Current Accounting Issues: Understanding and Overcoming the Practical Challenges

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Description

While accounting treatments may be stipulated in the FRSs issued, some areas are inevitably more challenging and may require substantial judgement.
The recent introduction of the 3 newer FRSs has also posed certain challenges for preparers of financial statements. In this webinar, the Trainer will discuss the practical challenges still faced by Accountants and Auditors in the following standards :

1. SFRS(I) 15: Revenue from Contracts with Customers
2. SFRS(I) 9: Financial Instruments
3. SFRS(I) 16: Leases
4. SFRS(I) 1-28 Interests in Associates and Joint Ventures
5. SFRS(I) 1-24 Related Party Disclosures

This webinar will go through the requirements of the current issues in detail and will provide many practical examples on the impact of the standards on various industries.

Programme Outline

SFRS(I) 15: Revenue from Contracts with Customers

• Accounting of costs under SFRS(I) 15
• Should land costs be included in the measurement of progress under SFRS(I) 15?
• Accounting for variable consideration in revenue recognition?
• Profit recognition under the output and input methods for construction of a building

SFRS(I) 9: Financial Instruments

• Accounting for compound financial instruments
• Accounting for bonds under the amortised cost, FVTOCI and FVTPL category

SFRS(I) 16: Leases

• Accounting for sub leases 
• Accounting for JTC leases 
• New disclosure requirements

SFRS(I) 1-28 Interests in Associates and Joint Ventures

• Equity accounting arising from the interaction between SFRS(I) 1-28 and SFRS(I) 9
• Accounting for foreign exchange differences resulting from equity accounting a foreign associate

SFRS(I) 1-24 Related Party Disclosures

• Identification of related parties
• Are two entities related parties by virtue of the two entities having a common director?

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

What you will learn

• Understand the practical challenges faced in the newer FRSs
• Gain practical pointers on overcoming the challenges faced in these newer FRSs

Target Audience

Accountants and Auditors

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.