Due to the adverse impact of the COVID-19 pandemic on the profitability, asset values and market capitalisation of many companies, the indicators for impairment are now more acute than before.
Impairment testing models needs to be updated and reflect both the current status of a business as well as economic and industry outlook. Property, plant and equipment, goodwill and other intangible assets need to be assessed for impairment.
Due to unstable trading conditions and some customers’ inability to pay debts when due, estimating expected credit loss allowance (ECL) will require more judgment.
This webinar will cover FRS 36 Impairment of Assets (including identifying indicators of impairment, understanding valuation approaches, applying commonly used valuation methods, preparing supportable forecasts and estimating an appropriate discount rate) and FRS 109 Financial Instruments, specifically recognition of ECL for trade receivables, contract assets and lease receivables.
The objective is not only to equip participants with technical knowledge, but also designed to develop skills to compute value in use and fair value at a practical level.
This webinar qualifies for 3.5 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).
Attendees will be able to perform an impairment review on PPE, intangible assets (including goodwill) and certain financial assets in a post COVID-19 environment.
Accountants, Auditors, Finance Professionals and Audit Committee Members
Woon Pheng has been in the accounting and finance profession since 2001 and he is currently Director of Corporate Finance department at PKF-CAP, a member firm of PKF International.
Currently, he specialises in business valuation, valuation for IFRS (including purchase price allocation, impairment review and valuation of complex financial instruments), financial due diligence and M&A assignments.
He is a Chartered Accountant of Singapore (CA Singapore), Fellow Member of Association of Chartered Certified Accountants (FCCA), Chartered Financial Analyst (CFA), Chartered Valuer & Appraiser (CVA), International Certified Valuation Specialist (ICVS), Certified Fraud Examiner (CFE) and Accredited Tax Practitioner (ATP Income Tax).
The webinar was recorded on 22 July 2020