT This course will enable attendees to understand VAT in practice. No prior knowledge (or recollection) of VAT is assumed. The emphasis of the course is on creating a sound understanding of the basics of VAT. How and when a company needs to register for VAT Input tax, output tax, taxable supplies, tax invoices, partial exemption and other terminology How common situations are treated for VAT purposes How to complete a VAT return When and how VAT is payable When you may be subject to a VAT inspection and what it means 8
Corporate Governance The course explains the recent changes in the area of Corporate Governance and focuses on the requirements placed on directors to run companies in the interest of their shareholders. Appointment requirements for directors Duties of directors The role of the board and chairman The role of the non-executive directors Establishing and maintaining an audit committee Establishing and maintaining a remuneration committee Accounting systems and internal controls Relationships between directors and auditors Company Secretaries Duties and Responsibilities The role of the professional company secretary is not clearly defined in statute or common law. This course examines the main duties and responsibilities of a modern company secretary. What is a Company Secretary Role of Company Secretary Duties of a Company Secretary Responsibilities of a Company Secretary Meetings & administration 9
Directors Duties and Responsibilities The role of Director is an onerous one. This course looks at how Director s derive their powers and duties. It examines how Director s properly discharge their responsibilities and some case law examples of how not to! The veil of incorporation Types of Director Director s duties Director s powers Corporate governance issues Introduction to Sarbanes Oxley The course explains the background to the Sarbanes Oxley Act in the USA, the detailed provisions of the Act and the impact on USA and non-usa companies. Reason for the Act Enron Summary of the Act The need for internal controls including s404 testing The role of audit committees Reporting requirements The effect on auditors Extra-territorial issues 10
UK Regulatory Update The course is designed to update finance professionals on the IOM with regulatory changes taking place in England. Company Law Reform (the Companies Act 2006) Money laundering overview and the JMLSG regulations 2006 Corporate governance the combined code Sarbanes Oxley Act introduction IOM Company Act Update This course provides an overview of the main requirements of the recent Companies Act in the Isle of Man. It highlights the additional provisions and changes to existing provisions. Current developments are also highlighted by looking at documents currently available for consultation. IOM Regulatory Update This module gives an overview of the main regulatory requirements of the FSC and IPA. It focuses on the general regulatory requirements and recent changes to specific requirements. It also looks at current developments in the IOM and other jurisdictions. UK Company Act Update This course reviews the most recent UK Companies Act, providing an overview of the main requirements of the Act and how it is being implemented. 11
Prevention of Money Laundering The course is suitable for delegates wishing to refresh their money laundering knowledge or to provide an overview for delegates with little or no knowledge of money laundering. The basic steps of Money Laundering Anti-money laundering provisions in the IOM Personal responsibilities to prevent and report money laundering Know Your Customer and due diligence regulations Reciprocal provisions for accepting clients from other territories. 12
Introduction to Trusts A general introduction to the world of trusts. Assuming no prior knowledge this course will give you a basic understanding of what a trust is and some of the more common pitfalls. General background to trusts (to include the need to administer the trust in the best interests of the beneficiaries) Different parties involved with trusts and their role Development of Protectors/enforcers Three certainties Difference between legal and beneficial ownership Types of trust Difference between income and capital Reasons for having a trust Trustees Duties and Responsibilities The role of the trustee is difficult and onerous. The role of the trustee is looked at in more detail, with particular attention being paid to investment and informational issues. Trustee s duties Impact of Manx Trust legislation Trustee s duties investments Trustee s powers Important clauses within the trust deed Letter of wishes What information trustees should (can) provide and to whom 13
IFRS Refresher I These refresher courses give an overview of the current IFRS regime, allowing for better preparation and understanding of IFRS based financial statements Property plant and equipment Impairment of non-current assets Borrowing costs Assets held for sale Intangible assets Income tax IFRS Refresher II Review of the International framework Presentation of financial statements the IAS 1 revised Performance reporting Accounting for small and medium sized entities IFRS Refresher III Financial instruments Leases Foreign currency transactions IFRS Refresher IV Employee benefits Share-based payments Related party transactions Provisions, contingencies and events after the reporting date 14
IFRS Updates Complex issues confront users and prepares of financial statements. These half day courses are designed to keep you up to date with recent developments in International GAAP and the various convergence projects. International Financial Reporting Standards Exposure Drafts Discussion and consultation papers IFRIC pronouncements Convergence with US Standards Other technical developments Likely future changes UK GAAP Updates These courses are designed to keep you up to date with recent developments in UK GAAP. Financial Reporting Standards Exposure Drafts Urgent Issues Task Force Abstracts Discussion and consultation papers Convergence with International Accounting Standards Other technical developments Likely future changes 15
Understanding Company Accounts This course allows non-accountants to obtain an understanding of what is contained within a set of financial statements and what it means. Statement of principles International framework Balance sheet statement of financial position Profit and loss account statement of comprehensive income Other disclosure requirements for listed companies Introduction to ratio analysis Interpretation of Financial Statements Designed for those having a basic understanding of accounting, who wish to apply their understanding at a higher level. Also, applicable for those responsible for overseeing and reviewing the process of the preparation of accounts. Qualified accountants wanting to refresh their interpretation skills may also benefit from attending this course. Users of accounts IFRS format and comparability of accounts Other disclosure requirements for listed companies Ratio analysis Qualitative information 16
Introduction to Captives Designed to provide an introductory insight into one of the key areas of modern day risk management. Aimed at those with no, or limited, knowledge of the captive insurance industry. What is a Captive? Captives and insurance markets Forming a Captive Captive management and the regulatory environment Accounting for Captives Intermediate Captives True Captives Impact of Authorisation to write business, other than Class 12 Regulatory update Accounting for Captives Annual Financial Statements and Supplementary Information Issues with Provisions Solvency 17
Strategic Business Techniques The course introduces many management theories applying these to case studies to show how business strategy can be determined. Mission and objectives Corporate appraisal Strategic choice, evaluation and implementation Review and control Best practice business strategy techniques Strategic tools you can use to analyse business risks Marketing Fundamentals and Practice This course concentrates on the practical things that you can do to influence your organisations bottom line, and to evolve a more client-focused and marketing-oriented culture within the office. What is marketing and how can we make it happen? Planning a marketing and business strategy Developing a marketing culture Delighting clients Developing business from existing clients Developing a marketing plan Ten key marketing tools 18
Performance Measurement and Evaluation Monitoring your organisation s performance can be just as important as setting goals and objectives. The most successful businesses are those with a clear picture of their performance both internally and externally. In every organisation it is vital that all areas of the organisation are working together in synergy, towards the same goals. The principles of effective performance measurement Selecting appropriate methods of measurement Quality management and the use of adverse variances Methods of evaluating performance Investment Appraisal Introduction This day course will take you through the basic investment appraisal techniques including discounted cash flows. It will show you how to develop these techniques and how to take account of real life complications in investment appraisal. How to decide whether to proceed with a capital purchase or project How to perform investment appraisal and verify that the calculations are correct How to deal with real life complications such as changing interest rates, irregular cash flows, relevant cash flows, working capital cash flows, inflation and taxation 19
Statistical Techniques Introduction This course is run at an introductory level and is designed for those with little existing knowledge of statistical techniques. It will cover the basic principles and discuss the application of those to practical situations. The different types of data (e.g. qualitative, quantitative, discrete and continuous) Different analysis tools (e.g. percentages, ratios, mean, mode and median) Interpreting data (e.g. frequency, frequency density, distribution, range, class intervals, quartiles, quintiles, deciles, covariance, correlation) Methods of presenting data (e.g. pie-charts, pictograms, bar-charts, frequency polygons, histograms, graphs,) Statistical accounting for risk (e.g. Sampling probability and expected values) 20
UK Regulatory Update The course is designed to update finance professionals on the IOM with regulatory changes taking place in England. Company Law Reform (the Companies Act 2006) Money laundering overview and the EU third money laundering directive Corporate governance the combined code Corporate Manslaughter an introduction The course is designed to provide an introduction to the new legislation in the UK regarding corporate manslaughter. What is corporate manslaughter and introduction to the Act Offences for companies and impact on directors Overview of supporting case law 21