FRS Overview Part 1: A Practical Guide to the Commonly Used Accounting Standards

Description

This is a hybrid session. You have the option to attend this live in-person or online via zoom. Please select accordingly at registration.

This workshop is the first part of the FRS Overview series designed specifically to give accountants and auditors a comprehensive overview of the essential FRSs commonly used in Financial Reporting.

The Trainer will share the common challenges faced when applying these standards in real life. With the practical coverage, you and your team will feel more confident when you apply these FRSs in your financial reporting. The relatively newer FRS 115 will also be covered. Extensive and practical examples and questions will be used in the workshop to illustrate the major provisions of each FRS below.

Programme Outline

FRS 1 Presentation of Financial Statements

• Changes to the “Other Comprehensive Income”
• Changes to the income statement
• Requirements to disclose estimation uncertainties and judgements
• Disclosure of abnormal expenses

FRS 8 Accounting Policies, Changes in Accounting Estimates and Errors

• When are accounting policies changed?
• Retrospective and prospective adjustments
• Difference between change in estimates and policies
• Accounting for prior year errors

FRS 10 Events after the Reporting Period

• How long is the post balance sheet event period?
• Difference between adjusting and non-adjusting events
• Examples of non-adjusting events that require disclosures
• The disadvantages of the revaluation model
• Component depreciation

FRS 20 Accounting for Government Grants and Disclosure of Government Assistance

• Accounting for asset grants
• Accounting for expense related grants
• Accounting for the change in functional currency
• Rules for recognition of foreign currency differences at entity level

FRS 23 Borrowing Costs

• When are borrowing costs capitalized?
• What are qualifying assets?

FRS 27 Separate Financial Statements

• What are separate financial statements
• Accounting for investments in subsidiaries, associates and joint ventures in separate financial statements.

FRS 32 Financial Instruments: Presentation

• Presentation of treasury shares
• Equity vs liability presentation

FRS 37 Provisions, Contingent Liabilities and Contingent Assets

• The 3 conditions that must be met to recognise a provision
• The 4 levels of probability to recognize provisions and contingent liabilities
• The 4 levels of probability to recognize contingent assets

FRS 40 Investment Property

• Meaning of investment property
• The 2 measurement models
• Measurement rules for any change in use

FRS 103 Business Combinations

• Partial vs full goodwill method
• Assets recognised at consolidation level not recognised by the acquire

FRS 110 Consolidated Financial Statements

• How is control achieved?
• The 3 steps to determine control

FRS 115 Revenue from Contracts with Customers

• The 5-step revenue recognition model
• Contract modifications
• Variable consideration
• Recognising revenue over time or at one time
• Input and output methods to recognize revenue

This workshop qualifies for 7.0 CPE hours in Financial and Sustainability Reporting Standards and Pronouncements (Category 1).

What you will learn

At the end of this workshop, you will:

• Have a working knowledge of the essential FRSs issued by the Accounting Standards Committee (AS Committee) and better understand and manage their accounting requirements
• Deepen your understanding of the concepts and requirements of these FRSs and reduce compliance risk
• Be more confident in applying these FRSs in your Financial Reporting

Target Audience

• Accountants and Auditors who would like to have a practical overview of the commonly used Financial Reporting Standards

Expert Speaker

Sardool Singh

Sardool is an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He has been lecturing for the past 20 years, and is a highly sought-after seminar leader in the areas of Financial Reporting Standards, Cash Flow Statements, Analysis of Financial Statements, Consolidation and other technical accounting topics.

Sardool brings a commercial perspective to the understanding of complex Accounting Standards and simplifies the requirements of these Standards to enable the participants to have a clear understanding of the topic. Sardool is also the Chief Financial Officer of an investment company. Prior to his current appointment, he was the Group Financial Controller of a Singapore listed healthcare company. During his ten years in the healthcare industry, he was responsible for the entire Group financial functions and the IPOs of two subsidiaries on SESDAQ. He had also gained his working experience with KPMG Peat Marwick and a Japanese merchant bank.