Recent Accounting Changes in the Financial Reporting Landscape

Description

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This workshop will share practical and salient updates on key changes in the Singapore Financial Reporting Landscape.

Practical Examples and Illustrations will be used throughout the workshop to demonstrate the real-life application of these updates and changes.

Programme Outline

  • IFRS 9 – Financial Instruments
    • Classification of financial assets and liabilities
    • Fair Value Hedge: Interest Swap to Convert Fixed-Rate Debt to Variable-Rate Debt
    • Cash Flow Hedge: Interest Swap to Convert Variable-Rate Debt to Fixed-Rate Debt
  • IBOR Reform – Phase 1 - pre-IBOR reform: where uncertainty could arise in the run-up to transition; permitting the continuation of hedge accounting for hedge relationships that reference IBORs that are expected to be replaced by IBOR Reform.
  • IBOR Reform – Phase 2 - post-IBOR reform: when that uncertainty goes away but companies update the rates in their contracts and the details of their hedging relationships; exemptions from the regular, strict rules around hedge accounting.
  • IBOR Reform – new disclosures to provide additional information about:
    • the nature and extent of risks to which the company is exposed arising from financial instruments subject to IBOR reform and how it manages those risks; and
    • the company’s progress in completing its transition to alternative benchmark rates and how it is managing that transition.
  • IFRS 16 Leases amendment - to provide relief for the accounting by lessees for leases which refer to IBORs
  • FRS 116 – Amendment – COVID 19 Rent Concessions
  • IAS 1 Amendment - Classification of Liabilities as Current or Non-current
  • FRS 103 Amendment – Definition of a business
  • IFRS Discussion Paper – Business Combination Under Common Control
  • FRS 16 Amendment – Proceeds before Intended Use
  • FRS 37 Amendment – Onerous Contract – cost of fulfilling a contract
  • IAS 1 Amendment – Definition of Material

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 keep abreast of recent changes in the Financial Reporting Landscape

Expert Speaker

Chee Hay Kheong Daniel

Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 15 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.

Daniel is a highly sought-after seminar trainer, and is currently an Adjunct Professor in the School of Business, Singapore University of Social Sciences. Prior to this, he was an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).

This is a face-to-face event to be conducted on 19th August 2021.

  • Aug 19
    Thu, 9:00 AM - Thu, 5:00 PM Hotel Venue to be Advised
    • $449.40 incl. GST (7%)
    • PD hours: 7

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One-Connection-One-Fee

Our webinars operate on a 'one-connection-one-fee' basis, so you can have your whole team participate together in a boardroom setting for one cost effective price, using one registered log-in connection. The registered attendee will receive a CPD certificate.

Recordings

Like the topic but can’t make the time? Register for the Live Session and you’ll receive the Recording regardless! Recordings are provided for webinars with a duration of 3 hours and less.