CANPACK Middle East

Lynchpin designed and conducted a “financial instruments” training program for a supplier of quality packaging solution, to build a sound understanding of one of the most complex areas of financial reporting – Financial Instruments (IAS 32, 39 & IFRS 9).

Background

Our client is a part of renowned beverage packing group. CANPACK Group’s ISO certified management systems and their high-quality production have received attention from companies like: Coca-Cola, Pepsi-Cola, Heineken, Carlsberg, SAB-Miller, InBev and many other large world brands.

Over a dozen enterprises that make up the Group, with annual revenue over USD 1 billion, offer a broad range of aluminium beverage cans and steel welded and drawn cans for foodstuff, easy-open ends, aerosol cans, caps for bottles, and metal packages for the chemical industry.

Client’s Requirements & Expectations

CANPACK Middle East (ME), wanted to resolve several issues surrounding the recording and presentation of their financial assets, other related assets and associated market risk management using financial instruments. There were a number of factors which were increasing the complexity of the issues:

  • The company had recently switched their accounting policies from Polish Generally Accepted Accounting Policies (GAAP) to International Financial Reporting Standards (IFRS).
  • The company’s Market Risk Management Policy and Strategy was designed by the parent company; their suggestions needed elaboration.
  • The company’s auditors had an objection about their current accounting treatments of recording of imports and derivative financial instruments.
  • Staff needed a thorough understanding of the financial instruments accounting, specially in the area of Hedging and Speculation.

Training Solution Provided by Lynchpin

CANPACK ME approached us with their requirements. Knowing the importance of the training program for our client, a training and development manager was assigned to meet and scrutinize the issue with the client.

A detailed presentation was given at the CANPACK ME premises, about how we could decipher the complexities of the accounting treatment. Our trainers have an impressive range of experience in implementing successful solutions for clients, including customization of our standard courses to meet our clients’ need. So, Lynchpin was selected as the official training provider of the company, not only for this program but also for any emerging training need of the company.

Solution Benefits

A two-day training program with delegates from all levels of the organization was designed in a way as to address every little detail of the financial reporting area. Live demonstrations, illustrations and real-life examples of the labyrinth of key terms of International Accounting standards helped the audience understand them easily. CANPACK ME’s Managing Director appreciated the trainer by complimenting about the session that the trainer has excellent knowledge and materials provided were also very good.