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Description

This is a hybrid session. You have the option to attend this live in-person or online via zoom. Please select accordingly at registration.

The in-person session will be conducted at:
Sheraton Towers Singapore - Amber Room (Level 2)
39 Scotts Road, Singapore 228230

This workshop addresses the more complex aspects of Revenue Accounting and Financial Instruments as required by SFRS(I) 15 and SFRS(I) 9 respectively.

Programme Outline

SFRS(I) 15: Revenue from Contracts with Customers

• Core Principle
• Identifying the contract with a customer
• Identifying the separate performance obligations in the contract
• When is a contract for a good or service distinct?
• Determining the transaction price
• Accounting for variable consideration in revenue recognition
• Discounting of revenue
• Non-cash consideration
• Consideration payable to a customer
• Allocating the transaction price to the separate performance obligations
• Recognising revenue when the entity satisfies each performance obligation
• Revenue recognition under the output and input methods in contracts

SFRS(I) 9: Financial Instruments

• Accounting for compound financial instruments
• Split between equity and debt component at initial recognition
• Accounting for conversion of bonds into equity
• The new impairment model
• The new 3 step model for measurement of expected credit losses
• Simplified approach for trade receivables and contract assets using the provision matrix
• Recognition of expected credit losses for assets measured at FVTOCI
• Creation of a provision matrix

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

What you will learn

By the end of this workshop, you will:

• Have a practical understanding of the more complex issues arising from SFRS(I) 15
• Have a good grasp of the accounting for compound financial instruments
• Have a practical understanding of the new impairment model in SFRS(I) 9

Target Audience

• Accountants and Auditors who would like to have a practical understanding of the more complex aspects of SFRS(I) 15 and SFRS(I) 9

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.