FRS Overview Part 2: A Practical Guide to the Commonly Used Accounting Standards

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 on 25th Nov will be conducted at:
Sheraton Towers Singapore
(Ballroom 4, Level 2)
39 Scotts Rd
Singapore 228230

This workshop is the second part of the FRS Overview series designed specifically to give accountants and auditors a comprehensive overview of the essential FRSs commonly used in Financial Reporting.

Attendance of the Part 1 workshop is not a prerequisite for attending this workshop.

The Trainer will share the common challenges faced when applying the standards below 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 relatively newer FRS 109 and FRS 116 will be covered. Extensive and practical examples and questions will be used in the workshop to illustrate the major provisions of each FRS below.

Programme Outline

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 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 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 24 Related Party Disclosures

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

FRS 28 Investments in Associates and Joint Ventures

Accounting entries for equity accounting

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 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 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 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 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 and Sustainability Reporting Standards and Pronouncements (Category 1).

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 Committee (AS Committee) 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

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.