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Description
FRS 115 Revenue and Contracts with Customers, FRS 109 Financial Instruments effective 1 January 2018 and FRS 116 Leases effective 1 January 2019 are important financial reporting standards in recent focus.
As there are complex changes and new rules for these standards, it is crucial to know how to assess and handle the impact of these revisions on business operations and financial statements.
This workshop will use multiple working examples and cases to discuss and illustrate the main provisions and impact of the three new standards. Additionally, you will be equipped with the practical knowledge required to effectively apply FRS 115, 109 and FRS 116.
What you will learn
By the end of this workshop, you will :
- Examine the new provisions and rules for the FRS 115, FRS 109 and FRS 116 standards
- Learn how to prepare and address the impact of the changes on your financial reporting
- Be able to effectively implement the new standards in the preparation of the financial statements
Programme Outline
FRS 115
- Core principle
- Recognition issues
- Measurement issues
- Presentation issues
- Disclosure issues
- Other issues
- Transition
- Summary of key impact
FRS 109
- Financial assets: Classification and impairment
- Financial liabilities: Measurement
- Hedge accounting
- Transition
- Summary of key impact
FRS 116
- Introduction
- Definition of lease
- Lessee accounting
- Lessor accounting
- Transition
- Summary of key impact
This workshop qualifies for 7.0 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).
Target Audience
Anyone who needs to be aware of the recent changes and updates in the Singapore Financial Reporting Standards, including those involved in the preparation/audit of financial statements
- Finance Directors
- Financial Controllers
- Finance Managers
- Accountants
- Auditors
Expert Speaker
Professor Ng Eng Juan graduated with B. Ec (first class honours) from Universiti Malaya, and MBA from University of Southern California. He is a fellow of ISCA and a member of MICPA with several years of working experience in an international public accounting firm. Prof Ng has been with the Nanyang Business School, Nanyang Technological University, teaching Financial Accounting subjects in the B Acc and MBA programmes. Over the years, he has won several teaching awards. He also conducts regular continuing professional education programmes for delegates from China, Malaysia and Singapore. Prof Ng has written several publications including “Singapore GAAP”, “Derivatives and Hedge Accounting” and “Practical Guide to Financial Reporting Standards Singapore”, which are published by CCH Asia. He is currently with the Singapore University of Social Sciences (SUSS).