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Description
This workshop is 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 three FRSs effective in 2018 and 2019 (FRS 109 , FRS 115 and FRS 116) will also be covered. Practical examples will be used to illustrate the major provisions of each FRS below.
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 Council (ASC) 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
Programme Outline
- Changes to the “Other Comprehensive Income”
- Changes to the income statement
- Requirements to disclose estimation uncertainties and judgements
- Disclosure of abnormal expenses
- Meaning of cost of inventory
- Meaning of Net Realisable Value (NRV)
- Rules for conducting the lower of cost and NRV test
- Measurement of inventories using specific identification method, average cost and FIFO
- When are accounting policies changed?
- Retrospective and prospective adjustments
- Difference between change in estimates and policies
- Accounting for prior year errors
- How long is the post balance sheet event period?
- Difference between adjusting and non-adjusting events
- Examples of non-adjusting events that require disclosures
- What is a tax base?
- The meaning of the 2 temporary differences
- Examples of a deferred tax computation
- True meaning of depreciation
- Initial measurement of PPE including dismantling costs
- Cost model vs revaluation model
- The disadvantages of the revaluation model
- Component depreciation
- Accounting for asset grants
- Accounting for expense related grants
- The 3 circumstances when foreign exchange differences occur
- Determining the functional currency
- Accounting for the change in functional currency
- Rules for recognition of foreign currency differences at entity level
- When are borrowing costs capitalized?
- What are qualifying assets?
- Identify the related parties of a reporting entity
- Who is not a related party?
- Presentation of treasury shares
- Equity vs liability presentation
- The impairment model
- What is value in use?
- Rules for allocating impairment losses to CGUs
- Limits to the allocation exercise
- The 3 conditions that must be net to recognise a provision
- The 4 levels of probability to recognize provisions and contingent liabilities
- The 4 levels of probability to recognize contingent assets
- The 3 conditions that must be met to recognise an intangible asset
- The 5 ways an intangible asset may be recognized
- The 2 measurement models
- Residual values of intangibles
- Meaning of investment property
- The 2 measurement models
- Measurement rules for any change in use
- Partial vs full goodwill method
- Assets recognised at consolidation level not recognised by the acquire
- 7 conditions to be met before an asset can be shown as held for sale
- Measurement of assets held for sale
- Presentation of discontinued operations
- Major changes to the classification of financial assets
- What is amortised cost?
- The 3 levels of impairment of financial assets
- How is control achieved?
- The 3 steps to determine control
- The 2 types of joint arrangements
- Accounting for joint operations
- Accounting for joint entities
- The new definition of fair value
- Meaning of principal market
- Highest and best use considerations
- The 3 models of fair value
- 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
- The new leasing model for lessees
- New definition of a lease
- Example of accounting for a lease
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.