Essential FRSs for your Financial Reporting

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Description

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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 newer FRSs ( 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

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 2 Inventories

• 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

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

FRS 12 Income Taxes

• What is a tax base?
• The meaning of the 2 temporary differences
• Examples of a deferred tax computation

FRS 16 Property, Plant and Equipment

• True meaning of depreciation
• Initial measurement of PPE including dismantling costs
• Cost model vs revaluation model
• 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

FRS 21 The Effects of Changes in Foreign Exchange Rates

• 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

FRS 23 Borrowing Costs

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

FRS 24 Related Party Disclosures

• Identify the related parties of a reporting entity
• Who is not a related party?

FRS 32 Financial Instruments: Presentation

• Presentation of treasury shares
• Equity vs liability presentation

FRS 36 Impairment of Assets

• The impairment model
• What is value in use?
• Rules for allocating impairment losses to CGUs
• Limits to the allocation exercise

FRS 37 Provisions, Contingent Liabilities and Contingent Assets

• 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

FRS 38 Intangible 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

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 105 Non-Current Assets Held for Sale and Discontinued Operations

• 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

FRS 109 Financial Instruments

• Major changes to the classification of financial assets
• What is amortised cost?
• The 3 levels of impairment of financial assets

FRS 110 Consolidated Financial Statements

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

FRS 111 Joint Arrangements

• The 2 types of joint arrangements
• Accounting for joint operations
• Accounting for joint entities

FRS 113 Fair Value Measurements

• The new definition of fair value
• Meaning of principal market
• Highest and best use considerations
• The 3 models of fair value

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

FRS 116 Leases

• The new leasing model for lessees
• New definition of a lease
• Example of accounting for a lease

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

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.